HighTower Advisors LLC Acquires 219,088 Shares of Chevron Co. (NYSE:CVX)

HighTower Advisors LLC grew its holdings in Chevron Co. (NYSE:CVX) by 11.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,094,149 shares of the oil and gas company’s stock after acquiring an additional 219,088 shares during the quarter. HighTower Advisors LLC owned 0.12% of Chevron worth $308,208,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of CVX. Apella Capital LLC raised its position in Chevron by 6.5% in the 2nd quarter. Apella Capital LLC now owns 8,035 shares of the oil and gas company’s stock valued at $1,229,000 after buying an additional 489 shares during the last quarter. Matrix Trust Co raised its holdings in shares of Chevron by 6.5% in the second quarter. Matrix Trust Co now owns 8,509 shares of the oil and gas company’s stock valued at $1,331,000 after purchasing an additional 523 shares during the last quarter. Albion Financial Group UT raised its holdings in shares of Chevron by 3.9% in the second quarter. Albion Financial Group UT now owns 20,968 shares of the oil and gas company’s stock valued at $3,280,000 after purchasing an additional 793 shares during the last quarter. RDA Financial Network lifted its position in shares of Chevron by 2.0% in the second quarter. RDA Financial Network now owns 4,192 shares of the oil and gas company’s stock worth $656,000 after purchasing an additional 82 shares in the last quarter. Finally, Greenfield Savings Bank boosted its holdings in Chevron by 0.8% during the second quarter. Greenfield Savings Bank now owns 12,180 shares of the oil and gas company’s stock worth $1,905,000 after purchasing an additional 93 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Chevron Stock Performance

CVX opened at $162.21 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The business has a fifty day simple moving average of $153.36 and a 200 day simple moving average of $152.46. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11. The company has a market capitalization of $291.51 billion, a PE ratio of 17.83, a price-to-earnings-growth ratio of 3.58 and a beta of 1.10.

Chevron (NYSE:CVX) last announced its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The company had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. During the same quarter in the previous year, the business posted $3.05 earnings per share. Chevron’s quarterly revenue was down 6.3% on a year-over-year basis. Research analysts expect that Chevron Co. will post 10.53 EPS for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio is currently 71.65%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CVX shares. Truist Financial boosted their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research report on Monday, November 4th. Barclays increased their price target on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $145.00 to $185.00 in a research report on Tuesday, November 26th. Mizuho cut their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Finally, Bank of America assumed coverage on shares of Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 target price on the stock. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Chevron presently has an average rating of “Moderate Buy” and a consensus target price of $175.56.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.