Chesley Taft & Associates LLC Has $7.22 Million Stock Position in Chevron Corporation $CVX

Chesley Taft & Associates LLC grew its position in Chevron Corporation (NYSE:CVX) by 25.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 46,505 shares of the oil and gas company’s stock after acquiring an additional 9,436 shares during the quarter. Chesley Taft & Associates LLC’s holdings in Chevron were worth $7,222,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Algert Global LLC lifted its stake in shares of Chevron by 22.7% in the 1st quarter. Algert Global LLC now owns 3,692 shares of the oil and gas company’s stock valued at $618,000 after purchasing an additional 682 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Chevron in the first quarter worth about $1,011,000. Erste Asset Management GmbH boosted its stake in shares of Chevron by 33.4% during the 1st quarter. Erste Asset Management GmbH now owns 36,331 shares of the oil and gas company’s stock worth $6,083,000 after acquiring an additional 9,102 shares in the last quarter. Tradition Wealth Management LLC increased its holdings in shares of Chevron by 3.8% during the 1st quarter. Tradition Wealth Management LLC now owns 9,228 shares of the oil and gas company’s stock valued at $1,544,000 after acquiring an additional 342 shares during the last quarter. Finally, GDS Wealth Management raised its stake in shares of Chevron by 4.4% in the 1st quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company’s stock valued at $285,000 after acquiring an additional 72 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of recent analyst reports. UBS Group reaffirmed a “buy” rating on shares of Chevron in a research report on Monday, December 1st. Piper Sandler lowered their target price on shares of Chevron from $171.00 to $169.00 and set an “overweight” rating on the stock in a research note on Monday, November 10th. Morgan Stanley lifted their target price on shares of Chevron from $177.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, November 13th. HSBC set a $169.00 price target on shares of Chevron and gave the company a “buy” rating in a report on Monday, December 1st. Finally, Hsbc Global Res upgraded Chevron from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 1st. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, Chevron has a consensus rating of “Hold” and an average target price of $166.00.

Chevron Stock Down 1.2%

Shares of CVX opened at $147.69 on Friday. The firm has a market capitalization of $297.38 billion, a P/E ratio of 20.77, a P/E/G ratio of 8.88 and a beta of 0.68. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The firm has a fifty day moving average price of $152.34 and a 200-day moving average price of $152.30. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.14. The company had revenue of $48.17 billion during the quarter, compared to analysts’ expectations of $46.99 billion. Chevron had a net margin of 6.57% and a return on equity of 8.74%. The firm’s quarterly revenue was down 1.9% on a year-over-year basis. During the same period in the previous year, the company earned $2.48 EPS. Equities research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th were paid a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $6.84 annualized dividend and a yield of 4.6%. Chevron’s dividend payout ratio is 96.20%.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 275,000 shares of the firm’s stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the transaction, the director directly owned 1,128,045 shares in the company, valued at $170,052,783.75. This trade represents a 19.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.21% of the stock is owned by insiders.

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.