Envestnet Portfolio Solutions Inc. Acquires 60,166 Shares of Chevron Co. (NYSE:CVX)

Envestnet Portfolio Solutions Inc. raised its stake in Chevron Co. (NYSE:CVX) by 29.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 262,029 shares of the oil and gas company’s stock after buying an additional 60,166 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Chevron were worth $41,332,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Empirical Finance LLC boosted its position in shares of Chevron by 3.3% during the first quarter. Empirical Finance LLC now owns 65,427 shares of the oil and gas company’s stock worth $10,320,000 after buying an additional 2,100 shares during the period. Duality Advisers LP acquired a new position in Chevron during the 1st quarter worth approximately $1,029,000. MGB Wealth Management LLC boosted its position in Chevron by 14.8% during the 1st quarter. MGB Wealth Management LLC now owns 4,497 shares of the oil and gas company’s stock worth $709,000 after acquiring an additional 580 shares during the last quarter. Kades & Cheifetz LLC grew its stake in shares of Chevron by 3.2% during the 1st quarter. Kades & Cheifetz LLC now owns 3,828 shares of the oil and gas company’s stock worth $604,000 after acquiring an additional 118 shares in the last quarter. Finally, LCM Capital Management Inc raised its holdings in shares of Chevron by 1.4% in the first quarter. LCM Capital Management Inc now owns 8,169 shares of the oil and gas company’s stock valued at $1,289,000 after purchasing an additional 114 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CVX shares. Truist Financial raised their target price on shares of Chevron from $156.00 to $166.00 and gave the company a “hold” rating in a research report on Friday, May 10th. The Goldman Sachs Group restated a “buy” rating on shares of Chevron in a report on Monday, April 1st. UBS Group upped their target price on Chevron from $185.00 to $197.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. TD Cowen raised their price target on Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a research note on Monday, April 29th. Finally, Wells Fargo & Company boosted their price target on Chevron from $198.00 to $206.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 30th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $187.06.

Chevron Stock Performance

Shares of NYSE CVX traded up $0.33 during mid-day trading on Friday, reaching $155.59. 6,443,325 shares of the company were exchanged, compared to its average volume of 7,932,770. The stock has a market capitalization of $286.75 billion, a P/E ratio of 14.31, a P/E/G ratio of 2.35 and a beta of 1.10. The company has a quick ratio of 0.93, a current ratio of 1.23 and a debt-to-equity ratio of 0.13. The company’s 50-day simple moving average is $157.85 and its 200-day simple moving average is $155.03. Chevron Co. has a twelve month low of $139.62 and a twelve month high of $171.70.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.84 by $0.09. The firm had revenue of $48.72 billion during the quarter, compared to the consensus estimate of $48.42 billion. Chevron had a net margin of 10.21% and a return on equity of 14.40%. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period last year, the business posted $3.55 earnings per share. As a group, research analysts predict that Chevron Co. will post 13.18 earnings per share for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 17th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.19%. The ex-dividend date of this dividend was Thursday, May 16th. Chevron’s payout ratio is 59.98%.

Insider Transactions at Chevron

In related news, VP Jeff B. Gustavson sold 3,750 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total value of $600,862.50. Following the transaction, the vice president now directly owns 477 shares in the company, valued at $76,429.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Jeff B. Gustavson sold 3,750 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total transaction of $600,862.50. Following the sale, the vice president now directly owns 477 shares of the company’s stock, valued at approximately $76,429.71. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Enrique Hernandez, Jr. sold 5,098 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $163.50, for a total value of $833,523.00. Following the completion of the transaction, the director now directly owns 2,549 shares of the company’s stock, valued at approximately $416,761.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,746 shares of company stock valued at $2,727,971. 0.20% of the stock is currently owned by corporate insiders.

Chevron Profile

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.