Hartline Investment Corp Acquires 10,108 Shares of Chevron Co. (NYSE:CVX)

Hartline Investment Corp boosted its holdings in Chevron Co. (NYSE:CVX) by 309.0% during the first quarter, HoldingsChannel.com reports. The fund owned 13,379 shares of the oil and gas company’s stock after purchasing an additional 10,108 shares during the period. Hartline Investment Corp’s holdings in Chevron were worth $2,110,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Ables Iannone Moore & Associates Inc. boosted its position in Chevron by 3.2% in the first quarter. Ables Iannone Moore & Associates Inc. now owns 7,760 shares of the oil and gas company’s stock valued at $1,224,000 after buying an additional 244 shares in the last quarter. Longbow Finance SA acquired a new position in Chevron in the first quarter valued at about $4,282,000. Norden Group LLC boosted its position in Chevron by 74.4% in the first quarter. Norden Group LLC now owns 14,031 shares of the oil and gas company’s stock valued at $2,213,000 after buying an additional 5,987 shares in the last quarter. Culbertson A N & Co. Inc. boosted its position in Chevron by 4.6% in the first quarter. Culbertson A N & Co. Inc. now owns 52,594 shares of the oil and gas company’s stock valued at $8,296,000 after buying an additional 2,310 shares in the last quarter. Finally, HB Wealth Management LLC lifted its position in shares of Chevron by 1.9% during the first quarter. HB Wealth Management LLC now owns 132,718 shares of the oil and gas company’s stock worth $20,935,000 after purchasing an additional 2,435 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Insider Transactions at Chevron

In other news, Director Enrique Hernandez, Jr. sold 2,549 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $161.00, for a total transaction of $410,389.00. Following the completion of the sale, the director now owns 7,647 shares of the company’s stock, valued at $1,231,167. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Alana K. Knowles sold 2,800 shares of the stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $165.00, for a total transaction of $462,000.00. Following the completion of the transaction, the vice president now owns 276 shares in the company, valued at $45,540. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Enrique Hernandez, Jr. sold 2,549 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $161.00, for a total transaction of $410,389.00. Following the transaction, the director now owns 7,647 shares of the company’s stock, valued at approximately $1,231,167. The disclosure for this sale can be found here. Insiders sold 16,746 shares of company stock valued at $2,727,971 over the last quarter. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

CVX has been the topic of a number of research reports. Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and upped their target price for the stock from $170.00 to $195.00 in a research report on Thursday, April 11th. Barclays initiated coverage on shares of Chevron in a research report on Wednesday, April 10th. They set an “overweight” rating and a $203.00 target price on the stock. Raymond James upped their target price on shares of Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a research report on Monday, April 15th. Truist Financial upped their target price on shares of Chevron from $156.00 to $166.00 and gave the stock a “hold” rating in a research report on Friday, May 10th. Finally, Piper Sandler upped their target price on shares of Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a research report on Thursday, April 18th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $186.95.

Chevron Trading Down 1.5 %

NYSE:CVX traded down $2.40 during trading hours on Friday, hitting $154.31. The stock had a trading volume of 6,100,723 shares, compared to its average volume of 8,003,902. Chevron Co. has a one year low of $139.62 and a one year high of $171.70. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 1.23. The company has a market cap of $284.39 billion, a price-to-earnings ratio of 14.21, a P/E/G ratio of 2.38 and a beta of 1.10. The business’s 50 day moving average is $158.68 and its 200-day moving average is $154.90.

Chevron (NYSE:CVX) last issued its earnings results on Friday, April 26th. The oil and gas company reported $2.93 EPS for the quarter, beating the consensus estimate of $2.84 by $0.09. Chevron had a net margin of 10.21% and a return on equity of 14.40%. The firm had revenue of $48.72 billion during the quarter, compared to the consensus estimate of $48.42 billion. During the same quarter in the prior year, the firm earned $3.55 earnings per share. The business’s quarterly revenue was down 4.1% on a year-over-year basis. Sell-side analysts anticipate that Chevron Co. will post 13.15 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 17th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.23%. The ex-dividend date of this dividend was Thursday, May 16th. Chevron’s dividend payout ratio is 59.98%.

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.