Boomfish Wealth Group LLC Makes New Investment in Chevron Co. (NYSE:CVX)

Boomfish Wealth Group LLC acquired a new stake in shares of Chevron Co. (NYSE:CVX) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 1,920 shares of the oil and gas company’s stock, valued at approximately $300,000.

Several other institutional investors also recently bought and sold shares of the business. International Assets Investment Management LLC grew its stake in Chevron by 4.9% during the 4th quarter. International Assets Investment Management LLC now owns 21,470 shares of the oil and gas company’s stock worth $3,202,000 after buying an additional 1,005 shares during the last quarter. Tennessee Valley Asset Management Partners purchased a new stake in shares of Chevron during the fourth quarter worth about $83,000. Elite Wealth Management Inc. grew its stake in shares of Chevron by 26.8% during the fourth quarter. Elite Wealth Management Inc. now owns 4,737 shares of the oil and gas company’s stock worth $707,000 after acquiring an additional 1,000 shares during the last quarter. Rakuten Securities Inc. acquired a new position in shares of Chevron during the fourth quarter valued at about $192,000. Finally, KLCM Advisors Inc. raised its position in shares of Chevron by 34.0% in the 4th quarter. KLCM Advisors Inc. now owns 23,776 shares of the oil and gas company’s stock valued at $3,546,000 after purchasing an additional 6,029 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Chevron news, VP Jeff B. Gustavson sold 3,750 shares of Chevron stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total transaction of $600,862.50. Following the transaction, the vice president now directly owns 477 shares of the company’s stock, valued at $76,429.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CVX shares. Truist Financial dropped their target price on shares of Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research report on Monday, August 5th. HSBC upped their target price on Chevron from $175.00 to $178.00 and gave the company a “buy” rating in a research report on Tuesday, April 30th. Scotiabank lowered their price target on Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Mizuho increased their price objective on Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a report on Monday, May 13th. Finally, TD Cowen lifted their target price on Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a report on Monday, April 29th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $183.82.

Chevron Price Performance

NYSE CVX traded up $0.47 during trading hours on Friday, hitting $147.27. 6,874,416 shares of the company’s stock traded hands, compared to its average volume of 7,867,067. The company has a market capitalization of $271.41 billion, a PE ratio of 13.55, a PEG ratio of 2.42 and a beta of 1.10. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. Chevron Co. has a 52-week low of $139.62 and a 52-week high of $171.70. The firm’s 50-day moving average is $153.82 and its 200-day moving average is $155.96.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. During the same quarter last year, the company earned $3.08 earnings per share. Chevron’s revenue for the quarter was up 4.7% on a year-over-year basis. Equities analysts forecast that Chevron Co. will post 11.96 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.43%. Chevron’s dividend payout ratio is presently 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.