Horizon Wealth Management LLC Purchases 10,165 Shares of Chevron Co. (NYSE:CVX)

Horizon Wealth Management LLC increased its position in Chevron Co. (NYSE:CVX) by 395.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,735 shares of the oil and gas company’s stock after buying an additional 10,165 shares during the quarter. Chevron accounts for 0.5% of Horizon Wealth Management LLC’s portfolio, making the stock its 21st largest position. Horizon Wealth Management LLC’s holdings in Chevron were worth $2,009,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of CVX. Renaissance Investment Group LLC lifted its position in Chevron by 12.7% in the fourth quarter. Renaissance Investment Group LLC now owns 6,187 shares of the oil and gas company’s stock valued at $923,000 after purchasing an additional 697 shares during the last quarter. Camelot Portfolios LLC bought a new stake in Chevron in the fourth quarter valued at approximately $254,000. Kapstone Financial Advisors LLC lifted its position in Chevron by 5.3% in the fourth quarter. Kapstone Financial Advisors LLC now owns 4,216 shares of the oil and gas company’s stock valued at $626,000 after purchasing an additional 211 shares during the last quarter. Lane & Associates LLC bought a new stake in Chevron in the first quarter valued at approximately $345,000. Finally, Guyasuta Investment Advisors Inc. lifted its position in Chevron by 1.7% in the fourth quarter. Guyasuta Investment Advisors Inc. now owns 216,593 shares of the oil and gas company’s stock valued at $32,307,000 after purchasing an additional 3,603 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on CVX. Mizuho boosted their price objective on Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, May 13th. The Goldman Sachs Group reiterated a “buy” rating on shares of Chevron in a research report on Monday, April 1st. Truist Financial boosted their price objective on Chevron from $156.00 to $166.00 and gave the company a “hold” rating in a research report on Friday, May 10th. UBS Group boosted their target price on Chevron from $185.00 to $197.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. Finally, HSBC boosted their target price on Chevron from $175.00 to $178.00 and gave the company a “buy” rating in a research note on Tuesday, April 30th. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Chevron has a consensus rating of “Moderate Buy” and a consensus target price of $186.95.

Chevron Price Performance

Shares of CVX stock opened at $156.52 on Tuesday. The stock has a market cap of $288.46 billion, a price-to-earnings ratio of 14.40, a PEG ratio of 2.38 and a beta of 1.10. The business’s fifty day moving average is $159.22 and its 200 day moving average is $154.78. Chevron Co. has a twelve month low of $139.62 and a twelve month high of $171.70. The company has a quick ratio of 0.93, a current ratio of 1.23 and a debt-to-equity ratio of 0.13.

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

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 17th were issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.17%. The ex-dividend date of this dividend was Thursday, May 16th. Chevron’s dividend payout ratio (DPR) is 59.98%.

Insiders Place Their Bets

In other Chevron news, VP Jeff B. Gustavson sold 3,750 shares of the business’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total value of $600,862.50. Following the sale, the vice president now directly owns 477 shares of the company’s stock, 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, Director Enrique Hernandez, Jr. sold 2,549 shares of the company’s 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 directly owns 7,647 shares of the company’s stock, valued at $1,231,167. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Jeff B. Gustavson sold 3,750 shares of the company’s stock in a transaction on 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 disclosure for this sale can be found here. Over the last three months, insiders have 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.