Spire Wealth Management Purchases 2,631 Shares of Chevron Co. (NYSE:CVX)

Spire Wealth Management grew its holdings in Chevron Co. (NYSE:CVX) by 8.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 32,120 shares of the oil and gas company’s stock after acquiring an additional 2,631 shares during the period. Spire Wealth Management’s holdings in Chevron were worth $4,569,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CVX. Vanguard Group Inc. raised its stake in Chevron by 0.3% during the third quarter. Vanguard Group Inc. now owns 161,924,375 shares of the oil and gas company’s stock worth $27,303,688,000 after acquiring an additional 458,080 shares in the last quarter. Morgan Stanley grew its holdings in Chevron by 7.0% during the 3rd quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock worth $5,761,223,000 after acquiring an additional 2,244,995 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Chevron by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 24,236,141 shares of the oil and gas company’s stock valued at $4,059,834,000 after acquiring an additional 368,898 shares in the last quarter. Northern Trust Corp grew its stake in shares of Chevron by 2.6% during the third quarter. Northern Trust Corp now owns 22,705,118 shares of the oil and gas company’s stock valued at $3,828,537,000 after purchasing an additional 569,850 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in Chevron by 0.4% during the 3rd quarter. Ameriprise Financial Inc. now owns 14,814,522 shares of the oil and gas company’s stock worth $2,499,684,000 after buying an additional 62,254 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Stock Performance

Shares of NYSE:CVX traded up $2.05 on Monday, hitting $162.30. The company had a trading volume of 8,427,958 shares, compared to its average volume of 8,484,045. The stock has a market cap of $301.43 billion, a price-to-earnings ratio of 15.02, a P/E/G ratio of 2.37 and a beta of 1.11. The stock has a 50 day moving average price of $157.26 and a 200 day moving average price of $151.53. Chevron Co. has a 1-year low of $139.62 and a 1-year high of $171.70. The company has a current ratio of 1.23, a quick ratio of 0.93 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last announced its earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.84 by $0.09. The company had revenue of $48.72 billion for the quarter, compared to analyst estimates of $48.42 billion. Chevron had a return on equity of 14.40% and a net margin of 10.21%. The firm’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same quarter last year, the company earned $3.55 earnings per share. Analysts expect that Chevron Co. will post 13.53 EPS for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 17th will be given a $1.63 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.02%. Chevron’s dividend payout ratio (DPR) is currently 59.98%.

Insider Activity

In related news, VP Alana K. Knowles sold 2,800 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $165.00, for a total transaction of $462,000.00. Following the sale, the vice president now owns 276 shares in the company, valued at approximately $45,540. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on CVX. Mizuho boosted their price target on shares of Chevron from $195.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. The Goldman Sachs Group restated a “buy” rating on shares of Chevron in a research report on Monday, April 1st. TD Cowen increased their target price on Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a research note on Monday, April 29th. Raymond James lifted their price objective on shares of Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a research note on Monday, April 15th. Finally, Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $170.00 to $195.00 in a report on Thursday, April 11th. Six 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, the company has a consensus rating of “Moderate Buy” and an average target price of $185.35.

Chevron Company 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.