Meridian Wealth Management LLC Buys New Holdings in Chevron Co. (NYSE:CVX)

Meridian Wealth Management LLC acquired a new position in shares of Chevron Co. (NYSE:CVX) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 75,047 shares of the oil and gas company’s stock, valued at approximately $11,052,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Studio Investment Management LLC increased its holdings in Chevron by 0.9% in the third quarter. Studio Investment Management LLC now owns 20,486 shares of the oil and gas company’s stock valued at $3,017,000 after buying an additional 184 shares during the last quarter. Covenant Asset Management LLC grew its holdings in shares of Chevron by 0.7% during the third quarter. Covenant Asset Management LLC now owns 11,115 shares of the oil and gas company’s stock valued at $1,637,000 after purchasing an additional 76 shares during the last quarter. Allen Capital Group LLC grew its holdings in shares of Chevron by 6.2% during the third quarter. Allen Capital Group LLC now owns 26,713 shares of the oil and gas company’s stock valued at $3,934,000 after purchasing an additional 1,559 shares during the last quarter. Biltmore Family Office LLC grew its holdings in shares of Chevron by 9.6% during the third quarter. Biltmore Family Office LLC now owns 2,062 shares of the oil and gas company’s stock valued at $304,000 after purchasing an additional 181 shares during the last quarter. Finally, Darden Wealth Group Inc boosted its position in shares of Chevron by 8.7% during the third quarter. Darden Wealth Group Inc now owns 7,761 shares of the oil and gas company’s stock worth $1,143,000 after buying an additional 621 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Trading Down 0.1 %

NYSE:CVX opened at $161.50 on Friday. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $290.23 billion, a price-to-earnings ratio of 17.76, a PEG ratio of 3.59 and a beta of 1.09. The firm has a fifty day simple moving average of $151.14 and a two-hundred day simple moving average of $152.69. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. The company had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm’s revenue was down 6.3% on a year-over-year basis. During the same period last year, the firm earned $3.05 earnings per share. Analysts expect that Chevron Co. will post 10.55 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.04%. Chevron’s dividend payout ratio is currently 71.65%.

Insiders Place Their Bets

In other news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This represents a 97.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of several analyst reports. UBS Group boosted their price objective on Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Mizuho decreased their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Barclays raised their price target on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a research report on Tuesday, November 5th. Finally, Scotiabank cut their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $174.93.

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.