Meridian Wealth Management LLC Purchases Shares of 75,047 Chevron Co. (NYSE:CVX)

Meridian Wealth Management LLC bought a new position in Chevron Co. (NYSE:CVX - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 75,047 shares of the oil and gas company's stock, valued at approximately $11,052,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Marietta Wealth Management LLC raised its position in shares of Chevron by 10.9% in the 3rd quarter. Marietta Wealth Management LLC now owns 40,484 shares of the oil and gas company's stock worth $5,962,000 after purchasing an additional 3,965 shares during the last quarter. Leo Wealth LLC grew its stake in shares of Chevron by 19.6% during the 3rd quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company's stock valued at $1,214,000 after acquiring an additional 1,354 shares during the period. RPG Investment Advisory LLC grew its stake in shares of Chevron by 3.4% during the 3rd quarter. RPG Investment Advisory LLC now owns 121,167 shares of the oil and gas company's stock valued at $17,844,000 after acquiring an additional 3,933 shares during the period. Garner Asset Management Corp grew its stake in shares of Chevron by 14.5% during the 2nd quarter. Garner Asset Management Corp now owns 19,997 shares of the oil and gas company's stock valued at $3,128,000 after acquiring an additional 2,530 shares during the period. Finally, Cantor Fitzgerald Investment Advisors L.P. grew its stake in shares of Chevron by 3.2% during the 3rd quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 114,961 shares of the oil and gas company's stock valued at $16,930,000 after acquiring an additional 3,561 shares during the period. Institutional investors own 72.42% of the company's stock.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several brokerages have recently issued reports on CVX. Wells Fargo & Company decreased their price objective on Chevron from $196.00 to $169.00 and set an "overweight" rating on the stock in a report on Friday, September 27th. Scotiabank lowered their price target on Chevron from $180.00 to $163.00 and set a "sector outperform" rating for the company in a research report on Thursday, October 10th. Bank of America assumed coverage on Chevron in a research note on Thursday, October 17th. They issued a "buy" rating and a $168.00 target price on the stock. Royal Bank of Canada increased their target price on Chevron from $170.00 to $175.00 and gave the stock an "outperform" rating in a research note on Monday, November 4th. Finally, UBS Group raised their price target on Chevron from $192.00 to $194.00 and gave the company a "buy" rating in a research note on Monday, November 4th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Chevron has an average rating of "Moderate Buy" and an average target price of $174.93.

Chevron Stock Down 0.1 %

CVX opened at $161.50 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The business has a 50 day simple moving average of $151.14 and a 200-day simple moving average of $152.69. The stock has a market capitalization of $290.23 billion, a P/E ratio of 17.76, a P/E/G ratio of 3.59 and a beta of 1.09. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. During the same period last year, the business posted $3.05 EPS. Chevron's quarterly revenue was down 6.3% on a year-over-year basis. On average, equities analysts anticipate that Chevron Co. will post 10.55 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.04%. The ex-dividend date is Monday, November 18th. Chevron's payout ratio is 71.65%.

About Chevron

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.

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