1ST Source Bank Invests $6.76 Million in Chevron Corporation $CVX

Key Points

• 1ST Source Bank acquired 40,799 Chevron shares worth approximately $6.76 million during the second quarter. Institutional investors and hedge funds collectively own 72.42% of Chevron.
• Analysts maintain a generally positive view, with 20 Buy ratings, five Holds and one Sell; Chevron has a “Moderate Buy” consensus rating and an average price target of $207.48.
• Chevron exceeded quarterly expectations with $6.06 in EPS and $67.20 billion in revenue, while declaring a quarterly dividend of $1.78 per share. However, insiders sold more than 1.19 million shares worth about $231.8 million over the past 90 days.

1ST Source Bank bought a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 40,799 shares of the oil and gas company's stock, valued at approximately $6,763,000.

A number of other hedge funds also recently made changes to their positions in CVX. Indivisible Partners bought a new position in Chevron during the 4th quarter worth $1,923,000. Janney Montgomery Scott LLC boosted its position in Chevron by 6.8% in the first quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company's stock valued at $258,853,000 after buying an additional 79,439 shares in the last quarter. Galaxy Digital Inc. bought a new stake in Chevron during the 1st quarter worth $2,028,000. Osprey Private Wealth LLC grew its holdings in shares of Chevron by 556.4% during the fourth quarter. Osprey Private Wealth LLC now owns 9,190 shares of the oil and gas company's stock worth $1,401,000 after purchasing an additional 7,790 shares during the last quarter. Finally, World Investment Advisors grew its holdings in Chevron by 24.2% during the 4th quarter. World Investment Advisors now owns 85,213 shares of the oil and gas company's stock worth $12,987,000 after acquiring an additional 16,596 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. UBS Group reiterated a "buy" rating on shares of Chevron in a report on Tuesday, June 23rd. The Goldman Sachs Group reaffirmed a "buy" rating and set a $216.00 price target on shares of Chevron in a research note on Wednesday, May 6th. Wall Street Zen raised shares of Chevron from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Piper Sandler started coverage on Chevron in a research note on Thursday, July 23rd. They set an "overweight" rating and a $207.00 price objective on the stock. Finally, Zacks Research downgraded Chevron from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 8th. Twenty research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Chevron presently has an average rating of "Moderate Buy" and an average target price of $207.48.

Chevron Stock Performance

NYSE:CVX opened at $199.99 on Monday. The business's fifty day moving average is $183.30 and its 200 day moving average is $187.01. The firm has a market cap of $395.13 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 0.61 and a beta of 0.49. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating analysts' consensus estimates of $5.55 by $0.51. The firm had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business's revenue for the quarter was up 57.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.77 EPS. Research analysts predict that Chevron Corporation will post 15.86 EPS for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Wednesday, August 19th. Chevron's payout ratio is presently 68.26%.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 100,000 shares of the company's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the completion of the sale, the director directly owned 178,045 shares in the company, valued at $34,587,021.70. This represents a 35.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Michael K. Wirth sold 5,547 shares of Chevron stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total value of $1,037,289.00. Following the completion of the transaction, the chief executive officer owned 26,308 shares in the company, valued at approximately $4,919,596. This represents a 17.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,196,212 shares of company stock valued at $231,819,366 in the last ninety days. 0.56% of the stock is owned by corporate insiders.

About Chevron

Chevron Corporation NYSE: CVX is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron's core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

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