26,240 Shares in Chevron Corporation $CVX Purchased by Centric Wealth Management

Key Points

• Centric Wealth Management purchased 26,240 Chevron shares worth approximately $5.05 million during the second quarter. Institutional investors and hedge funds collectively own 72.42% of Chevron.
• Chevron reported strong quarterly results, with earnings of $6.06 per share and revenue of $67.20 billion, exceeding analyst expectations; revenue increased 57.4% year over year.
• Chevron announced a quarterly dividend of $1.78 per share, equivalent to a 3.6% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $207.48, while insiders have sold substantial shares in recent months.

Centric Wealth Management purchased a new position in Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 26,240 shares of the oil and gas company's stock, valued at approximately $5,045,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CVX. Prospect Financial Services LLC bought a new position in Chevron during the 2nd quarter worth $204,000. Private Advisory Group LLC bought a new stake in Chevron in the second quarter valued at $225,000. Focus Partners Advisor Solutions LLC acquired a new position in shares of Chevron during the second quarter valued at $12,214,000. ABN AMRO Bank N.V. acquired a new position in shares of Chevron during the second quarter valued at $852,000. Finally, Summit Asset Management LLC bought a new position in shares of Chevron during the second quarter worth about $899,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Up 1.2%

Chevron stock opened at $199.99 on Friday. The stock 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 current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The company's 50-day moving average price is $183.30 and its two-hundred day moving average price is $186.88. 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 issued its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping analysts' consensus estimates of $5.55 by $0.51. The company 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% compared to the same quarter last year. During the same period in the prior year, the business posted $1.77 EPS. On average, analysts expect that Chevron Corporation will post 15.86 EPS for the current fiscal year.

Chevron Announces Dividend

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

Insider Activity at Chevron

In other Chevron news, CEO Michael K. Wirth sold 5,547 shares of the company's stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 26,308 shares in the company, valued at $4,919,596. This represents a 17.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John B. Hess sold 100,000 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $194.26, for a total value of $19,426,000.00. Following the transaction, the director directly owned 178,045 shares of the company's stock, valued at approximately $34,587,021.70. The trade was a 35.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 1,196,212 shares of company stock worth $231,819,366. 0.56% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on CVX. Wall Street Zen raised shares of Chevron from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Morgan Stanley decreased their target price on shares of Chevron from $214.00 to $210.00 and set an "overweight" rating for the company in a research report on Monday, June 29th. The Goldman Sachs Group restated a "buy" rating and issued a $216.00 price target on shares of Chevron in a research note on Wednesday, May 6th. TD Cowen lifted their price target on Chevron from $200.00 to $205.00 and gave the company a "hold" rating in a report on Wednesday, August 5th. Finally, Bank of America boosted their price objective on Chevron from $210.00 to $227.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Twenty research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Chevron presently has an average rating of "Moderate Buy" and a consensus target price of $207.48.

Chevron Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source