42,697 Shares in Chevron Corporation $CVX Purchased by AMG National Trust Bank

Key Points

• AMG National Trust Bank purchased 42,697 Chevron shares in the second quarter, valued at approximately $7.1 million. Institutional investors and hedge funds collectively own 72.42% of Chevron’s outstanding stock.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $207.13; 20 analysts rate the stock a Buy, five a Hold, and one a Sell.
• Chevron reported quarterly EPS of $6.06, exceeding estimates, while revenue rose 57.4% year over year to $67.2 billion. The company also declared a quarterly dividend of $1.78 per share, implying a 3.5% annual yield.

AMG National Trust Bank purchased a new stake in Chevron Corporation (NYSE:CVX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 42,697 shares of the oil and gas company's stock, valued at approximately $7,077,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CVX. Norges Bank purchased a new position in Chevron during the 4th quarter worth approximately $3,727,586,000. Bank of New York Mellon Corp purchased a new stake in shares of Chevron during the 2nd quarter worth approximately $2,378,114,000. State Street Corp lifted its holdings in shares of Chevron by 9.1% in the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock valued at $23,698,184,000 after purchasing an additional 12,789,399 shares in the last quarter. Berkshire Hathaway Inc lifted its stake in Chevron by 6.6% in the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock valued at $19,837,131,000 after buying an additional 8,091,570 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in Chevron by 822.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company's stock worth $946,658,000 after purchasing an additional 5,537,580 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CVX. Jefferies Financial Group reiterated a "buy" rating and issued a $216.00 price target on shares of Chevron in a report on Friday, July 10th. UBS Group reissued a "buy" rating on shares of Chevron in a research report on Tuesday, June 23rd. Wolfe Research upgraded shares of Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 price target on the stock in a report on Thursday, July 2nd. Mizuho set a $224.00 price target on shares of Chevron in a report on Monday, August 3rd. Finally, Weiss Ratings raised shares of Chevron from a "hold (c)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Twenty investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Chevron currently has a consensus rating of "Moderate Buy" and an average target price of $207.13.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Major Angola discovery expands Chevron’s resource base. Chevron’s 105-4X exploration well in offshore Angola’s Block 0 encountered a hydrocarbon column exceeding 600 meters (about 2,000 feet), including more than 90 meters of net pay in the primary Pinda reservoir. The size of the find strengthens the company’s long-term production outlook and supports its strategic exploration program in Sub-Saharan Africa. Reuters article
• Positive Sentiment: Potential tie-in could reduce development costs. The discovery is located near existing Block 0 infrastructure, creating the possibility of a relatively efficient tie-back and potentially accelerating development while limiting capital requirements. However, commerciality, appraisal work and a development timeline have not yet been established. Chevron Stock Rises After Major Angola Discovery
• Positive Sentiment: Higher oil prices provide additional sector support. Reports that Brent crude was approaching $89 a barrel amid continued disruption and uncertainty around the Strait of Hormuz are supportive of Chevron’s upstream revenue and cash-flow prospects, although the geopolitical situation also raises market and operating risks. Brent Crude Nears $89
• Neutral Sentiment: Income appeal remains part of the investment case. Chevron continues to be highlighted by analysts as a dividend-paying energy major with potential upside, but the dividend coverage and valuation were not materially changed by these reports. Dividend Stocks Article

Insider Activity at Chevron

In related news, CEO Michael K. Wirth sold 5,547 shares of the business'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 owned 26,308 shares of the company's stock, valued at approximately $4,919,596. The trade was a 17.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John B. Hess sold 100,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total value of $19,426,000.00. Following the completion of the transaction, the director owned 178,045 shares in the company, valued at $34,587,021.70. This represents a 35.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 1,196,212 shares of company stock valued at $231,819,366. 0.56% of the stock is currently owned by company insiders.

Chevron Price Performance

NYSE CVX opened at $202.75 on Tuesday. The company has a 50-day moving average price of $183.57 and a two-hundred day moving average price of $187.25. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. The stock has a market cap of $400.59 billion, a price-to-earnings ratio of 19.44, a price-to-earnings-growth 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.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. During the same period in the prior year, the company posted $1.77 EPS. The business's revenue for the quarter was up 57.4% compared to the same quarter last year. Analysts forecast that Chevron Corporation will post 15.86 EPS for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron's payout ratio is currently 68.26%.

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.

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