51,751 Shares in Chevron Corporation $CVX Bought by Principle Wealth Partners LLC

Principle Wealth Partners LLC purchased a new stake in Chevron Corporation (NYSE:CVX - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 51,751 shares of the oil and gas company's stock, valued at approximately $8,578,000.

Other hedge funds also recently added to or reduced their stakes in the company. Global Retirement Partners LLC acquired a new stake in Chevron in the second quarter valued at approximately $14,276,000. Indivisible Partners purchased a new stake in shares of Chevron during the fourth quarter valued at approximately $1,923,000. Janney Montgomery Scott LLC lifted its position in shares of Chevron by 6.8% during the first quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company's stock worth $258,853,000 after purchasing an additional 79,439 shares in the last quarter. Galaxy Digital Inc. acquired a new position in shares of Chevron during the first quarter worth $2,028,000. Finally, Osprey Private Wealth LLC boosted its stake in shares of Chevron by 556.4% in the fourth quarter. Osprey Private Wealth LLC now owns 9,190 shares of the oil and gas company's stock valued at $1,401,000 after purchasing an additional 7,790 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

Chevron stock opened at $202.75 on Tuesday. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. 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 stock has a market cap of $400.59 billion, a P/E ratio of 19.44, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49. The stock has a 50 day moving average of $183.57 and a 200-day moving average of $187.25.

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 (EPS) for the quarter, topping analysts' consensus estimates of $5.55 by $0.51. The business 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 was up 57.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.77 earnings per share. On average, analysts expect that Chevron Corporation will post 15.86 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders 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 yield of 3.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron's dividend payout ratio (DPR) is currently 68.26%.

Key Stories Impacting Chevron

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

In other news, Director John B. Hess sold 100,000 shares of the 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 transaction, the director owned 178,045 shares of the company's stock, valued at approximately $34,587,021.70. This trade represents a 35.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through 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 of the company's stock, valued at $4,919,596. This trade represents a 17.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,196,212 shares of company stock valued at $231,819,366 in the last three months. Insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Weiss Ratings raised shares of Chevron from a "hold (c)" rating to a "buy (b)" rating in a report on Tuesday, August 11th. Bank of America boosted their price objective on shares of Chevron from $210.00 to $227.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. The Goldman Sachs Group reissued a "buy" rating and issued a $216.00 price objective on shares of Chevron in a research report on Wednesday, May 6th. Scotiabank raised their target price on Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. Finally, Mizuho set a $224.00 target price on Chevron in a research report on Monday, August 3rd. Twenty analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $207.13.

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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