81,205 Shares in Chevron Corporation $CVX Purchased by NFJ Investment Group LLC

Key Points

• NFJ Investment Group purchased 81,205 Chevron shares in the second quarter, valued at approximately $13.46 million. Institutional investors collectively own 72.42% of Chevron’s stock.
• Chevron reported quarterly earnings of $6.06 per share, exceeding the $5.55 consensus estimate, while revenue rose 57.4% year over year to $67.20 billion.
• Chevron declared a quarterly dividend of $1.78 per share, equivalent to an annualized $7.12 payout and a roughly 3.5% yield; analysts maintain a “Moderate Buy” consensus with a $207.48 target price.

NFJ Investment Group LLC purchased a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 81,205 shares of the oil and gas company's stock, valued at approximately $13,461,000.

Other institutional investors also recently added to or reduced their stakes in the company. Midwest Capital Advisors LLC acquired a new position in shares of Chevron in the 1st quarter worth approximately $25,000. Core Wealth Advisors LLC acquired a new stake in Chevron in the 4th quarter valued at $26,000. Phillip James Consulting Co. bought a new stake in Chevron in the fourth quarter valued at $26,000. Basso Capital Management L.P. bought a new stake in Chevron in the fourth quarter valued at $27,000. Finally, Karpus Management Inc. acquired a new position in Chevron during the fourth quarter worth $27,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Down 0.3%

Shares of NYSE:CVX opened at $205.25 on Friday. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71. The company has a 50 day moving average of $185.03 and a 200-day moving average of $188.07. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The stock has a market cap of $405.53 billion, a price-to-earnings ratio of 19.68, a P/E/G ratio of 0.62 and a beta of 0.49.

Chevron (NYSE:CVX - Get Free Report) last posted 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. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same period in the previous year, the firm posted $1.77 earnings per share. Chevron's revenue for the quarter was up 57.4% compared to the same quarter last year. On average, sell-side analysts forecast that Chevron Corporation will post 16.17 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron's payout ratio is currently 68.26%.

Insider Buying and Selling at Chevron

In other news, CEO Michael K. Wirth sold 317,100 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $200.46, for a total value of $63,565,866.00. Following the transaction, the chief executive officer owned 26,308 shares of the company's stock, valued at $5,273,701.68. This represents a 92.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R. Hewitt Pate sold 2,470 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total value of $506,621.70. Following the completion of the transaction, the insider directly owned 10,794 shares in the company, valued at approximately $2,213,957.34. This trade represents a 18.62% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 1,152,582 shares of company stock worth $225,853,661. 0.56% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CVX shares. Jefferies Financial Group reissued a "buy" rating and set a $216.00 price target on shares of Chevron in a report on Friday, July 10th. Sanford C. Bernstein upped their price objective on shares of Chevron from $204.00 to $209.00 and gave the stock a "market perform" rating in a research note on Monday, August 3rd. The Goldman Sachs Group reaffirmed a "buy" rating and set a $216.00 price objective on shares of Chevron in a report on Wednesday, May 6th. Piper Sandler started coverage on shares of Chevron in a research note on Thursday, July 23rd. They issued an "overweight" rating and a $207.00 target price for the company. Finally, Bank of America increased their price target on Chevron from $210.00 to $227.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Twenty analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $207.48.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Brent crude recently approached $94–$95 per barrel amid renewed Middle East tensions and concerns about Strait of Hormuz disruptions. Sustained higher oil prices typically benefit Chevron’s upstream revenue, margins and cash flow. Chevron jumps as Brent crude approaches $94
• Positive Sentiment: Chevron confirmed an oil and gas condensate discovery at the 105-4X well in offshore Angola. Its proximity to existing facilities could allow a lower-cost tie-back, creating a potential source of future production. Chevron Angola discovery analysis
• Positive Sentiment: Chevron’s $1.78 quarterly dividend, equal to $7.12 annually and an approximately 3.5% yield, reinforces its appeal to income investors. The company also recently exceeded quarterly earnings and revenue expectations. Chevron raises dividend
• Neutral Sentiment: Analysis comparing Chevron with Exxon Mobil highlights differing long-term strategies, including Chevron’s continued emphasis on oil and gas. The approach could benefit from strong commodity prices but leaves CVX more exposed to future oil-demand and price cycles. Chevron versus Exxon Mobil analysis
• Negative Sentiment: Iraq plans to more than double its oil output over the next six years. If achieved, the added supply could pressure global crude prices and reduce the earnings benefit Chevron receives from today’s elevated prices. Iraq oil output and Chevron
• Negative Sentiment: Two Chevron insiders sold shares recently: Andrew Benjamin Walz sold 16,800 shares, while R. Hewitt Pate sold 2,470 shares. Although such transactions may reflect personal financial planning, they can create a modest sentiment overhang. Chevron insider sale report
• Negative Sentiment: A separate analysis says concerns remain centered on Chevron, including issues surrounding its Hess Midstream exposure and broader execution risks. The report may temper enthusiasm after CVX’s recent advance. Hess Midstream: The Issue Remains With Chevron

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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