Abbot Financial Management Inc. Makes New $1.23 Million Investment in Chevron Corporation $CVX

Key Points

• Abbot Financial Management acquired 7,439 Chevron shares worth approximately $1.23 million during the second quarter. Institutional investors collectively own 72.42% of Chevron.
• Chevron reported strong quarterly results, with adjusted earnings of $6.06 per share and revenue of $67.20 billion, exceeding analyst estimates; revenue increased 57.4% year over year.
• Chevron declared a quarterly dividend of $1.78 per share, equal to $7.12 annually and a 3.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $207.48.

Abbot Financial Management Inc. acquired a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 7,439 shares of the oil and gas company's stock, valued at approximately $1,233,000.

A number of other large investors also recently modified their holdings of the company. Cornerstone Advisory LLC boosted its stake in Chevron by 0.9% in the first quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company's stock worth $1,164,000 after buying an additional 52 shares in the last quarter. Compton Financial Group LLC raised its stake in shares of Chevron by 1.9% during the first quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company's stock worth $609,000 after acquiring an additional 56 shares in the last quarter. Quantum Portfolio Management LLC lifted its holdings in shares of Chevron by 2.7% in the 1st quarter. Quantum Portfolio Management LLC now owns 2,101 shares of the oil and gas company's stock worth $435,000 after acquiring an additional 56 shares during the last quarter. Wealthspire Retirement LLC lifted its holdings in shares of Chevron by 0.9% in the 1st quarter. Wealthspire Retirement LLC now owns 6,530 shares of the oil and gas company's stock worth $1,351,000 after acquiring an additional 56 shares during the last quarter. Finally, D.B. Root & Company LLC boosted its stake in shares of Chevron by 1.0% in the 4th quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company's stock valued at $846,000 after purchasing an additional 57 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director John B. Hess sold 710,665 shares of Chevron stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $194.10, for a total value of $137,940,076.50. Following the sale, the director owned 363,711 shares in the company, valued at $70,596,305.10. The trade was a 66.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael K. Wirth sold 5,547 shares of the business's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $187.00, for a total transaction of $1,037,289.00. Following the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $4,919,596. The trade was a 17.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 1,196,212 shares of company stock valued at $231,819,366. 0.56% of the stock is owned by corporate insiders.

Chevron Price Performance

Shares of Chevron stock opened at $199.99 on Monday. The company's fifty day simple moving average is $183.30 and its two-hundred day simple moving average is $187.01. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71. The firm has a market cap of $395.13 billion, a PE ratio of 19.17, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19.

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. 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 quarter in the prior year, the company posted $1.77 EPS. Chevron's quarterly revenue was up 57.4% compared to the same quarter last year. As a group, equities analysts expect that Chevron Corporation will post 15.86 EPS for the current year.

Chevron Dividend Announcement

The firm 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. 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 dividend payout ratio is currently 68.26%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CVX. Dbs Bank raised Chevron to a "moderate buy" rating in a research note on Thursday, August 6th. Royal Bank Of Canada reissued an "outperform" rating and issued a $220.00 target price on shares of Chevron in a research note on Tuesday, May 5th. TD Cowen increased their target price on Chevron from $200.00 to $205.00 and gave the company a "hold" rating in a report on Wednesday, August 5th. Wolfe Research upgraded Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 price target on the stock in a research report on Thursday, July 2nd. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and issued a $216.00 price target on shares of Chevron in a research note on Wednesday, May 6th. Twenty equities 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's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $207.48.

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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