ABN AMRO Bank N.V. Takes $852,000 Position in Chevron Corporation $CVX

Key Points

• ABN AMRO Bank acquired 5,100 Chevron shares during the second quarter, valued at approximately $852,000. Institutional investors and hedge funds 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 expectations; revenue rose 57.4% year over year.
• Chevron announced a quarterly dividend of $1.78 per share, equivalent to an annualized $7.12 dividend and a 3.6% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $207.48.

ABN AMRO Bank N.V. bought a new position in shares of 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 bought 5,100 shares of the oil and gas company's stock, valued at approximately $852,000.

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

Insider Buying and Selling at Chevron

In other news, CEO Michael K. Wirth sold 5,547 shares of the company'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 of the company's stock, valued at $4,919,596. This represents a 17.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John B. Hess sold 100,000 shares of the company's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the transaction, the director directly owned 178,045 shares in the company, valued at approximately $34,587,021.70. This trade represents a 35.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,196,212 shares of company stock worth $231,819,366 over the last 90 days. Insiders own 0.56% of the company's stock.

Chevron Stock Performance

NYSE CVX opened at $199.99 on Friday. The stock has a market capitalization 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 business's 50 day moving average is $183.30 and its two-hundred day moving average is $186.88. Chevron Corporation has a 12-month low of $146.49 and a 12-month 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.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating the consensus estimate 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 analysts' expectations of $62.72 billion. During the same period last year, the firm earned $1.77 EPS. The company's quarterly revenue was up 57.4% compared to the same quarter last year. Research analysts expect that Chevron Corporation will post 15.86 EPS for the current year.

Chevron Dividend Announcement

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

Analyst Upgrades and Downgrades

CVX has been the subject of a number of research reports. Bank of America upped their target price on shares of Chevron from $210.00 to $227.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. The Goldman Sachs Group reissued a "buy" rating and set a $216.00 price target on shares of Chevron in a report on Wednesday, May 6th. Piper Sandler initiated coverage on Chevron in a research report on Thursday, July 23rd. They issued an "overweight" rating and a $207.00 price target on the stock. Mizuho set a $224.00 price objective on Chevron in a research note on Monday, August 3rd. Finally, UBS Group reaffirmed a "buy" rating on shares of Chevron in a research report on Tuesday, June 23rd. Twenty 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. Based on data from MarketBeat.com, the stock currently has a consensus 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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