Argyle Capital Partners LLC Buys New Position in Chevron Corporation $CVX

Argyle Capital Partners LLC purchased a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 7,010 shares of the oil and gas company's stock, valued at approximately $1,162,000.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. purchased a new stake in Chevron during the second quarter valued at about $25,663,729,000. State Street Corp raised its holdings in shares of Chevron by 9.1% in the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock worth $23,698,184,000 after purchasing an additional 12,789,399 shares during the period. Berkshire Hathaway Inc raised its holdings in shares of 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 worth $19,837,131,000 after purchasing an additional 8,091,570 shares during the period. Geode Capital Management LLC lifted its stake in shares of Chevron by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company's stock valued at $6,620,187,000 after purchasing an additional 134,890 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Chevron by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company's stock worth $5,492,377,000 after purchasing an additional 961,341 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Trading Up 1.4%

NYSE CVX opened at $202.75 on Tuesday. The company's fifty day simple moving average is $183.57 and its 200-day simple moving average is $187.25. 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 PEG ratio of 0.61 and a beta of 0.49.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 EPS 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 firm had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same quarter in the previous year, the business posted $1.77 EPS. The firm's revenue was up 57.4% compared to the same quarter last year. Equities research analysts predict that Chevron Corporation will post 15.86 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be paid 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 is Wednesday, August 19th. Chevron's dividend payout ratio (DPR) is 68.26%.

Insider Buying and Selling

In related news, CEO Michael K. Wirth sold 5,547 shares of Chevron stock in a transaction on Wednesday, August 5th. The shares were 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 in the company, valued at approximately $4,919,596. The trade was a 17.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Hess sold 710,665 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the completion of the sale, the director directly owned 363,711 shares in the company, valued at $70,596,305.10. This represents a 66.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 1,196,212 shares of company stock worth $231,819,366. 0.56% of the stock is currently owned by corporate insiders.

Chevron News Summary

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

Analyst Ratings Changes

CVX has been the topic of a number of recent research reports. Sanford C. Bernstein lifted their price target on shares of Chevron from $204.00 to $209.00 and gave the company a "market perform" rating in a research report on Monday, August 3rd. Mizuho set a $224.00 price objective on shares of Chevron in a research report on Monday, August 3rd. TD Cowen raised their target price on shares of Chevron from $200.00 to $205.00 and gave the company a "hold" rating in a research note on Wednesday, August 5th. Scotiabank upped their price target on shares of Chevron from $168.00 to $187.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 22nd. Finally, Zacks Research cut Chevron from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 8th. Twenty 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's stock. Based on data from MarketBeat, Chevron currently has a consensus rating of "Moderate Buy" and a consensus price target of $207.13.

Chevron 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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