B & T Capital Management DBA Alpha Capital Management Invests $4.98 Million in Chevron Corporation $CVX

Key Points

• Alpha Capital Management acquired a new $4.98 million stake in Chevron, purchasing 30,029 shares during the second quarter. Institutional investors and hedge funds collectively own 72.42% of the company.
• Chevron reported strong quarterly results, with EPS of $6.06 and revenue of $67.2 billion, exceeding analyst estimates and representing 57.4% year-over-year revenue growth. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $207.13.
• Chevron declared a quarterly dividend of $1.78 per share, implying a 3.5% annualized yield, while company insiders sold roughly $231.8 million of shares over the past 90 days.

B & T Capital Management DBA Alpha Capital Management acquired a new stake in Chevron Corporation (NYSE:CVX - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 30,029 shares of the oil and gas company's stock, valued at approximately $4,978,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CVX. MidFirst Bank acquired a new position in Chevron during the second quarter worth $6,541,000. BlackRock Inc. acquired a new stake in Chevron in the second quarter valued at $25,663,729,000. Occidental Asset Management LLC acquired a new stake in Chevron in the second quarter valued at $966,000. Succession Financial Inc. purchased a new position in shares of Chevron in the second quarter valued at $373,000. Finally, Dunhill Financial LLC purchased a new position in shares of Chevron in the second quarter valued at $346,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CVX shares. 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 research report on Tuesday, July 28th. Scotiabank raised their target price on shares of Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Jefferies Financial Group restated a "buy" rating and set a $216.00 target price on shares of Chevron in a report on Friday, July 10th. Wall Street Zen upgraded shares of Chevron from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Finally, Sanford C. Bernstein upped their price target on shares of Chevron from $204.00 to $209.00 and gave the company a "market perform" rating in a report on Monday, August 3rd. Twenty equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $207.13.

Chevron Trading Up 1.4%

Shares of CVX opened at $202.75 on Tuesday. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $214.71. The firm has a market capitalization 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 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's fifty day simple moving average is $183.57 and its 200 day simple moving average is $187.25.

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, topping 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 firm had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same period in the previous year, the company posted $1.77 EPS. Chevron's revenue for the quarter was up 57.4% on a year-over-year basis. On average, equities research analysts forecast that Chevron Corporation will post 15.86 earnings per share for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors 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 is presently 68.26%.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 100,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total value of $19,426,000.00. Following the transaction, the director owned 178,045 shares of the company's stock, valued at $34,587,021.70. This represents a 35.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael K. Wirth sold 5,547 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer directly owned 26,308 shares of the company's stock, valued at approximately $4,919,596. The trade was a 17.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,196,212 shares of company stock worth $231,819,366 over the last ninety days. 0.56% of the stock is owned by corporate insiders.

Key Headlines 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

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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