Bell Investment Advisors Inc Purchases New Shares in Chevron Corporation $CVX

Key Points

• Bell Investment Advisors acquired 7,968 Chevron shares worth approximately $1.32 million, while institutional investors collectively own 72.42% of the company.
• Chevron reported strong quarterly results, with EPS of $6.06 exceeding estimates and revenue rising 57.4% year over year to $67.2 billion. Shares opened at $202.75, near their 52-week high.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and $207.13 target price. Chevron also declared a quarterly dividend of $1.78 per share, representing a 3.5% yield.

Bell Investment Advisors Inc acquired a new stake in Chevron Corporation (NYSE:CVX - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 7,968 shares of the oil and gas company's stock, valued at approximately $1,321,000. Chevron makes up about 0.2% of Bell Investment Advisors Inc's holdings, making the stock its 25th biggest position.

Other large investors have also recently added to or reduced their stakes in the company. Global Retirement Partners LLC bought a new position in shares of Chevron during the second quarter worth approximately $14,276,000. Indivisible Partners bought a new stake in shares of Chevron in the fourth quarter valued at approximately $1,923,000. Janney Montgomery Scott LLC boosted its stake in shares of Chevron by 6.8% in the first quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company's stock valued at $258,853,000 after buying an additional 79,439 shares during the period. Galaxy Digital Inc. acquired a new stake in Chevron during the first quarter worth approximately $2,028,000. Finally, Osprey Private Wealth LLC grew its position in Chevron by 556.4% during the fourth quarter. Osprey Private Wealth LLC now owns 9,190 shares of the oil and gas company's stock worth $1,401,000 after buying an additional 7,790 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Trending Headlines about 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

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $220.00 price objective on shares of Chevron in a report on Tuesday, May 5th. Wolfe Research raised Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 target price on the stock in a report on Thursday, July 2nd. Bank of America raised 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. Barclays dropped their price target on Chevron from $216.00 to $208.00 and set an "equal weight" rating for the company in a research note on Monday. Finally, UBS Group reaffirmed a "buy" rating on shares of Chevron in a research report on Tuesday, June 23rd. Twenty investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $207.13.

Insider Activity

In other Chevron news, Director John B. Hess sold 100,000 shares of Chevron stock in a transaction dated 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 in the company, valued at $34,587,021.70. The trade was a 35.97% 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 Chevron 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 owned 26,308 shares in the company, valued at approximately $4,919,596. This represents a 17.41% decrease in their position. 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 currently owned by insiders.

Chevron Stock Up 1.4%

Shares of CVX opened at $202.75 on Tuesday. The firm has a 50 day simple moving average of $183.57 and a two-hundred day simple moving average of $187.25. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71. The company has a market cap of $400.59 billion, a P/E ratio of 19.44, a P/E/G ratio of 0.61 and a beta of 0.49.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share 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 firm had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter last year, the business posted $1.77 EPS. The company's revenue was up 57.4% compared to the same quarter last year. Research analysts forecast 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. Investors 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 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron's dividend payout ratio is currently 68.26%.

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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