BIP Wealth LLC Purchases New Holdings in Chevron Corporation $CVX

Key Points

• BIP Wealth acquired 19,161 Chevron shares in the second quarter, valued at approximately $3.18 million. Institutional investors collectively own 72.42% of Chevron’s outstanding stock.
• Chevron reported strong quarterly results, with EPS of $6.06 beating estimates and revenue rising 57.4% year over year to $67.2 billion. The company also declared a quarterly dividend of $1.78, equivalent to a 3.6% annualized yield.
• Analysts maintain a generally positive outlook, with 20 Buy ratings and an average price target of $207.48. However, insiders sold roughly $231.8 million worth of shares over the past three months, including significant sales by CEO Michael Wirth and director John Hess.

BIP Wealth LLC acquired a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 19,161 shares of the oil and gas company's stock, valued at approximately $3,176,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Midwest Capital Advisors LLC bought a new position in Chevron during the first quarter worth $25,000. Core Wealth Advisors LLC acquired a new position in Chevron during the 4th quarter valued at about $26,000. Phillip James Consulting Co. acquired a new position in shares of Chevron during the fourth quarter worth approximately $26,000. Basso Capital Management L.P. acquired a new position in Chevron during the 4th quarter worth $27,000. Finally, Karpus Management Inc. acquired a new stake in Chevron in the fourth quarter worth about $27,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Chevron

In other Chevron news, CEO Michael K. Wirth sold 5,547 shares of the 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John B. Hess sold 710,665 shares of the business's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $194.10, for a total value of $137,940,076.50. Following the completion of the sale, the director directly owned 363,711 shares of the company's stock, valued at $70,596,305.10. This represents a 66.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,196,212 shares of company stock worth $231,819,366 over the last three months. Company insiders own 0.56% of the company's stock.

Chevron Stock Up 1.2%

CVX opened at $199.99 on Friday. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $214.71. The business has a 50-day moving average of $183.30 and a 200-day moving average of $186.88. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The company has a market capitalization of $395.13 billion, a PE ratio of 19.17, a price-to-earnings-growth ratio of 0.60 and a beta of 0.49.

Chevron (NYSE:CVX - Get Free Report) last announced 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. The business had revenue of $67.20 billion during the quarter, compared to analysts' expectations of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm's quarterly revenue was up 57.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.77 EPS. Equities 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 issued a $1.78 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.6%. Chevron's dividend payout ratio is currently 68.26%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CVX. Bank of America raised their price objective on shares of Chevron from $210.00 to $227.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. Dbs Bank raised Chevron to a "moderate buy" rating in a research note on Thursday, August 6th. Weiss Ratings upgraded Chevron from a "hold (c)" rating to a "buy (b)" rating in a research report on Tuesday. UBS Group reiterated a "buy" rating on shares of Chevron in a research report on Tuesday, June 23rd. Finally, TD Cowen boosted their price objective on Chevron from $200.00 to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, August 5th. Twenty equities research 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. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $207.48.

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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