BlackRock Inc. Takes $25.66 Billion Position in Chevron Corporation $CVX

BlackRock Inc. purchased a new stake in Chevron Corporation (NYSE:CVX - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 154,824,622 shares of the oil and gas company's stock, valued at approximately $25,663,729,000. BlackRock Inc. owned 7.77% of Chevron at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Midwest Capital Advisors LLC acquired a new position in Chevron in the 1st quarter valued at $25,000. Core Wealth Advisors LLC acquired a new stake in shares of Chevron during the 4th quarter worth $26,000. Phillip James Consulting Co. bought a new position in shares of Chevron in the fourth quarter worth $26,000. Basso Capital Management L.P. acquired a new position in Chevron in the fourth quarter valued at about $27,000. Finally, Karpus Management Inc. acquired a new position in Chevron in the fourth quarter valued at about $27,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron News Roundup

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

Insiders Place Their Bets

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 completion of the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $4,919,596. This represents 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 the SEC website. Also, Director John B. Hess sold 100,000 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $194.26, for a total value of $19,426,000.00. Following the completion of the transaction, the director owned 178,045 shares of the company's stock, valued at $34,587,021.70. The trade was a 35.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 1,196,212 shares of company stock worth $231,819,366. Insiders own 0.56% of the company's stock.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of analyst reports. Scotiabank increased their price objective on shares of Chevron from $168.00 to $187.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 22nd. Wolfe Research upgraded shares of Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 target price for the company in a research report on Thursday, July 2nd. Bank of America upped their price target on shares of Chevron from $210.00 to $227.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Wall Street Zen raised shares of Chevron from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Finally, Jefferies Financial Group restated a "buy" rating and set a $216.00 price objective on shares of Chevron in a research report on Friday, July 10th. Twenty investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $207.13.

Chevron Stock Up 1.4%

Shares of NYSE CVX opened at $202.75 on Tuesday. The company has a market cap of $400.59 billion, a price-to-earnings ratio of 19.44, a PEG 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. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. The stock has a 50-day moving average price of $183.57 and a two-hundred day moving average price of $187.25.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly 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. The company had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The firm's quarterly revenue was up 57.4% compared to the same quarter last year. During the same period last year, the company posted $1.77 EPS. As a group, analysts forecast that Chevron Corporation will post 15.86 earnings per share for the current fiscal 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 paid a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron's payout ratio is presently 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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