Cardinal Point Capital Management ULC Makes New $508,000 Investment in Chevron Corporation $CVX

Key Points

• Cardinal Point Capital Management ULC has invested approximately $508,000 in Chevron Corporation, acquiring 3,550 shares in the second quarter.
• Chevron plans to maintain a dividend of $1.71 per share, representing a 4.4% yield based on its recent payout announcement.
• Analysts have provided varying ratings on Chevron, with a consensus target price of $165.25 and ratings ranging from Strong Buy to Sell.

Cardinal Point Capital Management ULC bought a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 3,550 shares of the oil and gas company's stock, valued at approximately $508,000.

Other hedge funds also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd boosted its stake in Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after buying an additional 122 shares during the period. Elequin Capital LP acquired a new stake in shares of Chevron during the first quarter worth about $31,000. Cloud Capital Management LLC acquired a new stake in shares of Chevron during the first quarter worth about $39,000. Investment Management Corp VA ADV lifted its position in shares of Chevron by 171.3% during the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock worth $39,000 after purchasing an additional 149 shares in the last quarter. Finally, IMG Wealth Management Inc. lifted its position in shares of Chevron by 52.3% during the second quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company's stock worth $38,000 after purchasing an additional 91 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Activity

In related news, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the sale, the vice president directly owned 1,181 shares in the company, valued at $188,960. The trade was a 77.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John B. Hess sold 375,000 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is owned by insiders.

Chevron Price Performance

Shares of NYSE CVX opened at $155.63 on Friday. The firm has a market capitalization of $268.92 billion, a P/E ratio of 20.03, a PEG ratio of 4.45 and a beta of 0.84. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The company's fifty day moving average is $156.04 and its two-hundred day moving average is $148.38. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business's revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.55 EPS. Analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was Tuesday, August 19th. Chevron's payout ratio is presently 88.03%.

Analysts Set New Price Targets

CVX has been the topic of several analyst reports. Evercore ISI reaffirmed an "outperform" rating and issued a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. Barclays lowered their target price on shares of Chevron from $160.00 to $158.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 7th. Scotiabank lifted their price objective on shares of Chevron from $160.00 to $165.00 and gave the company a "sector perform" rating in a research report on Thursday, October 9th. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Chevron in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $165.25.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.

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