Castleark Management LLC Purchases New Stake in Chevron Corporation $CVX

Key Points

• Castleark Management bought 11,850 Chevron shares worth approximately $1.96 million during the second quarter, while institutional investors collectively own 72.42% of the stock.
• Chevron reported strong quarterly results, with earnings of $6.06 per share and revenue of $67.20 billion, significantly exceeding analyst estimates; revenue rose 57.4% year over year.
• Chevron declared a quarterly dividend of $1.78, equivalent to $7.12 annually and a 3.6% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $207.48.

Castleark Management LLC purchased a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 11,850 shares of the oil and gas company's stock, valued at approximately $1,964,000.

Other institutional investors also recently bought and sold shares of the company. Osterweis Capital Management Inc. acquired a new position in shares of Chevron in the second quarter worth about $99,000. Nicholas Investment Partners LP acquired a new position in shares of Chevron in the 2nd quarter valued at approximately $6,630,000. Kinloch Capital LLC purchased a new position in shares of Chevron during the 2nd quarter valued at approximately $5,013,000. Royal Capital Wealth Management LLC acquired a new stake in shares of Chevron during the second quarter worth approximately $358,000. Finally, AFT Forsyth & Company Inc. acquired a new stake in shares of Chevron during the second quarter worth approximately $219,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Price Performance

CVX opened at $200.26 on Thursday. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The company's 50-day moving average price is $186.34 and its 200 day moving average price is $188.63. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $214.71. The firm has a market cap of $395.67 billion, a price-to-earnings ratio of 19.20, a price-to-earnings-growth ratio of 0.60 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 EPS 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 company had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same period in the previous year, the firm posted $1.77 earnings per share. Chevron's quarterly revenue was up 57.4% compared to the same quarter last year. As a group, sell-side analysts expect that Chevron Corporation will post 16.17 earnings per share for the current 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 $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Wednesday, August 19th. Chevron's dividend payout ratio (DPR) is presently 68.26%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CVX shares. TD Cowen boosted their target price on shares of Chevron from $200.00 to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, August 5th. Piper Sandler initiated coverage on shares of Chevron in a research report on Thursday, July 23rd. They set an "overweight" rating and a $207.00 price target on the stock. Morgan Stanley boosted their price objective on Chevron from $210.00 to $218.00 and gave the company an "overweight" rating in a report on Wednesday, August 19th. Barclays cut their price objective on Chevron from $216.00 to $208.00 and set an "equal weight" rating on the stock in a research note on Monday, August 17th. Finally, Zacks Research lowered Chevron from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Twenty investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $207.48.

Insider Buying and Selling

In other news, insider Andrew Benjamin Walz sold 16,800 shares of the business's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the completion of the transaction, the insider owned 14 shares of the company's stock, valued at approximately $2,814.84. The trade was a 99.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider R. Hewitt Pate sold 2,470 shares of the company's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total transaction of $506,621.70. Following the transaction, the insider owned 10,794 shares of the company's stock, valued at $2,213,957.34. This represents a 18.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 1,152,582 shares of company stock valued at $225,853,661. 0.56% of the stock is owned by corporate insiders.

Chevron Company 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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