Chevron Corporation $CVX Shares Acquired by First Pacific Financial

Key Points

• First Pacific Financial dramatically increased its stake in Chevron Corporation by 4,874.9% in the second quarter, acquiring a total of 18,258 shares valued at approximately $2.6 million by quarter's end.
• Chevron's stock has received multiple upgrades from analysts, with price targets raised by firms such as Piper Sandler and UBS Group, now ranging from $168 to $197.
• The company reported quarterly earnings of $1.77 per share, exceeding estimates, but experienced a 12.4% decline in year-over-year revenue.

First Pacific Financial increased its stake in Chevron Corporation (NYSE:CVX - Free Report) by 4,874.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,258 shares of the oil and gas company's stock after purchasing an additional 17,891 shares during the quarter. First Pacific Financial's holdings in Chevron were worth $2,614,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Harvest Fund Management Co. Ltd lifted its holdings in Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 122 shares during the period. Elequin Capital LP acquired a new stake in Chevron in the 1st quarter valued at about $31,000. IFS Advisors LLC lifted its holdings in Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after acquiring an additional 116 shares during the last quarter. Cloud Capital Management LLC acquired a new stake in Chevron in the 1st quarter valued at about $39,000. Finally, Investment Management Corp VA ADV lifted its holdings in Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock valued at $39,000 after acquiring an additional 149 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Analyst Ratings Changes

CVX has been the subject of a number of research analyst reports. Piper Sandler upped their price target on shares of Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Scotiabank reissued a "sector perform" rating and issued a $160.00 price target (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Wells Fargo & Company reissued an "overweight" rating and issued a $178.00 price target on shares of Chevron in a report on Friday, August 1st. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a report on Friday, July 18th. Finally, UBS Group boosted their price objective on Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Eleven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $165.05.

Chevron Price Performance

Shares of CVX opened at $154.64 on Thursday. The company has a market capitalization of $267.21 billion, a price-to-earnings ratio of 19.90, a P/E/G ratio of 1.97 and a beta of 0.84. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The business's 50-day moving average is $156.31 and its 200-day moving average is $149.17.

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

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were issued a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron's dividend payout ratio is currently 88.03%.

Insider Transactions at Chevron

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

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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