Chevron Corporation $CVX Shares Bought by Boothe Investment Group Inc.

Key Points

• Boothe Investment Group Inc. increased its stake in Chevron Corporation by 15.1% in the second quarter, now holding 44,204 shares valued at approximately $6.33 million.
• Chevron reported earnings of $1.77 per share for the last quarter, exceeding the consensus estimate of $1.58, despite a revenue decline of 12.4% year-over-year.
• The company declared a quarterly dividend of $1.71 per share, reflecting an annualized payout of $6.84, with a dividend yield of 4.4% and a payout ratio of 88.03%.

Boothe Investment Group Inc. raised its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 15.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 44,204 shares of the oil and gas company's stock after purchasing an additional 5,797 shares during the period. Chevron comprises approximately 2.4% of Boothe Investment Group Inc.'s holdings, making the stock its 18th largest holding. Boothe Investment Group Inc.'s holdings in Chevron were worth $6,330,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in CVX. GAMMA Investing LLC increased its holdings in shares of Chevron by 27.3% in the 1st quarter. GAMMA Investing LLC now owns 32,329 shares of the oil and gas company's stock valued at $5,408,000 after acquiring an additional 6,928 shares during the last quarter. Goldstein Advisors LLC bought a new position in Chevron during the 1st quarter worth $202,000. KPP Advisory Services LLC grew its stake in Chevron by 27.6% during the 1st quarter. KPP Advisory Services LLC now owns 3,617 shares of the oil and gas company's stock worth $605,000 after buying an additional 782 shares during the last quarter. Balefire LLC bought a new position in Chevron during the 1st quarter worth $314,000. Finally, Chung Wu Investment Group LLC bought a new position in Chevron during the 1st quarter worth $485,000. 72.42% of the stock is currently owned by institutional investors.

Chevron Trading Down 0.6%

Shares of NYSE CVX opened at $155.63 on Friday. The company has a market cap of $268.92 billion, a price-to-earnings ratio of 20.03, a P/E/G ratio of 4.45 and a beta of 0.84. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The business has a fifty day simple moving average of $156.04 and a 200-day simple moving average of $148.38.

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, topping the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same period in the prior year, the firm posted $2.55 EPS. The business's revenue was down 12.4% compared to the same quarter last year. Sell-side analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were issued a dividend of $1.71 per share. The ex-dividend date of this dividend 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%.

Analyst Ratings Changes

CVX has been the subject of a number of recent research reports. Wells Fargo & Company initiated coverage on Chevron in a research note on Friday, October 17th. They set an "overweight" rating and a $190.00 price objective for the company. Barclays lowered their price objective on Chevron from $160.00 to $158.00 and set an "equal weight" rating for the company in a research note on Tuesday, October 7th. Weiss Ratings restated a "hold (c)" rating on shares of Chevron in a research note on Friday. Melius Research started coverage on Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price target for the company. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research note on Friday, July 18th. One equities 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 issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $165.25.

Insider Transactions at Chevron

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

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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