Clearstead Trust LLC Makes New Investment in Chevron Corporation $CVX

Key Points

• Clearstead Trust LLC acquired 21,983 Chevron shares worth approximately $3.64 million in the second quarter. Institutional investors own 72.42% of Chevron’s outstanding stock.
• Chevron reported quarterly earnings of $6.06 per share, beating estimates of $5.55, while revenue rose 57.4% year over year to $67.20 billion.
• Chevron declared a quarterly dividend of $1.78 per share, equivalent to an annualized $7.12 payout and a 3.6% yield. Analysts maintain a consensus “Moderate Buy” rating with a $207.48 target price.

Clearstead Trust LLC acquired a new stake in Chevron Corporation (NYSE:CVX - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 21,983 shares of the oil and gas company's stock, valued at approximately $3,644,000.

Other hedge funds also recently made changes to their positions in the company. State Street Corp raised its stake in shares of Chevron by 9.1% in the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock valued at $23,698,184,000 after buying an additional 12,789,399 shares during the period. Berkshire Hathaway Inc grew its stake in shares of Chevron by 6.6% during the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock worth $19,837,131,000 after acquiring an additional 8,091,570 shares during the period. Geode Capital Management LLC increased its holdings in Chevron by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company's stock worth $6,620,187,000 after acquiring an additional 134,890 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Chevron by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company's stock worth $5,492,377,000 after acquiring an additional 961,341 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in Chevron by 5.1% in the 1st quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company's stock valued at $5,716,694,000 after acquiring an additional 1,334,976 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Chevron Price Performance

CVX stock opened at $199.99 on Friday. The firm has a 50 day moving average of $183.30 and a 200-day moving average of $186.88. The firm has a market capitalization of $395.13 billion, a P/E ratio of 19.17, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. 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 (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating the consensus estimate of $5.55 by $0.51. The firm had revenue of $67.20 billion during 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 business's quarterly revenue was up 57.4% compared to the same quarter last year. During the same period last year, the firm earned $1.77 EPS. As a group, sell-side analysts predict that Chevron Corporation will post 15.86 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be given a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Wednesday, August 19th. Chevron's dividend payout ratio (DPR) is 68.26%.

Insider Buying and Selling at Chevron

In related news, CEO Michael K. Wirth sold 5,547 shares of the business's stock in a transaction dated Wednesday, August 5th. The stock was 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 $4,919,596. The trade was a 17.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John B. Hess sold 100,000 shares of the firm's stock in a transaction dated 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 sale, the director directly owned 178,045 shares in the company, valued at approximately $34,587,021.70. The trade was a 35.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,196,212 shares of company stock valued at $231,819,366 in the last three months. 0.56% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CVX shares. Royal Bank Of Canada reiterated an "outperform" rating and set a $220.00 target price on shares of Chevron in a research report on Tuesday, May 5th. TD Cowen boosted their price target on shares of Chevron from $200.00 to $205.00 and gave the company a "hold" rating in a research report on Wednesday, August 5th. Weiss Ratings upgraded shares of Chevron from a "hold (c)" rating to a "buy (b)" rating in a research note on Tuesday. The Goldman Sachs Group reissued a "buy" rating and set a $216.00 target price on shares of Chevron in a report on Wednesday, May 6th. Finally, Dbs Bank upgraded Chevron to a "moderate buy" rating in a research report on Thursday, August 6th. Twenty equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $207.48.

Chevron 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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