Commerzbank Aktiengesellschaft FI Takes $156.49 Million Position in Chevron Corporation $CVX

Key Points

• Commerzbank Aktiengesellschaft FI acquired 944,091 Chevron shares worth approximately $156.5 million, making Chevron its 10th-largest holding and representing 3.1% of its portfolio. Institutional investors collectively own 72.42% of Chevron.
• Chevron reported quarterly EPS of $6.06, exceeding estimates of $5.55, while revenue rose 57.4% year over year to $67.2 billion. The company declared a quarterly dividend of $1.78 per share, equivalent to a 3.5% annualized yield.
• Analysts maintain a generally positive view, with 20 Buy ratings, five Holds and one Sell; the consensus price target is $207.13. Chevron also reported a major offshore Angola discovery that could expand its resource base and potentially benefit from nearby infrastructure.

Commerzbank Aktiengesellschaft FI bought a new position in Chevron Corporation (NYSE:CVX - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 944,091 shares of the oil and gas company's stock, valued at approximately $156,493,000. Chevron makes up 3.1% of Commerzbank Aktiengesellschaft FI's portfolio, making the stock its 10th largest holding.

A number of other institutional investors have also added to or reduced their stakes in the company. Global Retirement Partners LLC bought a new stake in Chevron in the second quarter valued at approximately $14,276,000. Indivisible Partners bought a new position in shares of Chevron in the fourth quarter worth approximately $1,923,000. Janney Montgomery Scott LLC increased its stake in shares of Chevron by 6.8% in the first quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company's stock worth $258,853,000 after buying an additional 79,439 shares during the period. Galaxy Digital Inc. purchased a new position in shares of Chevron in the first quarter worth $2,028,000. Finally, Osprey Private Wealth LLC raised its holdings in Chevron by 556.4% during the 4th quarter. Osprey Private Wealth LLC now owns 9,190 shares of the oil and gas company's stock valued at $1,401,000 after buying an additional 7,790 shares during the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Trading Up 1.4%

NYSE:CVX opened at $202.75 on Tuesday. The company has a 50-day moving average price of $183.57 and a 200-day moving average price of $187.25. The stock has a market cap of $400.59 billion, a price-to-earnings ratio of 19.44, a P/E/G ratio of 0.61 and a beta of 0.49. 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 Corporation has a 12 month low of $146.49 and a 12 month high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company had revenue of $67.20 billion for the quarter, compared to analysts' expectations of $62.72 billion. During the same quarter in the previous year, the company earned $1.77 earnings per share. Chevron's quarterly revenue was up 57.4% on a year-over-year basis. Equities analysts predict that Chevron Corporation will post 15.86 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be given a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron's payout ratio is presently 68.26%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. UBS Group reissued a "buy" rating on shares of Chevron in a research report on Tuesday, June 23rd. Scotiabank increased their target price on shares of Chevron from $168.00 to $187.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 22nd. Wolfe Research raised Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 target price on the stock in a research note on Thursday, July 2nd. Mizuho set a $224.00 price target on Chevron in a research report on Monday, August 3rd. Finally, Jefferies Financial Group reiterated a "buy" rating and issued a $216.00 price objective on shares of Chevron in a report on Friday, July 10th. Twenty 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 company. According to MarketBeat.com, Chevron presently has an average rating of "Moderate Buy" and a consensus target price of $207.13.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Major Angola discovery expands Chevron’s resource base. Chevron’s 105-4X exploration well in offshore Angola’s Block 0 encountered a hydrocarbon column exceeding 600 meters (about 2,000 feet), including more than 90 meters of net pay in the primary Pinda reservoir. The size of the find strengthens the company’s long-term production outlook and supports its strategic exploration program in Sub-Saharan Africa. Reuters article
• Positive Sentiment: Potential tie-in could reduce development costs. The discovery is located near existing Block 0 infrastructure, creating the possibility of a relatively efficient tie-back and potentially accelerating development while limiting capital requirements. However, commerciality, appraisal work and a development timeline have not yet been established. Chevron Stock Rises After Major Angola Discovery
• Positive Sentiment: Higher oil prices provide additional sector support. Reports that Brent crude was approaching $89 a barrel amid continued disruption and uncertainty around the Strait of Hormuz are supportive of Chevron’s upstream revenue and cash-flow prospects, although the geopolitical situation also raises market and operating risks. Brent Crude Nears $89
• Neutral Sentiment: Income appeal remains part of the investment case. Chevron continues to be highlighted by analysts as a dividend-paying energy major with potential upside, but the dividend coverage and valuation were not materially changed by these reports. Dividend Stocks Article

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 710,665 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the transaction, the director owned 363,711 shares in the company, valued at approximately $70,596,305.10. This represents a 66.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael K. Wirth sold 5,547 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total value of $1,037,289.00. Following the completion of the transaction, the chief executive officer directly owned 26,308 shares of the company's stock, valued at $4,919,596. This represents a 17.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,196,212 shares of company stock worth $231,819,366 in the last quarter. Company insiders own 0.56% of the company's stock.

About Chevron

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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