Denali Advisors LLC Has $4.86 Million Stock Holdings in Chevron Corporation $CVX

Key Points

• Denali Advisors increased its Chevron position by 53.7% in the second quarter, holding 29,292 shares valued at approximately $4.86 million. Institutional investors and hedge funds collectively own 72.42% of Chevron.
• Chevron reported quarterly earnings of $6.06 per share, exceeding the $5.55 consensus estimate, while revenue rose 57.4% year over year to $67.20 billion.
• Chevron declared a quarterly dividend of $1.78, equivalent to an annualized $7.12 payout and a 3.5% yield; analysts maintain a “Moderate Buy” consensus with an average price target of $207.48, despite significant recent insider selling.

Denali Advisors LLC lifted its position in Chevron Corporation (NYSE:CVX - Free Report) by 53.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 29,292 shares of the oil and gas company's stock after purchasing an additional 10,236 shares during the quarter. Denali Advisors LLC's holdings in Chevron were worth $4,855,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Midwest Capital Advisors LLC bought a new stake in Chevron during the first quarter worth about $25,000. Core Wealth Advisors LLC acquired a new stake in shares of Chevron during the fourth quarter worth approximately $26,000. Phillip James Consulting Co. bought a new position in shares of Chevron in the fourth quarter valued at approximately $26,000. Basso Capital Management L.P. bought a new position in shares of Chevron in the fourth quarter valued at approximately $27,000. Finally, Karpus Management Inc. acquired a new position in shares of Chevron in the 4th quarter worth approximately $27,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Price Performance

Shares of CVX stock opened at $202.04 on Friday. Chevron Corporation has a 1 year low of $146.49 and a 1 year 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. The firm's 50 day moving average is $187.44 and its 200-day moving average is $188.85. The firm has a market capitalization of $399.18 billion, a price-to-earnings ratio of 19.37, a PEG ratio of 0.60 and a beta of 0.49.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, beating analysts' consensus estimates of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. During the same quarter last year, the business posted $1.77 earnings per share. Chevron's revenue for the quarter was up 57.4% compared to the same quarter last year. Sell-side analysts forecast that Chevron Corporation will post 16.24 EPS for the current fiscal year.

Chevron Announces Dividend

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 $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron's dividend payout ratio (DPR) is presently 68.26%.

Insider Transactions at Chevron

In other news, Director John B. Hess sold 100,000 shares of Chevron stock in a transaction on Monday, August 3rd. The stock was 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 of the company's stock, valued at approximately $34,587,021.70. This trade represents a 35.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael K. Wirth sold 317,100 shares of the business's stock in a transaction on Friday, August 14th. The stock was sold at an average price of $200.46, for a total value of $63,565,866.00. Following the sale, the chief executive officer owned 26,308 shares of the company's stock, valued at approximately $5,273,701.68. The trade was a 92.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,152,582 shares of company stock valued at $225,853,661 over the last quarter. Corporate insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CVX shares. Piper Sandler started coverage on Chevron in a research report on Thursday, July 23rd. They set an "overweight" rating and a $207.00 price target on the stock. Jefferies Financial Group reiterated a "buy" rating and issued a $216.00 price objective on shares of Chevron in a research report on Friday, July 10th. Royal Bank Of Canada reissued an "outperform" rating and issued a $220.00 price objective on shares of Chevron in a research note on Tuesday, May 5th. Zacks Research cut Chevron from a "strong-buy" rating to a "hold" rating in a report on Monday, June 8th. Finally, Weiss Ratings upgraded Chevron from a "hold (c)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Twenty investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $207.48.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is reportedly nearing a deal to migrate all of its Venezuelan joint ventures into a new energy framework, potentially allowing greater operational control and key oilfield expansions. The company already accounts for roughly one-quarter of Venezuela’s oil production. Reuters: Chevron to complete deal in Venezuela to migrate, expand oil projects
• Positive Sentiment: Reports indicate Chevron and oil-services company Halliburton are close to agreements to invest billions of dollars in Venezuelan fields. For Chevron, the opportunity could create a long-term production-growth platform and strengthen its position if Venezuela moves further away from OPEC restrictions. Wall Street Journal: Chevron, Other U.S. Firms Near Deal to Invest Billions in Venezuelan Oil Fields
• Neutral Sentiment: Analyst-oriented coverage is comparing Chevron’s performance with TotalEnergies, while other reports highlight Chevron’s investments in nuclear-fusion technology. Fusion could eventually diversify the company beyond hydrocarbons, but the projects remain experimental and are unlikely to materially affect near-term earnings. Yahoo Finance: What Does Chevron Want From Its Nuclear Fusion Push?
• Negative Sentiment: Venezuelan opposition groups have criticized reports that U.S. companies could receive a large stake in the country’s energy industry. Political resistance, sanctions or regulatory uncertainty could delay the agreement, raise investment costs or limit the expected benefits. The Guardian: Venezuelan opposition reacts to potential U.S. oil stake
• Negative Sentiment: Dividend-focused coverage notes that Chevron’s payout remains exposed to commodity-price cycles. Although the dividend is supported by the company’s scale and balance sheet, weaker oil prices or heavy Venezuelan investment requirements could pressure future cash-flow flexibility. 247WallSt: Chevron or PepsiCo: Whose Dividend Is Standing on Thinner Ice?

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.

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source