Diamond Hill Capital Management LLC Investment Advisor Buys Shares of 183,234 Chevron Corporation $CVX

Key Points

• Diamond Hill Capital Management initiated a Chevron stake of 183,234 shares worth approximately $30.4 million in the second quarter. Institutional investors collectively own 72.42% of Chevron.
• Chevron reported strong quarterly results, with $6.06 in earnings per share and $67.20 billion in revenue, exceeding analyst estimates; revenue rose 57.4% year over year.
• Chevron declared a quarterly dividend of $1.78, equivalent to an annualized $7.12 payout and a 3.6% yield. Analysts maintain a “Moderate Buy” consensus, with an average price target of $207.48.

Diamond Hill Capital Management LLC Investment Advisor bought a new stake in Chevron Corporation (NYSE:CVX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 183,234 shares of the oil and gas company's stock, valued at approximately $30,373,000.

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

Chevron Stock Down 0.0%

Shares of CVX opened at $199.99 on Monday. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. The stock has a market capitalization of $395.13 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 0.61 and a beta of 0.49. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The stock has a fifty day moving average of $183.30 and a 200-day moving average of $187.01.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping analysts' consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same quarter in the previous year, the company posted $1.77 EPS. Chevron's quarterly revenue was up 57.4% compared to the same quarter last year. As a group, sell-side analysts anticipate 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 issued a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a 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

In related news, Director John B. Hess sold 710,665 shares of Chevron stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the sale, the director directly owned 363,711 shares in the company, valued at $70,596,305.10. This trade represents a 66.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael K. Wirth sold 5,547 shares of the business's stock in a transaction that occurred on 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 sale, 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 disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 1,196,212 shares of company stock valued at $231,819,366. 0.56% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of research analyst reports. Royal Bank Of Canada reissued an "outperform" rating and set a $220.00 price target on shares of Chevron in a report on Tuesday, May 5th. TD Cowen raised their price objective on Chevron from $200.00 to $205.00 and gave the company a "hold" rating in a research note on Wednesday, August 5th. Zacks Research cut Chevron from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Dbs Bank raised Chevron to a "moderate buy" rating in a research note on Thursday, August 6th. Finally, Barclays increased their target price on shares of Chevron from $213.00 to $216.00 and gave the stock an "equal weight" rating in a report on Monday, August 3rd. Twenty research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $207.48.

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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