Everett Harris & Co. CA Acquires Shares of 531,337 Chevron Corporation $CVX

Key Points

• Everett Harris & Co. CA acquired 531,337 Chevron shares during the second quarter, valued at approximately $88.1 million and representing about 1.1% of its portfolio. Institutional investors and hedge funds collectively own 72.42% of Chevron.
• Analysts maintain a favorable outlook, with a consensus rating of “Moderate Buy” and an average price target of $207.48; 20 analysts rate the stock a Buy, five a Hold and one a Sell.
• Chevron exceeded quarterly expectations with $6.06 EPS and $67.2 billion in revenue, while announcing a quarterly dividend of $1.78 per share, or $7.12 annualized. Insiders, however, sold approximately $231.8 million of shares over the prior 90 days.

Everett Harris & Co. CA acquired a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 531,337 shares of the oil and gas company's stock, valued at approximately $88,074,000. Chevron accounts for about 1.1% of Everett Harris & Co. CA's investment portfolio, making the stock its 19th largest position.

Other institutional investors have also made changes to their positions in the company. Midwest Capital Advisors LLC purchased a new position in Chevron in the 1st quarter valued at about $25,000. Main Street Group LTD purchased a new stake in shares of Chevron during the first quarter worth about $28,000. Phillip James Consulting Co. purchased a new stake in shares of Chevron during the fourth quarter worth about $26,000. Core Wealth Advisors LLC acquired a new position in shares of Chevron in the fourth quarter worth about $26,000. Finally, Karpus Management Inc. acquired a new position in shares of Chevron in the fourth quarter worth about $27,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Scotiabank increased their target price on Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. UBS Group reaffirmed a "buy" rating on shares of Chevron in a report on Tuesday, June 23rd. Jefferies Financial Group reiterated a "buy" rating and set a $216.00 price objective on shares of Chevron in a research note on Friday, July 10th. Barclays raised their price objective 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. Finally, Dbs Bank raised shares of Chevron to a "moderate buy" rating in a research report on Thursday, August 6th. Twenty research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $207.48.

Insider Transactions at Chevron

In other news, CEO Michael K. Wirth sold 5,547 shares of the firm's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $187.00, for a total value of $1,037,289.00. Following the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $4,919,596. This trade represents a 17.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John B. Hess sold 710,665 shares of Chevron stock in a transaction dated 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 completion of the transaction, the director directly owned 363,711 shares of the company's stock, valued at $70,596,305.10. This trade represents a 66.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 1,196,212 shares of company stock worth $231,819,366. Insiders own 0.56% of the company's stock.

Chevron Price Performance

Shares of CVX opened at $199.99 on Friday. Chevron Corporation has a 52 week low of $146.49 and a 52 week 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 has a market cap of $395.13 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 0.60 and a beta of 0.49. The stock has a 50 day moving average of $183.30 and a 200-day moving average of $186.88.

Chevron (NYSE:CVX - Get Free Report) last posted 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. The business had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business's revenue was up 57.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.77 EPS. As a group, analysts forecast that Chevron Corporation will post 15.86 EPS for the current year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron's dividend payout ratio is 68.26%.

Chevron Company 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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