Evolve Private Wealth LLC Buys New Position in Chevron Corporation $CVX

Evolve Private Wealth LLC bought a new stake in Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 10,639 shares of the oil and gas company's stock, valued at approximately $1,764,000.

Several other hedge funds also recently made changes to their positions in CVX. Midwest Capital Advisors LLC bought a new stake in shares of Chevron in the first quarter worth $25,000. Core Wealth Advisors LLC bought a new position in Chevron in the fourth quarter valued at $26,000. Phillip James Consulting Co. acquired a new stake in Chevron in the 4th quarter valued at $26,000. Basso Capital Management L.P. acquired a new stake in Chevron in the 4th quarter valued at $27,000. Finally, Karpus Management Inc. bought a new stake in Chevron during the 4th quarter worth about $27,000. 72.42% of the stock is owned by institutional investors.

Chevron Trading Down 0.3%

Chevron stock opened at $205.25 on Friday. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. 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 market capitalization of $405.53 billion, a P/E ratio of 19.68, a PEG ratio of 0.61 and a beta of 0.49. The stock has a 50-day simple moving average of $185.03 and a 200 day simple moving average of $188.07.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data 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 return on equity of 11.09% and a net margin of 9.57%.The firm had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same quarter in the prior year, the company earned $1.77 earnings per share. The business's revenue for the quarter was up 57.4% compared to the same quarter last year. Analysts expect that Chevron Corporation will post 16.17 earnings per share for the current year.

Chevron Announces Dividend

The business 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 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron's payout ratio is 68.26%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CVX shares. Sanford C. Bernstein increased their price objective on shares of Chevron from $204.00 to $209.00 and gave the stock a "market perform" rating in a research note on Monday, August 3rd. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $220.00 target price on shares of Chevron in a research report on Tuesday, May 5th. Weiss Ratings raised Chevron from a "hold (c)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Piper Sandler began coverage on Chevron in a research report on Thursday, July 23rd. They set an "overweight" rating and a $207.00 price target for the company. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and set a $216.00 price target on shares of Chevron in a research report on Wednesday, May 6th. Twenty analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $207.48.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Brent crude recently approached $94–$95 per barrel amid renewed Middle East tensions and concerns about Strait of Hormuz disruptions. Sustained higher oil prices typically benefit Chevron’s upstream revenue, margins and cash flow. Chevron jumps as Brent crude approaches $94
• Positive Sentiment: Chevron confirmed an oil and gas condensate discovery at the 105-4X well in offshore Angola. Its proximity to existing facilities could allow a lower-cost tie-back, creating a potential source of future production. Chevron Angola discovery analysis
• Positive Sentiment: Chevron’s $1.78 quarterly dividend, equal to $7.12 annually and an approximately 3.5% yield, reinforces its appeal to income investors. The company also recently exceeded quarterly earnings and revenue expectations. Chevron raises dividend
• Neutral Sentiment: Analysis comparing Chevron with Exxon Mobil highlights differing long-term strategies, including Chevron’s continued emphasis on oil and gas. The approach could benefit from strong commodity prices but leaves CVX more exposed to future oil-demand and price cycles. Chevron versus Exxon Mobil analysis
• Negative Sentiment: Iraq plans to more than double its oil output over the next six years. If achieved, the added supply could pressure global crude prices and reduce the earnings benefit Chevron receives from today’s elevated prices. Iraq oil output and Chevron
• Negative Sentiment: Two Chevron insiders sold shares recently: Andrew Benjamin Walz sold 16,800 shares, while R. Hewitt Pate sold 2,470 shares. Although such transactions may reflect personal financial planning, they can create a modest sentiment overhang. Chevron insider sale report
• Negative Sentiment: A separate analysis says concerns remain centered on Chevron, including issues surrounding its Hess Midstream exposure and broader execution risks. The report may temper enthusiasm after CVX’s recent advance. Hess Midstream: The Issue Remains With Chevron

Insider Activity at Chevron

In related news, insider R. Hewitt Pate sold 2,470 shares of Chevron stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total transaction of $506,621.70. Following the completion of the sale, the insider owned 10,794 shares of the company's stock, valued at approximately $2,213,957.34. The trade was a 18.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael K. Wirth sold 317,100 shares of the business's stock in a transaction that occurred 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. This represents a 92.34% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 1,152,582 shares of company stock valued at $225,853,661. 0.56% of the stock is owned by company insiders.

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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