Family Legacy Inc. Makes New Investment in Chevron Corporation $CVX

Key Points

• Family Legacy Inc. purchased 8,929 Chevron shares during the second quarter, valued at approximately $1.48 million. Institutional investors collectively own 72.42% of Chevron’s stock.
• Chevron reported strong quarterly results, with earnings per share of $6.06 exceeding estimates of $5.55 and revenue rising 57.4% year over year to $67.2 billion.
• 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 rating with an average price target of $207.48.

Family Legacy Inc. bought a new stake in Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 8,929 shares of the oil and gas company's stock, valued at approximately $1,480,000.

Several other hedge funds have also made changes to their positions in CVX. Cornerstone Advisory LLC lifted its holdings in Chevron by 0.9% in the first quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company's stock valued at $1,164,000 after acquiring an additional 52 shares during the last quarter. Compton Financial Group LLC grew its position in Chevron by 1.9% in the first quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company's stock worth $609,000 after acquiring an additional 56 shares during the period. Quantum Portfolio Management LLC increased its stake in Chevron by 2.7% during the first quarter. Quantum Portfolio Management LLC now owns 2,101 shares of the oil and gas company's stock worth $435,000 after acquiring an additional 56 shares during the last quarter. Wealthspire Retirement LLC increased its stake in Chevron by 0.9% during the first quarter. Wealthspire Retirement LLC now owns 6,530 shares of the oil and gas company's stock worth $1,351,000 after acquiring an additional 56 shares during the last quarter. Finally, D.B. Root & Company LLC raised its position in Chevron by 1.0% in the fourth quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company's stock valued at $846,000 after purchasing an additional 57 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Price Performance

Chevron stock opened at $199.99 on Friday. The stock has a market cap of $395.13 billion, a P/E ratio of 19.17, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49. The company has a fifty day simple moving average of $183.30 and a 200-day simple moving average of $186.88. Chevron Corporation has a 12-month low of $146.49 and a 12-month 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.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping 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 firm had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the previous year, the firm posted $1.77 earnings per share. The company's revenue was up 57.4% compared to the same quarter last year. Equities analysts expect that Chevron Corporation will post 15.86 EPS for the current fiscal year.

Chevron Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts have recently commented on CVX shares. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $220.00 price target on shares of Chevron in a research note on Tuesday, May 5th. Piper Sandler started coverage on shares of Chevron in a report on Thursday, July 23rd. They issued an "overweight" rating and a $207.00 price objective on the stock. TD Cowen upped their target price on shares of Chevron from $200.00 to $205.00 and gave the company a "hold" rating in a research report on Wednesday, August 5th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $216.00 target price on shares of Chevron in a research note on Wednesday, May 6th. Finally, Barclays lifted their price target on shares of Chevron from $213.00 to $216.00 and gave the company an "equal weight" rating in a research report on Monday, August 3rd. Twenty analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $207.48.

Insider Transactions at Chevron

In other news, Director John B. Hess sold 710,665 shares of the firm's stock in a transaction dated 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 sale, the director owned 363,711 shares of the company's stock, valued at approximately $70,596,305.10. This trade represents a 66.15% decrease in their position. The sale 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 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 value of $1,037,289.00. Following the sale, the chief executive officer owned 26,308 shares of the company's stock, valued at approximately $4,919,596. The trade was a 17.41% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 1,196,212 shares of company stock worth $231,819,366. Company insiders own 0.56% of the company's stock.

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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