Flputnam Investment Management Co. Invests $16.87 Million in Chevron Corporation $CVX

Key Points

• Flputnam Investment Management purchased 101,773 Chevron shares in the second quarter, valued at approximately $16.87 million. Institutional investors collectively own 72.42% of Chevron’s stock.
• Chevron reported quarterly earnings of $6.06 per share, surpassing 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 per share, 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.

Flputnam Investment Management Co. purchased a new position in Chevron Corporation (NYSE:CVX - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 101,773 shares of the oil and gas company's stock, valued at approximately $16,870,000.

A number of other large investors also recently bought and sold shares of CVX. Midwest Capital Advisors LLC bought a new position in shares of Chevron during the first quarter valued at approximately $25,000. Core Wealth Advisors LLC purchased a new stake in shares of Chevron in the 4th quarter worth approximately $26,000. Phillip James Consulting Co. purchased a new stake in shares of Chevron in the 4th quarter worth approximately $26,000. Basso Capital Management L.P. bought a new position in Chevron during the 4th quarter valued at approximately $27,000. Finally, Karpus Management Inc. purchased a new position in Chevron during the fourth quarter valued at $27,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of NYSE CVX opened at $199.99 on Monday. The firm's 50-day moving average price is $183.30 and its 200-day moving average price is $187.01. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71. The company has a market cap of $395.13 billion, a PE ratio of 19.17, a PEG ratio of 0.61 and a beta of 0.49. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19.

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, 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 company had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the prior year, the firm earned $1.77 earnings per share. The firm's revenue for the quarter was up 57.4% compared to the same quarter last year. As a group, analysts anticipate that Chevron Corporation will post 15.86 EPS for the current year.

Chevron Announces Dividend

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

Analyst Ratings Changes

A number of research firms have recently commented on CVX. Wall Street Zen raised Chevron from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Sanford C. Bernstein increased their price objective on shares of Chevron from $204.00 to $209.00 and gave the company a "market perform" rating in a research report on Monday, August 3rd. Wolfe Research upgraded shares of Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 price objective for the company in a research note on Thursday, July 2nd. Scotiabank lifted their target price on shares of Chevron from $168.00 to $187.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 22nd. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $220.00 target price on shares of Chevron in a research note on Tuesday, May 5th. Twenty analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $207.48.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 100,000 shares of the company's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the completion of the sale, the director owned 178,045 shares in the company, valued at approximately $34,587,021.70. This represents a 35.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael K. Wirth sold 5,547 shares of the 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 completion of the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $4,919,596. This represents a 17.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,196,212 shares of company stock valued at $231,819,366 in the last ninety days. 0.56% of the stock is currently owned by corporate 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.

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