Glenview Trust Co Purchases Shares of 246,569 Chevron Corporation $CVX

Key Points

• Glenview Trust Co. initiated a Chevron position by purchasing 246,569 shares valued at approximately $51.0 million in the second quarter. Institutional investors collectively own 72.42% of Chevron’s stock.
• Analysts remain broadly bullish, with 20 Buy ratings, five Holds and one Sell; the consensus rating is “Moderate Buy” with a $207.48 price target.
• Chevron exceeded quarterly earnings and revenue expectations, while maintaining a quarterly dividend of $1.78 per share, equivalent to a 3.6% annualized yield. However, insiders sold more than 1.15 million shares worth about $225.9 million over the past 90 days.

Glenview Trust Co purchased a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 246,569 shares of the oil and gas company's stock, valued at approximately $51,015,000.

Other large investors have also added to or reduced their stakes in the company. Blue Capital Inc. purchased a new position in shares of Chevron during the 2nd quarter valued at about $786,000. OneAscent Wealth Management LLC acquired a new position in shares of Chevron in the 2nd quarter valued at about $973,000. Global Retirement Partners LLC purchased a new stake in shares of Chevron in the second quarter worth about $14,276,000. Indivisible Partners purchased a new stake in shares of Chevron in the fourth quarter worth about $1,923,000. Finally, Janney Montgomery Scott LLC grew its holdings in Chevron by 6.8% during the first quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company's stock worth $258,853,000 after acquiring an additional 79,439 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Wall Street Analyst Weigh In

CVX has been the subject of several recent research reports. Jefferies Financial Group reiterated a "buy" rating and set a $216.00 price target on shares of Chevron in a research report on Friday, July 10th. Royal Bank Of Canada restated an "outperform" rating and issued a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $216.00 price objective on shares of Chevron in a research note on Wednesday, May 6th. Bank of America lifted their target price on shares of Chevron from $210.00 to $227.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Finally, UBS Group reiterated a "buy" rating on shares of Chevron in a research note on Tuesday, June 23rd. 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's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $207.48.

Insiders Place Their Bets

In related news, insider R. Hewitt Pate sold 2,470 shares of Chevron stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total value of $506,621.70. Following the sale, the insider owned 10,794 shares of the company's stock, valued at approximately $2,213,957.34. This trade represents a 18.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Hess sold 100,000 shares of Chevron stock in a transaction on Monday, August 3rd. The shares were 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 directly owned 178,045 shares in the company, valued at $34,587,021.70. This represents a 35.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,152,582 shares of company stock valued at $225,853,661 over the last ninety days. 0.56% of the stock is owned by corporate insiders.

Chevron Price Performance

NYSE:CVX opened at $199.91 on Friday. 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 Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. The stock's 50-day moving average price is $186.87 and its 200-day moving average price is $188.76. The stock has a market capitalization of $394.98 billion, a PE ratio of 19.17, a price-to-earnings-growth ratio of 0.60 and a beta of 0.49.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results 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. The company had revenue of $67.20 billion during the quarter, compared to analysts' expectations of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.Chevron's quarterly revenue was up 57.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.77 EPS. As a group, equities analysts expect that Chevron Corporation will post 16.17 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 given 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 payout ratio is 68.26%.

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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