Haverford Trust Co Buys New Position in Chevron Corporation $CVX

Key Points

• Haverford Trust Co. acquired 883,876 Chevron shares worth approximately $146.5 million in the second quarter, making CVX its 22nd-largest holding and representing about 1.3% of its portfolio.
• Chevron reported quarterly EPS of $6.06, beating estimates of $5.55, while revenue rose 57.4% year over year to $67.2 billion. The company also declared a $1.78 quarterly dividend, equivalent to a 3.5% annualized yield.
• Despite a “Moderate Buy” analyst consensus and a $207.48 average price target, Chevron insiders sold more than 1.15 million shares worth approximately $225.9 million in the last quarter, including substantial sales by CEO Michael Wirth and director John Hess.

Haverford Trust Co bought a new stake in 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 (SEC). The firm bought 883,876 shares of the oil and gas company's stock, valued at approximately $146,511,000. Chevron makes up about 1.3% of Haverford Trust Co's investment portfolio, making the stock its 22nd largest holding.

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

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 Buying and Selling

In related news, CEO Michael K. Wirth sold 317,100 shares of the business's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 26,308 shares of the company's stock, valued at $5,273,701.68. The trade was a 92.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John B. Hess sold 100,000 shares of the company's stock in a transaction dated 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 sale, the director directly owned 178,045 shares of the company's stock, valued at $34,587,021.70. This represents a 35.97% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 1,152,582 shares of company stock valued at $225,853,661. 0.56% of the stock is owned by insiders.

Chevron Trading Down 0.3%

CVX 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 market capitalization of $405.53 billion, a PE ratio of 19.68, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49. The company's 50-day simple moving average is $185.03 and its 200 day simple moving average is $188.07. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) 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 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 EPS. The business's revenue for the quarter was up 57.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Chevron Corporation will post 16.17 earnings per share for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders 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 dividend yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron's dividend payout ratio is presently 68.26%.

Wall Street Analysts Forecast Growth

CVX has been the subject of several research analyst reports. The Goldman Sachs Group reiterated a "buy" rating and set a $216.00 target price on shares of Chevron in a research note on Wednesday, May 6th. Zacks Research cut Chevron from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 8th. Mizuho set a $224.00 price target on Chevron in a report on Monday, August 3rd. Weiss Ratings raised shares of Chevron from a "hold (c)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Finally, Sanford C. Bernstein upped their price objective on shares of Chevron from $204.00 to $209.00 and gave the company a "market perform" rating in a report on Monday, August 3rd. Twenty research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $207.48.

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.

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