HBK Sorce Advisory LLC Makes New Investment in Chevron Corporation $CVX

Key Points

• HBK Sorce Advisory LLC purchased 40,908 Chevron shares worth approximately $7.6 million, while institutional investors collectively own 72.42% of the company.
• Chevron reported strong quarterly results, with earnings of $6.06 per share and revenue of $67.2 billion, exceeding analyst estimates and representing 57.4% year-over-year revenue growth.
• Chevron declared a quarterly dividend of $1.78 per share, equivalent to a $7.12 annualized payout and a 3.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $207.48.

HBK Sorce Advisory LLC purchased a new stake in Chevron Corporation (NYSE:CVX - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 40,908 shares of the oil and gas company's stock, valued at approximately $7,626,000.

A number of other hedge funds and other institutional investors 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 increased its stake 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 acquiring an additional 56 shares during the last quarter. 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. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Down 0.0%

NYSE:CVX opened at $199.99 on Monday. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The stock's fifty day moving average is $183.30 and its two-hundred day moving average is $187.01. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. The stock has a market capitalization of $395.13 billion, a price-to-earnings ratio of 19.17, a price-to-earnings-growth ratio of 0.61 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 EPS for the quarter, topping 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 business had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. During the same period last year, the business posted $1.77 earnings per share. The company's quarterly revenue was up 57.4% on a year-over-year basis. Research analysts anticipate that Chevron Corporation will post 15.86 EPS for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.6%. Chevron's dividend payout ratio is presently 68.26%.

Analysts Set New Price Targets

Several brokerages 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. The Goldman Sachs Group reissued a "buy" rating and set a $216.00 price objective on shares of Chevron in a research report on Wednesday, May 6th. Dbs Bank upgraded shares of Chevron to a "moderate buy" rating in a report on Thursday, August 6th. Scotiabank upped their target price on shares of Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. Finally, TD Cowen increased their target price on shares of Chevron from $200.00 to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, August 5th. Twenty investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $207.48.

Insider Transactions at Chevron

In related 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 completion of the transaction, the director directly owned 363,711 shares in the company, valued at $70,596,305.10. This trade represents a 66.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael K. Wirth sold 5,547 shares of Chevron 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 of the company's stock, valued at approximately $4,919,596. This represents a 17.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,196,212 shares of company stock valued at $231,819,366 over the last 90 days. 0.56% of the stock is currently owned by company insiders.

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.

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