Insight Wealth Partners LLC Makes New Investment in Chevron Corporation $CVX

Key Points

• Insight Wealth Partners initiated a $1.38 million Chevron position by purchasing 8,330 shares in the second quarter. Institutional investors collectively own 72.42% of CVX.
• Chevron reported quarterly earnings of $6.06 per share, exceeding estimates of $5.55, while revenue rose 57.4% year over year to $67.20 billion. The company also declared a $1.78 quarterly dividend, equivalent to a 3.5% annualized yield.
• A major offshore Angola discovery could expand Chevron’s resource base and potentially be developed through nearby infrastructure, while higher oil prices may support upstream cash flow. Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average target price of $207.13.

Insight Wealth Partners LLC bought a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 8,330 shares of the oil and gas company's stock, valued at approximately $1,381,000.

A number of other large investors have also recently made changes to their positions in the stock. Midwest Capital Advisors LLC bought a new stake in Chevron during the 1st quarter valued at approximately $25,000. Core Wealth Advisors LLC bought a new position in Chevron in the 4th quarter worth approximately $26,000. Phillip James Consulting Co. bought a new position in Chevron in the 4th quarter worth approximately $26,000. Basso Capital Management L.P. purchased a new stake in Chevron during the 4th quarter valued at approximately $27,000. Finally, Karpus Management Inc. purchased a new stake in Chevron during the 4th quarter valued at approximately $27,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Up 1.4%

CVX opened at $202.75 on Tuesday. The stock has a market cap of $400.59 billion, a price-to-earnings ratio of 19.44, a P/E/G ratio of 0.61 and a beta of 0.49. The stock's 50 day moving average price is $183.57 and its 200-day moving average price is $187.25. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71. 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 announced 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 during the quarter, compared to analyst estimates of $62.72 billion. During the same quarter last year, the business posted $1.77 EPS. The firm's revenue for the quarter was up 57.4% on a year-over-year basis. On average, equities analysts forecast that Chevron Corporation will post 15.86 EPS for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be paid a $1.78 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.5%. Chevron's dividend payout ratio (DPR) is 68.26%.

Insider Transactions at Chevron

In other news, CEO Michael K. Wirth sold 5,547 shares of the company's stock in a transaction on 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 sale, the chief executive officer directly owned 26,308 shares of the company's stock, valued at $4,919,596. This represents a 17.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John B. Hess sold 100,000 shares of the company's 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 approximately $34,587,021.70. The trade was a 35.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 1,196,212 shares of company stock valued at $231,819,366. 0.56% of the stock is currently owned by company insiders.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Major Angola discovery expands Chevron’s resource base. Chevron’s 105-4X exploration well in offshore Angola’s Block 0 encountered a hydrocarbon column exceeding 600 meters (about 2,000 feet), including more than 90 meters of net pay in the primary Pinda reservoir. The size of the find strengthens the company’s long-term production outlook and supports its strategic exploration program in Sub-Saharan Africa. Reuters article
• Positive Sentiment: Potential tie-in could reduce development costs. The discovery is located near existing Block 0 infrastructure, creating the possibility of a relatively efficient tie-back and potentially accelerating development while limiting capital requirements. However, commerciality, appraisal work and a development timeline have not yet been established. Chevron Stock Rises After Major Angola Discovery
• Positive Sentiment: Higher oil prices provide additional sector support. Reports that Brent crude was approaching $89 a barrel amid continued disruption and uncertainty around the Strait of Hormuz are supportive of Chevron’s upstream revenue and cash-flow prospects, although the geopolitical situation also raises market and operating risks. Brent Crude Nears $89
• Neutral Sentiment: Income appeal remains part of the investment case. Chevron continues to be highlighted by analysts as a dividend-paying energy major with potential upside, but the dividend coverage and valuation were not materially changed by these reports. Dividend Stocks Article

Analyst Ratings Changes

CVX has been the topic of several research analyst reports. UBS Group reiterated a "buy" rating on shares of Chevron in a research note on Tuesday, June 23rd. Barclays reduced their target price on Chevron from $216.00 to $208.00 and set an "equal weight" rating on the stock in a report on Monday. Royal Bank Of Canada reiterated an "outperform" rating and issued a $220.00 target price on shares of Chevron in a research report on Tuesday, May 5th. Weiss Ratings raised Chevron from a "hold (c)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Finally, Bank of America raised their price target on Chevron from $210.00 to $227.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Twenty investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $207.13.

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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