Insight Wealth Partners LLC Purchases 6,244 Shares of Chevron Corporation $CVX

Key Points

• Insight Wealth Partners increased its Chevron stake by 299.3% in the second quarter, purchasing 6,244 additional shares for a total position valued at approximately $1.38 million. Institutional investors collectively own 72.42% of Chevron.
• Wall Street remains broadly bullish: 20 analysts rate Chevron a Buy, five rate it a Hold and one rates it a Sell, producing a “Moderate Buy” consensus and an average price target of $211.35.
• Chevron recently exceeded quarterly earnings and revenue expectations, while maintaining a quarterly dividend of $1.78, or $7.12 annually. However, insiders sold more than 1.15 million shares worth approximately $225.9 million over the past 90 days.

Insight Wealth Partners LLC boosted its stake in Chevron Corporation (NYSE:CVX - Free Report) by 299.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,330 shares of the oil and gas company's stock after purchasing an additional 6,244 shares during the quarter. Insight Wealth Partners LLC's holdings in Chevron were worth $1,381,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. First PREMIER Bank lifted its stake in Chevron by 0.8% during the 2nd quarter. First PREMIER Bank now owns 6,450 shares of the oil and gas company's stock valued at $1,070,000 after acquiring an additional 50 shares in the last quarter. Vanguard Capital Wealth Advisors grew its position in shares of Chevron by 1.8% during the 2nd quarter. Vanguard Capital Wealth Advisors now owns 2,818 shares of the oil and gas company's stock valued at $467,000 after acquiring an additional 50 shares during the period. Cornerstone Advisory LLC increased its position 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 worth $1,164,000 after buying an additional 52 shares during the last quarter. Compton Financial Group LLC increased its holdings in Chevron by 1.9% in the 1st 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. Finally, Quantum Portfolio Management LLC raised its position in shares of 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 purchasing an additional 56 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Bank of America raised their price objective on shares of Chevron from $210.00 to $227.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Jefferies Financial Group reissued a "buy" rating and issued a $216.00 price target on shares of Chevron in a research note on Friday, July 10th. Piper Sandler increased their price objective on Chevron from $207.00 to $243.00 and gave the company an "overweight" rating in a research note on Thursday, September 3rd. UBS Group reiterated a "buy" rating on shares of Chevron in a report on Tuesday, June 23rd. Finally, Mizuho set a $224.00 price target on shares of Chevron in a report on Monday, August 3rd. Twenty research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $211.35.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Venezuela expansion could materially increase production. Chevron plans to invest more than $7 billion over five years and double the number of oil rigs it operates in Venezuela. The company is targeting production of approximately 600,000 barrels per day, with additional acreage in the Carabobo region potentially providing a sizable growth opportunity. Chevron to double oil rigs in Venezuela as part of growth plan
• Positive Sentiment: Analysts see further upside potential. BMO said Chevron’s record-setting run may not be finished, supported by strong energy prices, solid earnings and the company’s growth initiatives. Chevron has gained substantially this year and recently reached an all-time closing high. Chevron’s Record Run Isn’t Over Yet, BMO Says
• Positive Sentiment: Higher oil prices are supporting the broader energy sector. Market coverage linked a rise in oil prices to escalating U.S.-Iran tensions, a backdrop that can improve Chevron’s upstream revenue and cash flow if prices remain elevated. Stock Market Today: Dow Dives 600 Points, Oil Pops
• Neutral Sentiment: Chevron’s dividend appeal remains intact but requires a large investment. An investor would need more than $146,000 at current prices to generate $5,000 in annual passive income, highlighting the stock’s income potential as well as its elevated valuation.
• Negative Sentiment: Venezuela introduces meaningful geopolitical and execution risks. The production target depends on operating in a politically and economically unstable country, while Chevron’s shares are already close to their 52-week high. Investors may question how much future growth is already reflected in the valuation.

Insider Transactions at Chevron

In other news, insider Andrew Walz sold 16,800 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the completion of the transaction, the insider directly owned 14 shares in the company, valued at approximately $2,814.84. This represents a 99.92% 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 Hess sold 710,665 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $194.10, for a total value of $137,940,076.50. Following the sale, the director owned 363,711 shares in the company, valued at approximately $70,596,305.10. This trade represents a 66.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,152,582 shares of company stock valued at $225,853,661 in the last ninety days. Corporate insiders own 0.56% of the company's stock.

Chevron Stock Performance

Shares of NYSE CVX opened at $210.09 on Wednesday. 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 company has a market cap of $415.08 billion, a PE ratio of 20.14, a PEG ratio of 0.61 and a beta of 0.50. The firm's 50-day moving average price is $192.79 and its 200-day moving average price is $190.20.

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, topping the consensus estimate of $5.55 by $0.51. The firm had revenue of $67.20 billion for the quarter, compared to analysts' expectations of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business's quarterly revenue was up 57.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.77 EPS. As a group, analysts anticipate that Chevron Corporation will post 16.51 EPS for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be issued a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Wednesday, August 19th. Chevron's payout ratio is currently 68.26%.

About Chevron

Chevron Corporation is an integrated energy company engaged in the exploration, production, transportation and sale of crude oil and natural gas. The company also manufactures and markets transportation fuels, lubricants, petrochemicals and additives through operations and brands that include Chevron, Texaco and Caltex.

Chevron's upstream activities include oil and natural gas exploration and production, while its downstream business includes refining, fuel marketing, transportation and related energy services.

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