Lynch Asset Management Inc. Acquires New Shares in Chevron Corporation $CVX

Key Points

• Lynch Asset Management acquired 27,100 Chevron shares worth approximately $4.49 million, making Chevron 1.2% of its portfolio. Institutional investors collectively own 72.42% of the company.
• Analysts maintain a generally positive outlook, with 20 Buy ratings, five Holds and one Sell; Chevron has a consensus rating of “Moderate Buy” and an average price target of $207.48.
• Chevron reported quarterly earnings of $6.06 per share, beating estimates, while revenue rose 57.4% year over year to $67.2 billion. The company also declared a quarterly dividend of $1.78 per share, representing a 3.6% annualized yield.

Lynch Asset Management Inc. bought a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 27,100 shares of the oil and gas company's stock, valued at approximately $4,492,000. Chevron makes up 1.2% of Lynch Asset Management Inc.'s portfolio, making the stock its 22nd largest position.

Other large investors have also modified their holdings of the company. United Bank raised its position in shares of Chevron by 7.7% in the 2nd quarter. United Bank now owns 11,079 shares of the oil and gas company's stock worth $1,586,000 after acquiring an additional 796 shares in the last quarter. Schnieders Capital Management LLC. boosted its position in Chevron by 9.0% during the second quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company's stock valued at $7,280,000 after purchasing an additional 4,214 shares in the last quarter. BNP Paribas boosted its position in Chevron by 76.4% during the second quarter. BNP Paribas now owns 441 shares of the oil and gas company's stock valued at $63,000 after purchasing an additional 191 shares in the last quarter. Osterweis Capital Management Inc. grew its stake in Chevron by 678.9% in the second quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company's stock valued at $195,000 after purchasing an additional 1,188 shares during the last quarter. Finally, Main Street Financial Solutions LLC grew its stake in Chevron by 3.6% in the second quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company's stock valued at $2,299,000 after purchasing an additional 553 shares during the last quarter. Institutional investors own 72.42% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Dbs Bank upgraded shares of Chevron to a "moderate buy" rating in a report on Thursday, August 6th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $216.00 price objective on shares of Chevron in a research report on Friday, July 10th. Royal Bank Of Canada reiterated an "outperform" rating and set a $220.00 price objective on shares of Chevron in a research note on Tuesday, May 5th. Sanford C. Bernstein increased their target price on shares of Chevron from $204.00 to $209.00 and gave the company a "market perform" rating in a research report on Monday, August 3rd. Finally, Wall Street Zen upgraded shares of Chevron from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Twenty equities 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 MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $207.48.

Chevron Trading Down 0.0%

Chevron stock opened at $199.99 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The stock has a market cap of $395.13 billion, a PE ratio of 19.17, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49. The stock has a 50-day moving average of $183.30 and a two-hundred day moving average of $187.01. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last issued 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. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same quarter in the previous year, the firm earned $1.77 earnings per share. The company's revenue was up 57.4% on a year-over-year basis. On average, research analysts anticipate that Chevron Corporation will post 15.86 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Insider Activity at Chevron

In other Chevron news, CEO Michael K. Wirth sold 5,547 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $187.00, for a total transaction of $1,037,289.00. Following the transaction, the chief executive officer owned 26,308 shares in the company, valued at approximately $4,919,596. This represents a 17.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John B. Hess sold 100,000 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the transaction, the director owned 178,045 shares in the company, valued at $34,587,021.70. The trade was a 35.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 1,196,212 shares of company stock worth $231,819,366. 0.56% of the stock is owned by 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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