Magnolia Capital Advisors LLC Invests $1.31 Million in Chevron Corporation $CVX

Key Points

• Magnolia Capital Advisors acquired 7,930 Chevron shares worth approximately $1.31 million during the second quarter. Institutional investors own 72.42% of Chevron’s outstanding stock.
• Chevron reported adjusted earnings of $6.06 per share and $67.20 billion in quarterly revenue, beating analyst estimates; revenue increased 57.4% year over year.
• Chevron declared a quarterly dividend of $1.78 per share, equivalent to $7.12 annually and a 3.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $207.48.

Magnolia Capital Advisors LLC acquired a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 7,930 shares of the oil and gas company's stock, valued at approximately $1,314,000.

A number of other large investors also recently modified their holdings of the company. Blue Capital Inc. purchased a new position in Chevron in the 2nd quarter worth $786,000. OneAscent Wealth Management LLC purchased a new stake in Chevron during the second quarter valued at about $973,000. Global Retirement Partners LLC purchased a new stake in Chevron during the second quarter valued at about $14,276,000. Indivisible Partners bought a new position in shares of Chevron during the fourth quarter valued at about $1,923,000. Finally, Janney Montgomery Scott LLC grew its stake in shares of Chevron by 6.8% during the first quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company's stock valued at $258,853,000 after buying an additional 79,439 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of NYSE:CVX opened at $200.26 on Thursday. The company has a market cap of $395.67 billion, a price-to-earnings ratio of 19.20, a price-to-earnings-growth ratio of 0.60 and a beta of 0.49. The company has a 50-day moving average price of $186.34 and a 200-day moving average price of $188.63. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last posted its 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. The company had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. Chevron's revenue for the quarter was up 57.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.77 earnings per share. As a group, equities analysts anticipate that Chevron Corporation will post 16.17 EPS for the current year.

Chevron Dividend Announcement

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 given a dividend of $1.78 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.6%. Chevron's dividend payout ratio is presently 68.26%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CVX shares. Mizuho set a $224.00 target price on Chevron in a research note on Monday, August 3rd. Wall Street Zen upgraded Chevron from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Weiss Ratings raised Chevron from a "hold (c)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Zacks Research downgraded Chevron from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Finally, The Goldman Sachs Group reissued a "buy" rating and set a $216.00 price objective on shares of Chevron in a research note on Wednesday, May 6th. Twenty equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $207.48.

Insiders Place Their Bets

In other news, insider Andrew Benjamin Walz sold 16,800 shares of the business's 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 transaction, the insider directly owned 14 shares of the company's stock, valued at approximately $2,814.84. The trade was a 99.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R. Hewitt Pate sold 2,470 shares of the company's stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total value of $506,621.70. Following the transaction, the insider owned 10,794 shares of the company's stock, valued at approximately $2,213,957.34. This represents a 18.62% 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 worth $225,853,661. Corporate insiders own 0.56% of the company's stock.

About Chevron

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.

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