Maridea Wealth Management LLC Makes New $1.67 Million Investment in Chevron Corporation $CVX

Key Points

• Maridea Wealth Management initiated a $1.67 million Chevron position, purchasing 10,063 shares during the second quarter. Institutional investors collectively own 72.42% of Chevron’s stock.
• Chevron reported stronger-than-expected quarterly results, with EPS of $6.06 and revenue of $67.20 billion, up 57.4% year over year. The company also declared a quarterly dividend of $1.78 per share, representing a 3.6% annualized yield.
• Analysts maintain a positive outlook, with a consensus “Moderate Buy” rating and an average price target of $207.48. However, insiders sold approximately 1.2 million shares worth $231.8 million over the last quarter.

Maridea Wealth Management LLC bought a new position in Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 10,063 shares of the oil and gas company's stock, valued at approximately $1,668,000.

Other large investors have also made changes to their positions in the company. Cornerstone Advisory LLC grew its position in Chevron by 0.9% during the 1st quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company's stock worth $1,164,000 after purchasing an additional 52 shares in the last quarter. Compton Financial Group LLC raised its stake in Chevron by 1.9% during the 1st quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company's stock valued at $609,000 after purchasing an additional 56 shares during the period. Quantum Portfolio Management LLC lifted its holdings 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 in the last quarter. Wealthspire Retirement LLC boosted its position in shares of Chevron by 0.9% in the first quarter. Wealthspire Retirement LLC now owns 6,530 shares of the oil and gas company's stock worth $1,351,000 after buying an additional 56 shares during the period. Finally, D.B. Root & Company LLC boosted its position in shares of 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 worth $846,000 after buying an additional 57 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Activity

In related news, CEO Michael K. Wirth sold 5,547 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total value 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John B. Hess sold 100,000 shares of the firm'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 directly owned 178,045 shares in the company, valued at approximately $34,587,021.70. The trade was a 35.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 1,196,212 shares of company stock valued at $231,819,366. 0.56% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CVX. Mizuho set a $224.00 price target on Chevron in a research report on Monday, August 3rd. Weiss Ratings upgraded Chevron from a "hold (c)" rating to a "buy (b)" rating in a research report on Tuesday. Barclays lifted their target price on Chevron from $213.00 to $216.00 and gave the company an "equal weight" rating in a research note on Monday, August 3rd. Jefferies Financial Group reiterated a "buy" rating and issued a $216.00 target price on shares of Chevron in a report on Friday, July 10th. Finally, Wolfe Research raised shares of Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 price target for the company in a research report on Thursday, July 2nd. Twenty analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $207.48.

Chevron Trading Up 1.2%

NYSE CVX opened at $199.99 on Friday. 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 1-year low of $146.49 and a 1-year high of $214.71. The firm's fifty day simple moving average is $183.30 and its 200-day simple moving average is $186.88. The company has a market capitalization 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.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $67.20 billion during the quarter, compared to analysts' expectations of $62.72 billion. During the same quarter last year, the firm earned $1.77 earnings per share. The business's revenue for the quarter was up 57.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Chevron Corporation will post 15.86 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.6%. Chevron's dividend payout ratio (DPR) is 68.26%.

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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