McAlvany Wealth Management LLC Makes New $1.73 Million Investment in Chevron Corporation $CVX

Key Points

• McAlvany Wealth Management opened a new position in Chevron during the fourth quarter, buying 11,342 shares worth about $1.73 million. Chevron now makes up roughly 1.3% of the firm’s portfolio and is its 22nd-largest holding.
• Chevron reported Q1 earnings of $1.41 per share, beating analyst expectations of $1.00, even though revenue came in below estimates at $47.56 billion. The company also said revenue rose 2.1% year over year.
• Chevron paid a quarterly dividend of $1.78 per share, or $7.12 annually, for a yield of about 4.1%. Analyst sentiment remains constructive overall, with an average rating of Moderate Buy and a price target near $205.70.

McAlvany Wealth Management LLC bought a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 11,342 shares of the oil and gas company's stock, valued at approximately $1,729,000. Chevron accounts for about 1.3% of McAlvany Wealth Management LLC's investment portfolio, making the stock its 22nd biggest position.

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

Chevron Trading Down 0.1%

Shares of CVX stock opened at $173.51 on Friday. Chevron Corporation has a fifty-two week low of $142.40 and a fifty-two week high of $214.71. The stock's fifty day moving average price is $186.63 and its two-hundred day moving average price is $179.01. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The company has a market cap of $345.56 billion, a PE ratio of 30.07, a P/E/G ratio of 0.57 and a beta of 0.48.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The company had revenue of $47.56 billion during the quarter, compared to analysts' expectations of $51.86 billion. During the same quarter in the previous year, the firm earned $2.18 EPS. Chevron's revenue was up 2.1% on a year-over-year basis. Equities analysts predict that Chevron Corporation will post 15.88 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were given a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Tuesday, May 19th. Chevron's payout ratio is currently 123.40%.

Insider Activity

In other news, insider R. Hewitt Pate sold 40,200 shares of the stock in a transaction dated Monday, March 30th. The shares were sold at an average price of $213.30, for a total value of $8,574,660.00. Following the completion of the transaction, the insider owned 8,638 shares of the company's stock, valued at approximately $1,842,485.40. This represents a 82.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the sale, the director owned 278,045 shares in the company, valued at approximately $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 615,200 shares of company stock valued at $118,022,760. Insiders own 0.56% of the company's stock.

Analyst Ratings Changes

CVX has been the topic of a number of recent analyst reports. Barclays raised their price target on Chevron from $192.00 to $213.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 26th. Morgan Stanley upped their price objective on shares of Chevron from $212.00 to $214.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. Weiss Ratings downgraded shares of Chevron from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, June 2nd. Wells Fargo & Company raised their target price on shares of Chevron from $204.00 to $222.00 and gave the company an "overweight" rating in a report on Thursday, April 9th. Finally, Bank of America boosted their target price on shares of Chevron from $188.00 to $206.00 and gave the company a "buy" rating in a research report on Monday, March 2nd. Eighteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $205.70.

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.

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