Moran Wealth Management LLC Makes New Investment in Chevron Corporation $CVX

Key Points

• Moran Wealth Management LLC recently purchased a new position in Chevron Corporation, acquiring 96,261 shares valued at approximately $13.78 million during the second quarter.
• Chevron's recent quarterly earnings reported an EPS of $1.77, exceeding analysts' expectations, although revenue was down 12.4% year-over-year.
• The company declared a quarterly dividend of $1.71, reflecting an annualized dividend yield of 4.5% and a payout ratio of 88.03%.

Moran Wealth Management LLC bought a new position in Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 96,261 shares of the oil and gas company's stock, valued at approximately $13,784,000.

Other large investors also recently modified their holdings of the company. Harvest Fund Management Co. Ltd boosted its stake in Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after buying an additional 122 shares in the last quarter. Elequin Capital LP acquired a new stake in shares of Chevron during the first quarter worth approximately $31,000. Cloud Capital Management LLC acquired a new stake in shares of Chevron during the 1st quarter valued at about $39,000. Investment Management Corp VA ADV lifted its holdings in Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock worth $39,000 after purchasing an additional 149 shares during the last quarter. Finally, 1 North Wealth Services LLC acquired a new stake in Chevron in the 1st quarter worth approximately $45,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the sale, the vice president directly owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John B. Hess sold 375,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Scotiabank lifted their price target on Chevron from $160.00 to $165.00 and gave the stock a "sector perform" rating in a research report on Thursday, October 9th. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Melius initiated coverage on Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective on the stock. TD Cowen upped their price target on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research note on Monday, August 4th. Finally, Mizuho cut their price target on Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Eleven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Chevron presently has a consensus rating of "Hold" and a consensus target price of $165.40.

Chevron Trading Up 2.0%

NYSE CVX opened at $151.86 on Tuesday. The stock has a 50-day simple moving average of $156.12 and a 200 day simple moving average of $148.31. The company has a market capitalization of $262.42 billion, a PE ratio of 19.54, a P/E/G ratio of 1.93 and a beta of 0.84. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm's revenue was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.55 earnings per share. Research analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. The ex-dividend date was Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

Chevron Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.

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