Occidental Asset Management LLC Invests $966,000 in Chevron Corporation $CVX

Key Points

• Occidental Asset Management bought a new $966,000 Chevron stake during the second quarter, purchasing 5,826 shares. Institutional investors collectively own 72.42% of CVX.
• Chevron reported strong quarterly results and received positive analyst support. Quarterly EPS of $6.06 and revenue of $67.20 billion exceeded estimates, while analysts maintain a “Moderate Buy” consensus with an average price target of $207.13.
• A major offshore Angola discovery could expand Chevron’s resource base and potentially benefit from a lower-cost tie-in to existing infrastructure. However, insiders sold about $231.8 million of stock over the past three months, and development plans for the discovery remain unsettled.

Occidental Asset Management LLC purchased a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 5,826 shares of the oil and gas company's stock, valued at approximately $966,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CVX. Midwest Capital Advisors LLC bought a new position in Chevron in the 1st quarter valued at approximately $25,000. Core Wealth Advisors LLC bought a new stake in shares of Chevron in the 4th quarter worth $26,000. Phillip James Consulting Co. purchased a new position in shares of Chevron in the fourth quarter worth $26,000. Basso Capital Management L.P. bought a new position in shares of Chevron during the fourth quarter valued at $27,000. Finally, Karpus Management Inc. purchased a new stake in shares of Chevron during the fourth quarter valued at $27,000. Institutional investors own 72.42% of the company's stock.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Major Angola discovery expands Chevron’s resource base. Chevron’s 105-4X exploration well in offshore Angola’s Block 0 encountered a hydrocarbon column exceeding 600 meters (about 2,000 feet), including more than 90 meters of net pay in the primary Pinda reservoir. The size of the find strengthens the company’s long-term production outlook and supports its strategic exploration program in Sub-Saharan Africa. Reuters article
• Positive Sentiment: Potential tie-in could reduce development costs. The discovery is located near existing Block 0 infrastructure, creating the possibility of a relatively efficient tie-back and potentially accelerating development while limiting capital requirements. However, commerciality, appraisal work and a development timeline have not yet been established. Chevron Stock Rises After Major Angola Discovery
• Positive Sentiment: Higher oil prices provide additional sector support. Reports that Brent crude was approaching $89 a barrel amid continued disruption and uncertainty around the Strait of Hormuz are supportive of Chevron’s upstream revenue and cash-flow prospects, although the geopolitical situation also raises market and operating risks. Brent Crude Nears $89
• Neutral Sentiment: Income appeal remains part of the investment case. Chevron continues to be highlighted by analysts as a dividend-paying energy major with potential upside, but the dividend coverage and valuation were not materially changed by these reports. Dividend Stocks Article

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 value of $1,037,289.00. Following the completion of the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at $4,919,596. This represents a 17.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John B. Hess sold 100,000 shares of the company's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the completion of the transaction, the director directly owned 178,045 shares of the company's stock, valued at $34,587,021.70. This represents a 35.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,196,212 shares of company stock valued at $231,819,366 over the last three months. 0.56% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CVX shares. UBS Group reissued a "buy" rating on shares of Chevron in a research report on Tuesday, June 23rd. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $220.00 price target on shares of Chevron in a report on Tuesday, May 5th. Wall Street Zen upgraded shares of Chevron from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Mizuho set a $224.00 price objective on shares of Chevron in a report on Monday, August 3rd. Finally, Weiss Ratings upgraded shares of Chevron from a "hold (c)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Twenty analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Chevron presently has a consensus rating of "Moderate Buy" and an average target price of $207.13.

Chevron Trading Up 1.4%

Shares of NYSE:CVX opened at $202.75 on Tuesday. The stock has a market capitalization of $400.59 billion, a price-to-earnings ratio of 19.44, a PEG ratio of 0.61 and a beta of 0.49. 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's 50-day simple moving average is $183.57 and its two-hundred day simple moving average is $187.25. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The firm had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. During the same quarter in the prior year, the firm earned $1.77 EPS. The business's revenue for the quarter was up 57.4% compared to the same quarter last year. Analysts expect that Chevron Corporation will post 15.86 EPS for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.5%. Chevron's payout ratio is 68.26%.

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