Patron Partners LLC Takes $2.58 Million Position in Chevron Corporation $CVX

Key Points

• Patron Partners LLC acquired 15,587 Chevron shares worth approximately $2.58 million in the second quarter, representing about 1% of its portfolio. Institutional investors collectively own 72.42% of CVX.
• Chevron recently beat quarterly earnings and revenue expectations, while maintaining its $1.78 quarterly dividend, equivalent to a 3.5% annual yield. Analysts largely remain positive, with a consensus “Moderate Buy” rating and an average price target of $207.48.
• Potential headwinds include substantial recent insider selling, Chevron’s exposure to oil-price cycles, execution concerns related to Hess Midstream, and the possibility that increased Iraqi oil production could pressure global crude prices.

Patron Partners LLC acquired a new stake in Chevron Corporation (NYSE:CVX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 15,587 shares of the oil and gas company's stock, valued at approximately $2,584,000. Chevron makes up approximately 1.0% of Patron Partners LLC's portfolio, making the stock its 22nd biggest position.

Other hedge funds also recently added to or reduced their stakes in the company. Midwest Capital Advisors LLC purchased a new position in Chevron during the 1st quarter valued at about $25,000. Core Wealth Advisors LLC purchased a new stake in shares of Chevron in the 4th quarter worth approximately $26,000. Phillip James Consulting Co. purchased a new stake in shares of Chevron in the 4th quarter worth approximately $26,000. Basso Capital Management L.P. bought a new position in shares of Chevron during the fourth quarter valued at approximately $27,000. Finally, Karpus Management Inc. purchased a new position in Chevron during the fourth quarter valued at approximately $27,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Brent crude recently approached $94–$95 per barrel amid renewed Middle East tensions and concerns about Strait of Hormuz disruptions. Sustained higher oil prices typically benefit Chevron’s upstream revenue, margins and cash flow. Chevron jumps as Brent crude approaches $94
• Positive Sentiment: Chevron confirmed an oil and gas condensate discovery at the 105-4X well in offshore Angola. Its proximity to existing facilities could allow a lower-cost tie-back, creating a potential source of future production. Chevron Angola discovery analysis
• Positive Sentiment: Chevron’s $1.78 quarterly dividend, equal to $7.12 annually and an approximately 3.5% yield, reinforces its appeal to income investors. The company also recently exceeded quarterly earnings and revenue expectations. Chevron raises dividend
• Neutral Sentiment: Analysis comparing Chevron with Exxon Mobil highlights differing long-term strategies, including Chevron’s continued emphasis on oil and gas. The approach could benefit from strong commodity prices but leaves CVX more exposed to future oil-demand and price cycles. Chevron versus Exxon Mobil analysis
• Negative Sentiment: Iraq plans to more than double its oil output over the next six years. If achieved, the added supply could pressure global crude prices and reduce the earnings benefit Chevron receives from today’s elevated prices. Iraq oil output and Chevron
• Negative Sentiment: Two Chevron insiders sold shares recently: Andrew Benjamin Walz sold 16,800 shares, while R. Hewitt Pate sold 2,470 shares. Although such transactions may reflect personal financial planning, they can create a modest sentiment overhang. Chevron insider sale report
• Negative Sentiment: A separate analysis says concerns remain centered on Chevron, including issues surrounding its Hess Midstream exposure and broader execution risks. The report may temper enthusiasm after CVX’s recent advance. Hess Midstream: The Issue Remains With Chevron

Wall Street Analyst Weigh In

CVX has been the subject of a number of analyst reports. Morgan Stanley upped their target price on Chevron from $210.00 to $218.00 and gave the stock an "overweight" rating in a report on Wednesday. Bank of America lifted their price target on Chevron from $210.00 to $227.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Royal Bank Of Canada reissued an "outperform" rating and issued a $220.00 price target on shares of Chevron in a research report on Tuesday, May 5th. Wall Street Zen upgraded Chevron from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and set a $216.00 price objective on shares of Chevron in a research report on Wednesday, May 6th. Twenty investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $207.48.

Insiders Place Their Bets

In other Chevron news, CEO Michael K. Wirth sold 317,100 shares of the firm's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $200.46, for a total value of $63,565,866.00. Following the completion of the sale, the chief executive officer owned 26,308 shares of the company's stock, valued at approximately $5,273,701.68. This trade represents a 92.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew Benjamin Walz sold 16,800 shares of the business's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $201.06, for a total value of $3,377,808.00. Following the sale, the insider owned 14 shares in the company, valued at $2,814.84. The trade was a 99.92% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 1,152,582 shares of company stock valued at $225,853,661. 0.56% of the stock is owned by corporate insiders.

Chevron Price Performance

Shares of CVX opened at $205.25 on Friday. The company has a market cap of $405.53 billion, a price-to-earnings ratio of 19.68, a price-to-earnings-growth ratio of 0.62 and a beta of 0.49. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $214.71. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The company has a 50 day moving average of $185.03 and a two-hundred day moving average of $188.07.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.55 by $0.51. The business had revenue of $67.20 billion for 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%. The business's revenue for the quarter was up 57.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.77 earnings per share. As a group, analysts predict that Chevron Corporation will post 16.17 earnings per share for the current fiscal year.

Chevron Announces Dividend

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