PeakShares LLC Invests $1.24 Million in Chevron Corporation $CVX

Key Points

• PeakShares LLC opened a new position in Chevron during the fourth quarter, buying 8,105 shares worth about $1.24 million. Chevron now makes up roughly 1.2% of the firm’s portfolio and is its 19th-largest holding.
• Chevron saw notable insider selling, including large sales by director John B. Hess and insider R. Hewitt Pate. In the past three months, insiders sold 615,200 shares valued at about $118.0 million.
• Analysts remain generally upbeat on the stock, with Chevron carrying a Moderate Buy consensus and an average price target of $205.70. The company also recently beat EPS expectations in its latest quarterly report and continues paying a quarterly dividend yielding about 4.1%.

PeakShares LLC bought a new stake in Chevron Corporation (NYSE:CVX - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 8,105 shares of the oil and gas company's stock, valued at approximately $1,235,000. Chevron accounts for about 1.2% of PeakShares LLC's investment portfolio, making the stock its 19th biggest holding.

Several other hedge funds have also bought and sold shares of the company. D.B. Root & Company LLC increased its position in Chevron by 1.0% during 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 last quarter. Fox Hill Wealth Management boosted its stake in shares of Chevron by 1.7% during the 4th quarter. Fox Hill Wealth Management now owns 3,443 shares of the oil and gas company's stock worth $525,000 after acquiring an additional 57 shares during the period. Cornerstone Planning Group LLC boosted its stake in shares of Chevron by 6.8% during the 4th quarter. Cornerstone Planning Group LLC now owns 930 shares of the oil and gas company's stock worth $142,000 after acquiring an additional 59 shares during the period. MMA Asset Management LLC increased its holdings in shares of Chevron by 3.4% during the 4th quarter. MMA Asset Management LLC now owns 1,820 shares of the oil and gas company's stock worth $277,000 after acquiring an additional 59 shares during the last quarter. Finally, EWA LLC increased its holdings in shares of Chevron by 2.8% during the 4th quarter. EWA LLC now owns 2,182 shares of the oil and gas company's stock worth $333,000 after acquiring an additional 59 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Chevron

In related news, insider R. Hewitt Pate sold 40,200 shares of the firm's stock in a transaction dated Monday, March 30th. The shares were sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the transaction, the insider directly owned 8,638 shares of the company's stock, valued at approximately $1,842,485.40. This trade 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 is available through the SEC website. Also, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the transaction, the director directly owned 278,045 shares in the company, valued at approximately $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 615,200 shares of company stock valued at $118,022,760. 0.56% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CVX shares. Mizuho raised their price target on Chevron from $225.00 to $230.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Bank of America upped their price objective on shares of Chevron from $188.00 to $206.00 and gave the company a "buy" rating in a report on Monday, March 2nd. Barclays increased their price objective on shares of Chevron from $192.00 to $213.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 26th. Royal Bank Of Canada restated an "outperform" rating and set a $220.00 target price on shares of Chevron in a research note on Tuesday, May 5th. Finally, TD Cowen lifted their target price on shares of Chevron from $204.00 to $205.00 and gave the stock a "hold" rating in a report on Friday, May 8th. Eighteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $205.70.

Chevron Price Performance

Shares of NYSE CVX opened at $173.51 on Friday. The firm has a market cap of $345.56 billion, a P/E ratio of 30.07, a price-to-earnings-growth ratio of 0.57 and a beta of 0.48. The business's 50 day moving average is $186.63 and its 200-day moving average is $179.01. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. Chevron Corporation has a 1-year low of $142.40 and a 1-year high of $214.71.

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

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were issued a dividend of $1.78 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.1%. Chevron's dividend payout ratio (DPR) is currently 123.40%.

Chevron 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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