Performance Wealth Partners LLC Makes New Investment in Chevron Corporation $CVX

Performance Wealth Partners LLC purchased a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 30,641 shares of the oil and gas company's stock, valued at approximately $5,079,000.

A number of other large investors have also made changes to their positions in CVX. Midwest Capital Advisors LLC bought a new position in Chevron during the first quarter worth about $25,000. Core Wealth Advisors LLC bought a new stake in shares of Chevron in the fourth quarter worth about $26,000. Phillip James Consulting Co. acquired a new stake in shares of Chevron during the fourth quarter worth about $26,000. Basso Capital Management L.P. acquired a new stake in shares of Chevron during the fourth quarter worth about $27,000. Finally, Karpus Management Inc. bought a new position in shares of Chevron during the 4th quarter valued at about $27,000. Institutional investors own 72.42% of the company's stock.

Chevron Price Performance

Shares of CVX opened at $202.75 on Tuesday. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $214.71. The stock has a market capitalization of $400.59 billion, a P/E ratio of 19.44, a P/E/G ratio of 0.61 and a beta of 0.49. The company has a 50 day moving average of $183.57 and a 200-day moving average of $187.25.

Chevron (NYSE:CVX - Get Free Report) last released its 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. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same quarter in the prior year, the company posted $1.77 earnings per share. Chevron's revenue was up 57.4% on a year-over-year basis. As a group, equities research analysts forecast that Chevron Corporation will post 15.86 EPS for the current fiscal year.

Chevron Announces Dividend

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

Insider Activity at Chevron

In other Chevron news, CEO Michael K. Wirth sold 5,547 shares of the business's stock in a transaction dated 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 sale, the chief executive officer owned 26,308 shares of the company's stock, valued at $4,919,596. The trade was a 17.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John B. Hess sold 710,665 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $194.10, for a total value of $137,940,076.50. Following the sale, the director owned 363,711 shares of the company's stock, valued at approximately $70,596,305.10. The trade was a 66.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,196,212 shares of company stock worth $231,819,366 in the last ninety days. 0.56% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have commented on CVX. Wall Street Zen upgraded shares of Chevron from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Bank of America increased their price objective on shares of Chevron from $210.00 to $227.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Barclays cut their price objective on shares of Chevron from $216.00 to $208.00 and set an "equal weight" rating on the stock in a research report on Monday. UBS Group reaffirmed a "buy" rating on shares of Chevron in a research note on Tuesday, June 23rd. Finally, The Goldman Sachs Group reissued a "buy" rating and issued a $216.00 price target on shares of Chevron in a research note on Wednesday, May 6th. 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $207.13.

Trending Headlines about Chevron

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

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.

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