Phillips Wealth Planners LLC Acquires New Stake in Chevron Corporation $CVX

Key Points

• Phillips Wealth Planners LLC acquired 8,284 Chevron shares worth approximately $1.44 million, making CVX about 1.1% of its portfolio and its 17th-largest holding. Institutional investors collectively own 72.42% of Chevron.
• Chevron insiders have been selling shares: Director John B. Hess sold roughly $137.9 million worth and CEO Michael K. Wirth sold about $1.0 million. Insiders have sold approximately $231.8 million in stock over the past 90 days.
• Chevron reported quarterly EPS of $6.06, exceeding estimates, while revenue rose 57.4% year over year to $67.2 billion. Analysts maintain a “Moderate Buy” consensus with a $207.13 target price, and the company declared a quarterly dividend of $1.78 per share, yielding about 3.5% annually.

Phillips Wealth Planners LLC bought a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 8,284 shares of the oil and gas company's stock, valued at approximately $1,441,000. Chevron makes up approximately 1.1% of Phillips Wealth Planners LLC's investment portfolio, making the stock its 17th largest holding.

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

Insider Activity

In other news, Director John B. Hess sold 710,665 shares of the company's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the completion of the sale, the director owned 363,711 shares in the company, valued at approximately $70,596,305.10. This represents a 66.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael K. Wirth sold 5,547 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total value of $1,037,289.00. Following the sale, the chief executive officer directly 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 SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 1,196,212 shares of company stock worth $231,819,366. Corporate insiders own 0.56% of the company's stock.

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CVX. Mizuho set a $224.00 price objective on shares of Chevron in a research report on Monday, August 3rd. Weiss Ratings upgraded shares of Chevron from a "hold (c)" rating to a "buy (b)" rating in a report on Tuesday, August 11th. Scotiabank upped their price target on Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Wall Street Zen upgraded Chevron from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $220.00 target price on shares of Chevron in a report on Tuesday, May 5th. Twenty research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $207.13.

Chevron Stock Up 1.4%

CVX opened at $202.75 on Tuesday. The company has a market capitalization of $400.59 billion, a PE ratio of 19.44, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $214.71. The business 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 announced 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. The business had revenue of $67.20 billion during the quarter, compared to analysts' expectations of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm's quarterly revenue was up 57.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.77 EPS. 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. Shareholders of record on Wednesday, August 19th will be issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron's dividend payout ratio (DPR) is 68.26%.

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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