Pinnacle West Asset Management Inc. Takes $2.34 Million Position in Chevron Corporation $CVX

Pinnacle West Asset Management Inc. bought a new position in Chevron Corporation (NYSE:CVX - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm bought 14,090 shares of the oil and gas company's stock, valued at approximately $2,336,000. Chevron makes up 1.6% of Pinnacle West Asset Management Inc.'s investment portfolio, making the stock its 24th largest holding.

Other hedge funds have also bought and sold shares of the company. Ieq Capital LLC acquired a new stake in Chevron in the 2nd quarter valued at $44,084,000. Sterling Financial Planning Inc. acquired a new position in Chevron during the second quarter worth $321,000. Robinhood Asset Management LLC bought a new position in shares of Chevron in the second quarter valued at $13,704,000. Callan Family Office LLC bought a new position in shares of Chevron in the second quarter valued at $14,984,000. Finally, Fund Advisors of America Inc FL acquired a new position in shares of Chevron during the second quarter valued at about $830,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CVX shares. Dbs Bank raised shares of Chevron to a "moderate buy" rating in a research report on Thursday, August 6th. Barclays cut their price target on Chevron from $216.00 to $208.00 and set an "equal weight" rating for the company in a research note on Monday. Piper Sandler began coverage on Chevron in a report on Thursday, July 23rd. They set an "overweight" rating and a $207.00 price objective for the company. Mizuho set a $224.00 price objective on Chevron in a research note on Monday, August 3rd. Finally, Bank of America raised their target price on Chevron from $210.00 to $227.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Twenty research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $207.48.

Insider Activity

In other news, Director John B. Hess sold 710,665 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.10, for a total value of $137,940,076.50. Following the transaction, the director owned 363,711 shares in the company, valued at $70,596,305.10. The trade was a 66.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Andrew Benjamin Walz sold 16,800 shares of the company's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the completion of the transaction, the insider directly owned 14 shares of the company's stock, valued at approximately $2,814.84. This represents a 99.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,152,582 shares of company stock worth $225,853,661 in the last quarter. 0.56% of the stock is owned by corporate insiders.

Chevron Stock Performance

NYSE CVX opened at $205.25 on Friday. The company has a fifty day moving average price of $185.03 and a 200-day moving average price of $188.07. The firm has a market cap of $405.53 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 0.62 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 1 year low of $146.49 and a 1 year 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 earnings per share for the quarter, beating analysts' consensus estimates of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same period last year, the firm earned $1.77 earnings per share. The firm's revenue was up 57.4% on a year-over-year basis. As a group, equities research analysts predict that Chevron Corporation will post 16.17 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be given 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 dividend payout ratio (DPR) is currently 68.26%.

Key Headlines Impacting Chevron

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

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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