Plan Group Financial LLC Buys Shares of 22,457 Chevron Corporation $CVX

Key Points

• Plan Group Financial LLC purchased 22,457 Chevron shares worth approximately $3.72 million during the second quarter. Institutional investors collectively own 72.42% of Chevron’s stock.
• Chevron reported quarterly earnings of $6.06 per share, beating estimates of $5.55, while revenue rose 57.4% year over year to $67.2 billion. The company also announced a quarterly dividend of $1.78 per share, yielding about 3.6% annually.
• Chevron shares opened at $199.99, and analysts maintain a “Moderate Buy” consensus with an average price target of $207.48. However, insiders—including the CEO and a director—sold shares recently, with insiders selling $231.8 million of stock over the past 90 days.

Plan Group Financial LLC purchased a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 22,457 shares of the oil and gas company's stock, valued at approximately $3,722,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. United Bank raised its position in shares of Chevron by 7.7% in the second quarter. United Bank now owns 11,079 shares of the oil and gas company's stock worth $1,586,000 after buying an additional 796 shares in the last quarter. Schnieders Capital Management LLC. boosted its stake in Chevron by 9.0% during the second quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company's stock valued at $7,280,000 after buying an additional 4,214 shares during the period. BNP Paribas grew its position in Chevron by 76.4% during the second quarter. BNP Paribas now owns 441 shares of the oil and gas company's stock worth $63,000 after buying an additional 191 shares in the last quarter. Osterweis Capital Management Inc. grew its position in Chevron by 678.9% during the second quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company's stock worth $195,000 after buying an additional 1,188 shares in the last quarter. Finally, Main Street Financial Solutions LLC increased its stake in Chevron by 3.6% in the 2nd quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company's stock worth $2,299,000 after acquiring an additional 553 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Chevron news, Director John B. Hess sold 100,000 shares of Chevron stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total value of $19,426,000.00. Following the transaction, the director directly owned 178,045 shares of the company's stock, valued at $34,587,021.70. The trade was a 35.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael K. Wirth sold 5,547 shares of the business's stock in a transaction that occurred on 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 SEC filing for this sale provides additional information. Insiders have sold a total of 1,196,212 shares of company stock valued at $231,819,366 over the last 90 days. 0.56% of the stock is currently owned by company insiders.

Chevron Price Performance

CVX stock opened at $199.99 on Friday. The firm has a market cap of $395.13 billion, a P/E ratio of 19.17, a P/E/G ratio of 0.60 and a beta of 0.49. The firm's fifty day moving average is $183.30 and its 200 day moving average is $186.88. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same period in the previous year, the firm posted $1.77 earnings per share. The firm's revenue for the quarter was up 57.4% on a year-over-year basis. Research analysts predict that Chevron Corporation will post 15.86 earnings per share for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be paid a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron's payout ratio is 68.26%.

Wall Street Analyst Weigh In

CVX has been the topic of several recent analyst reports. Piper Sandler started coverage on Chevron in a report on Thursday, July 23rd. They issued an "overweight" rating and a $207.00 price target on the stock. Wall Street Zen upgraded shares of Chevron from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. UBS Group restated a "buy" rating on shares of Chevron in a research report on Tuesday, June 23rd. Mizuho set a $224.00 target price on shares of Chevron in a research note on Monday, August 3rd. Finally, Scotiabank lifted their target price on shares of Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. Twenty research 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. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $207.48.

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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