Proficio Capital Partners LLC Has $1.38 Million Stock Holdings in Chevron Corporation $CVX

Key Points

• Proficio Capital Partners increased its Chevron position by 423.6% in the second quarter, ending with 8,330 shares valued at approximately $1.38 million. Institutional investors and hedge funds collectively own 72.42% of CVX.
• Analysts maintain a favorable outlook, with 20 Buy ratings, five Holds and one Sell. Chevron has a consensus “Moderate Buy” rating and an average price target of $207.48.
• Chevron reported quarterly EPS of $6.06 and revenue of $67.20 billion, exceeding estimates, while declaring a $1.78 quarterly dividend. However, insiders sold more than 1.15 million shares worth approximately $225.9 million over the past 90 days.

Proficio Capital Partners LLC boosted its position in Chevron Corporation (NYSE:CVX - Free Report) by 423.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,330 shares of the oil and gas company's stock after acquiring an additional 6,739 shares during the period. Proficio Capital Partners LLC's holdings in Chevron were worth $1,381,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Several research analysts have recently issued reports on CVX shares. UBS Group restated a "buy" rating on shares of Chevron in a research report on Tuesday, June 23rd. TD Cowen increased their target price on Chevron from $200.00 to $205.00 and gave the company a "hold" rating in a research note on Wednesday, August 5th. Weiss Ratings upgraded Chevron from a "hold (c)" rating to a "buy (b)" rating in a report on Tuesday, August 11th. Morgan Stanley boosted their target price on Chevron from $210.00 to $218.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 19th. Finally, Wall Street Zen raised shares of Chevron from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Twenty equities 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's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $207.48.

Insider Buying and Selling

In related news, CEO Michael K. Wirth sold 317,100 shares of the company's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the sale, the chief executive officer owned 26,308 shares in the company, valued at approximately $5,273,701.68. This represents a 92.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Andrew Benjamin Walz sold 16,800 shares of the 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 transaction, the insider directly owned 14 shares of the company's stock, valued at $2,814.84. This trade represents a 99.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,152,582 shares of company stock worth $225,853,661 over the last 90 days. 0.56% of the stock is currently owned by insiders.

Chevron Price Performance

CVX stock opened at $200.26 on Thursday. The stock has a 50-day moving average price of $186.34 and a two-hundred day moving average price of $188.63. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $214.71. The stock has a market cap of $395.67 billion, a PE ratio of 19.20, a price-to-earnings-growth ratio of 0.60 and a beta of 0.49. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS 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 analysts' expectations of $62.72 billion. During the same quarter in the prior year, the company posted $1.77 earnings per share. The firm's revenue was up 57.4% on a year-over-year basis. Equities analysts forecast that Chevron Corporation will post 16.17 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Chevron Company 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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