Proficio Capital Partners LLC Raises Stock Position in Chevron Corporation $CVX

Key Points

• Proficio Capital Partners increased its Chevron stake by 423.6% in the second quarter, bringing its holdings to 8,330 shares valued at approximately $1.38 million. Institutional investors collectively own 72.42% of Chevron.
• Chevron insiders sold more than 1.15 million shares worth approximately $225.9 million over the past three months, including major sales by Director John B. Hess and insider Andrew Benjamin Walz.
• Chevron reported strong quarterly results, with EPS of $6.06 beating estimates and revenue rising 57.4% year over year to $67.2 billion. The company also declared a quarterly dividend of $1.78 per share, representing a 3.4% annualized yield.

Proficio Capital Partners LLC grew its stake in Chevron Corporation (NYSE:CVX - Free Report) by 423.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,330 shares of the oil and gas company's stock after purchasing an additional 6,739 shares during the quarter. 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 large investors have also recently modified their holdings of CVX. Midwest Capital Advisors LLC bought a new position in shares of Chevron in the 1st quarter worth approximately $25,000. Core Wealth Advisors LLC bought a new stake in shares of Chevron during the fourth quarter valued at approximately $26,000. Phillip James Consulting Co. bought a new stake in shares of Chevron during the fourth quarter valued at approximately $26,000. Basso Capital Management L.P. purchased a new stake in Chevron in the fourth quarter worth $27,000. Finally, Karpus Management Inc. purchased a new stake in Chevron in the fourth quarter worth $27,000. Institutional investors own 72.42% of the company's stock.

Insider Activity

In related news, Director John B. Hess sold 710,665 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the director directly 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 in the company, valued at $2,814.84. This trade represents a 99.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 1,152,582 shares of company stock worth $225,853,661. Corporate insiders own 0.56% of the company's stock.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Venezuela expansion is the main catalyst. Chevron, the only major U.S. oil company with significant existing operations in Venezuela, is reportedly preparing to expand production through new agreements covering heavy-oil fields in the Orinoco Belt. The company currently produces approximately 280,000 barrels per day in the country and could potentially increase output by about 50% over the next two years. Access to the world’s largest proven oil reserves could provide a long-term production and cash-flow opportunity. Chevron Will Grow Venezuelan Oil Production
• Positive Sentiment: Higher crude prices are lifting the energy sector. Renewed U.S.-Iran conflict and disruptions around the Strait of Hormuz have pushed oil prices higher, supporting revenue and margins for integrated producers such as Chevron. The NYSE Energy Sector Index was up 1.1% Tuesday afternoon. Sector Update: Energy Stocks Rise Tuesday Afternoon
• Positive Sentiment: Income and momentum appeal remain supportive. Chevron continues to attract dividend-focused investors, while recent earnings exceeded expectations, with EPS of $6.06 versus a $5.55 consensus estimate and revenue up 57.4% year over year. 3 Top Dividend Stocks to Buy in September

Chevron Trading Up 2.3%

NYSE CVX opened at $210.88 on Wednesday. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The stock's fifty day moving average price is $188.76 and its 200-day moving average price is $189.24. The stock has a market cap of $416.65 billion, a P/E ratio of 20.22, a P/E/G ratio of 0.61 and a beta of 0.50.

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 (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 firm had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. During the same quarter in the previous year, the firm earned $1.77 EPS. Chevron's quarterly revenue was up 57.4% compared to the same quarter last year. As a group, equities analysts forecast that Chevron Corporation will post 16.24 EPS for the current fiscal year.

Chevron Announces Dividend

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 issued a $1.78 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.4%. Chevron's payout ratio is 68.26%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. UBS Group reissued a "buy" rating on shares of Chevron in a research report on Tuesday, June 23rd. The Goldman Sachs Group reiterated a "buy" rating and issued a $216.00 price target on shares of Chevron in a research note on Wednesday, May 6th. Zacks Research cut shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Morgan Stanley boosted their price objective on shares of Chevron from $210.00 to $218.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 19th. Finally, Wall Street Zen upgraded shares of Chevron from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Twenty research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target 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.

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