PYA Waltman Capital LLC Increases Stake in Chevron Corporation $CVX

Key Points

• PYA Waltman Capital increased its Chevron stake by 32.8% in the second quarter, acquiring 5,801 additional shares for a total of 23,470 shares valued at approximately $3.89 million. Institutional investors collectively own 72.42% of Chevron.
• Chevron reported strong quarterly results, with EPS of $6.06 beating estimates of $5.55 and revenue rising 57.4% year over year to $67.2 billion. The company also declared a $1.78 quarterly dividend, equivalent to a 3.4% annualized yield.
• Despite bullish catalysts such as potential Venezuelan production growth and higher crude prices, insiders sold more than $225.8 million of shares over the past 90 days. Analysts maintain a “Moderate Buy” consensus with an average price target of $207.48.

PYA Waltman Capital LLC raised its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 32.8% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 23,470 shares of the oil and gas company's stock after purchasing an additional 5,801 shares during the quarter. Chevron accounts for about 0.9% of PYA Waltman Capital LLC's investment portfolio, making the stock its 26th biggest holding. PYA Waltman Capital LLC's holdings in Chevron were worth $3,890,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Midwest Capital Advisors LLC bought a new stake in shares of Chevron during the first quarter valued at approximately $25,000. Main Street Group LTD bought a new position in Chevron in the 1st quarter valued at approximately $28,000. Phillip James Consulting Co. bought a new position in Chevron in the 4th quarter valued at approximately $26,000. Kilter Group LLC purchased a new stake in Chevron during the 2nd quarter valued at $28,000. Finally, Core Wealth Advisors LLC purchased a new stake in shares of Chevron during the fourth quarter valued at $26,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron News Roundup

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

Insider Activity at Chevron

In related news, Director John B. Hess sold 710,665 shares of the stock in a transaction that occurred on 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 transaction, the director directly owned 363,711 shares of the company's stock, valued at approximately $70,596,305.10. This represents a 66.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew Benjamin Walz sold 16,800 shares of the firm'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 transaction, the insider owned 14 shares of the company's stock, valued at $2,814.84. This represents a 99.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,152,582 shares of company stock worth $225,853,661 over the last 90 days. Company insiders own 0.56% of the company's stock.

Chevron Trading Up 2.3%

CVX stock opened at $210.88 on Wednesday. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The company has a market capitalization of $416.65 billion, a price-to-earnings ratio of 20.22, a PEG ratio of 0.61 and a beta of 0.50. The business has a 50 day simple moving average of $188.76 and a two-hundred day simple moving average of $189.24.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $67.20 billion for the quarter, compared to analysts' expectations of $62.72 billion. During the same quarter last year, the business posted $1.77 earnings per share. The company's revenue for the quarter was up 57.4% compared to the same quarter last year. Research analysts anticipate that Chevron Corporation will post 16.24 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be paid a $1.78 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.4%. Chevron's payout ratio is presently 68.26%.

Analysts Set New Price Targets

A number of research firms have issued reports on CVX. UBS Group restated a "buy" rating on shares of Chevron in a research note on Tuesday, June 23rd. Zacks Research lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Barclays reduced their price objective on shares of Chevron from $216.00 to $208.00 and set an "equal weight" rating for the company in a research note on Monday, August 17th. Bank of America lifted their target price on shares of Chevron from $210.00 to $227.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. Finally, TD Cowen upped their target price on shares of Chevron from $200.00 to $205.00 and gave the stock a "hold" rating in a report on Wednesday, August 5th. Twenty research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $207.48.

About Chevron

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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