Requisite Capital Management LLC Makes New $1.33 Million Investment in Chevron Corporation $CVX

Key Points

• Requisite Capital Management purchased 8,038 Chevron shares worth approximately $1.33 million, making Chevron its 29th-largest holding and representing 0.2% of its portfolio. Institutional investors and hedge funds collectively own 72.42% of Chevron.
• Chevron exceeded quarterly expectations, reporting $6.06 earnings per share versus the $5.55 consensus estimate and $67.2 billion in revenue, up 57.4% year over year.
• Chevron declared a quarterly dividend of $1.78, equivalent to an annualized $7.12 payout and a 3.5% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $207.13.

Requisite Capital Management LLC purchased a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 8,038 shares of the oil and gas company's stock, valued at approximately $1,332,000. Chevron comprises 0.2% of Requisite Capital Management LLC's investment portfolio, making the stock its 29th biggest holding.

Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Chevron during the fourth quarter worth about $3,727,586,000. Bank of New York Mellon Corp acquired a new position in Chevron in the 2nd quarter worth approximately $2,378,114,000. State Street Corp increased its holdings in Chevron by 9.1% in the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock worth $23,698,184,000 after buying an additional 12,789,399 shares during the period. Berkshire Hathaway Inc raised its position in Chevron by 6.6% during the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock worth $19,837,131,000 after buying an additional 8,091,570 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in Chevron by 822.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company's stock worth $946,658,000 after buying an additional 5,537,580 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Up 1.4%

Chevron stock opened at $202.75 on Tuesday. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two 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. The firm has a 50 day moving average price of $183.57 and a 200 day moving average price of $187.25. The company has a market capitalization of $400.59 billion, a PE ratio of 19.44, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49.

Chevron (NYSE:CVX - Get Free Report) last announced its 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. The firm had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The firm's revenue for the quarter was up 57.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.77 EPS. Research analysts expect that Chevron Corporation will post 15.86 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently disclosed 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. This represents a $7.12 annualized dividend and a yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron's dividend payout ratio is currently 68.26%.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Major Angola discovery expands Chevron’s resource base. Chevron’s 105-4X exploration well in offshore Angola’s Block 0 encountered a hydrocarbon column exceeding 600 meters (about 2,000 feet), including more than 90 meters of net pay in the primary Pinda reservoir. The size of the find strengthens the company’s long-term production outlook and supports its strategic exploration program in Sub-Saharan Africa. Reuters article
• Positive Sentiment: Potential tie-in could reduce development costs. The discovery is located near existing Block 0 infrastructure, creating the possibility of a relatively efficient tie-back and potentially accelerating development while limiting capital requirements. However, commerciality, appraisal work and a development timeline have not yet been established. Chevron Stock Rises After Major Angola Discovery
• Positive Sentiment: Higher oil prices provide additional sector support. Reports that Brent crude was approaching $89 a barrel amid continued disruption and uncertainty around the Strait of Hormuz are supportive of Chevron’s upstream revenue and cash-flow prospects, although the geopolitical situation also raises market and operating risks. Brent Crude Nears $89
• Neutral Sentiment: Income appeal remains part of the investment case. Chevron continues to be highlighted by analysts as a dividend-paying energy major with potential upside, but the dividend coverage and valuation were not materially changed by these reports. Dividend Stocks Article

Insider Buying and Selling

In other news, CEO Michael K. Wirth sold 5,547 shares of the firm'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 transaction of $1,037,289.00. Following the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $4,919,596. This trade represents a 17.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John B. Hess sold 710,665 shares of the firm's stock in a transaction dated 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 directly owned 363,711 shares in the company, valued at approximately $70,596,305.10. This represents a 66.15% 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 worth $231,819,366 in the last 90 days. 0.56% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. TD Cowen upped their price objective on shares of Chevron from $200.00 to $205.00 and gave the company a "hold" rating in a report on Wednesday, August 5th. Bank of America raised their target price on shares of Chevron from $210.00 to $227.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Scotiabank boosted their price objective on Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Sanford C. Bernstein boosted their target price on shares of Chevron from $204.00 to $209.00 and gave the company a "market perform" rating in a research note on Monday, August 3rd. Finally, Piper Sandler initiated coverage on Chevron in a research report on Thursday, July 23rd. They set an "overweight" rating and a $207.00 price target on the stock. Twenty investment 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. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $207.13.

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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