SCS Capital Management LLC Buys Shares of 72,592 Chevron Corporation $CVX

Key Points

• SCS Capital Management initiated a Chevron position by purchasing 72,592 shares worth approximately $12.0 million in the second quarter. Institutional investors and hedge funds collectively own 72.42% of Chevron’s stock.
• Chevron exceeded quarterly expectations, reporting $6.06 in earnings per share versus the $5.55 consensus estimate and $67.20 billion in revenue, up 57.4% year over year.
• Chevron declared a quarterly dividend of $1.78, equivalent to $7.12 annually and a 3.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $207.48, while insiders have sold more than $231 million of stock over the past three months.

SCS Capital Management LLC purchased a new position in Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 72,592 shares of the oil and gas company's stock, valued at approximately $12,033,000.

A number of other large investors have also made changes to their positions in CVX. Cornerstone Advisory LLC raised its stake in Chevron by 0.9% in the first quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company's stock valued at $1,164,000 after buying an additional 52 shares during the last quarter. Compton Financial Group LLC grew its stake in shares of Chevron by 1.9% during the first quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company's stock worth $609,000 after acquiring an additional 56 shares during the last quarter. Quantum Portfolio Management LLC increased its holdings in shares of Chevron by 2.7% during the first quarter. Quantum Portfolio Management LLC now owns 2,101 shares of the oil and gas company's stock valued at $435,000 after acquiring an additional 56 shares in the last quarter. Wealthspire Retirement LLC increased its holdings in shares of Chevron by 0.9% during the first quarter. Wealthspire Retirement LLC now owns 6,530 shares of the oil and gas company's stock valued at $1,351,000 after acquiring an additional 56 shares in the last quarter. Finally, D.B. Root & Company LLC increased its holdings in shares of Chevron by 1.0% during the fourth quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company's stock valued at $846,000 after acquiring an additional 57 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Price Performance

NYSE:CVX opened at $199.99 on Monday. 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 firm has a market cap of $395.13 billion, a price-to-earnings ratio of 19.17, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49. The company has a 50 day moving average price of $183.30 and a 200-day moving average price of $187.01. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 quarterly revenue was up 57.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.77 earnings per share. Equities research analysts forecast that Chevron Corporation will post 15.86 EPS for the current year.

Chevron Dividend Announcement

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

Insider Activity

In related news, CEO Michael K. Wirth sold 5,547 shares of Chevron stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total value of $1,037,289.00. Following the completion of the transaction, the chief executive officer owned 26,308 shares in the company, valued at $4,919,596. The trade was a 17.41% 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, Director John B. Hess sold 100,000 shares of the company's stock in a transaction dated 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 completion of 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 SEC filing for this sale provides additional information. Over the last three months, insiders have sold 1,196,212 shares of company stock worth $231,819,366. Corporate insiders own 0.56% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CVX. TD Cowen lifted their target price on shares of Chevron from $200.00 to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, August 5th. Barclays upped their price objective on shares of Chevron from $213.00 to $216.00 and gave the company an "equal weight" rating in a report on Monday, August 3rd. Zacks Research lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a report on Monday, June 8th. Wall Street Zen raised Chevron from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Finally, The Goldman Sachs Group reiterated a "buy" rating and set a $216.00 price objective on shares of Chevron in a research note on Wednesday, May 6th. Twenty equities 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. According to data from MarketBeat.com, the company currently has an average 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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