Silverlake Wealth Management LLC Purchases New Position in Chevron Corporation $CVX

Key Points

• Silverlake Wealth Management purchased 13,422 Chevron shares during the second quarter, valued at approximately $2.23 million. Institutional investors collectively own 72.42% of Chevron’s stock.
• Chevron reported quarterly earnings of $6.06 per share, exceeding estimates of $5.55, while revenue rose 57.4% year over year to $67.2 billion.
• Chevron declared a quarterly dividend of $1.78 per share, equivalent to an annualized $7.12 dividend and a 3.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $207.48.

Silverlake Wealth Management LLC purchased a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 13,422 shares of the oil and gas company's stock, valued at approximately $2,225,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Midwest Capital Advisors LLC purchased a new stake in Chevron in the first quarter worth $25,000. Main Street Group LTD purchased a new position in Chevron during the 1st quarter valued at $28,000. Phillip James Consulting Co. purchased a new position in Chevron during the 4th quarter valued at $26,000. Core Wealth Advisors LLC purchased a new position in Chevron during the 4th quarter valued at $26,000. Finally, Karpus Management Inc. bought a new position in Chevron in the 4th quarter worth $27,000. Institutional investors own 72.42% of the company's stock.

Insider Transactions at Chevron

In related news, Director John B. Hess sold 710,665 shares of the company's stock in a transaction dated 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 transaction, the director 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 document filed with the SEC, which is available at this hyperlink. Also, CEO Michael K. Wirth sold 5,547 shares of the stock in a transaction dated 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 sale, the chief executive officer directly owned 26,308 shares in the company, valued at $4,919,596. This trade represents a 17.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 1,196,212 shares of company stock worth $231,819,366. 0.56% of the stock is currently owned by company insiders.

Chevron Stock Up 1.2%

Shares of NYSE:CVX opened at $199.99 on Friday. The stock has a fifty day simple moving average of $183.30 and a two-hundred day simple moving average of $186.88. The stock has a market capitalization of $395.13 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 0.61 and a beta of 0.49. 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.

Chevron (NYSE:CVX - Get Free Report) last released 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 return on equity of 11.09% and a net margin of 9.57%.The business had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. During the same period in the previous year, the company posted $1.77 earnings per share. The company's revenue for the quarter was up 57.4% compared to the same quarter last year. On average, research analysts anticipate that Chevron Corporation will post 15.86 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

Analysts Set New Price Targets

CVX has been the subject of several research analyst reports. Piper Sandler started coverage on shares of Chevron in a research report on Thursday, July 23rd. They issued an "overweight" rating and a $207.00 target price for the company. UBS Group reiterated a "buy" rating on shares of Chevron in a research report on Tuesday, June 23rd. Jefferies Financial Group reissued a "buy" rating and issued a $216.00 price target on shares of Chevron in a research note on Friday, July 10th. Mizuho set a $224.00 price objective on shares of Chevron in a report on Monday, August 3rd. Finally, Scotiabank raised their price objective on shares of Chevron from $168.00 to $187.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 22nd. Twenty investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Chevron has a consensus rating of "Moderate Buy" and an average target price 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