Simplicity Wealth LLC Makes New $13.63 Million Investment in Chevron Corporation $CVX

Key Points

• Simplicity Wealth LLC purchased 82,222 Chevron shares worth approximately $13.63 million in the second quarter. Institutional investors and hedge funds collectively own 72.42% of Chevron.
• Chevron reported quarterly earnings of $6.06 per share, exceeding estimates of $5.55, while revenue rose 57.4% year over year to $67.20 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $207.48.
• Chevron declared a quarterly dividend of $1.78 per share, equal to a 3.6% annualized yield. Meanwhile, company insiders have sold approximately $231.8 million of stock over the past 90 days.

Simplicity Wealth LLC purchased a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 82,222 shares of the oil and gas company's stock, valued at approximately $13,629,000.

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. The Goldman Sachs Group restated a "buy" rating and set a $216.00 price objective on shares of Chevron in a research report on Wednesday, May 6th. Wall Street Zen upgraded shares of Chevron from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. UBS Group reissued a "buy" rating on shares of Chevron in a research note on Tuesday, June 23rd. Jefferies Financial Group restated a "buy" rating and set a $216.00 target price on shares of Chevron in a report on Friday, July 10th. Finally, Weiss Ratings upgraded shares of Chevron from a "hold (c)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Twenty investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Chevron currently has an average rating of "Moderate Buy" and an average price target of $207.48.

Insider Buying and Selling

In related news, Director John B. Hess sold 100,000 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were 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 owned 178,045 shares of the company's stock, valued at approximately $34,587,021.70. This trade represents a 35.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael K. Wirth sold 5,547 shares of Chevron stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total transaction of $1,037,289.00. Following the transaction, the chief executive officer owned 26,308 shares in the company, valued at approximately $4,919,596. The trade was a 17.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,196,212 shares of company stock worth $231,819,366 in the last 90 days. 0.56% of the stock is owned by company insiders.

Chevron Trading Down 0.0%

NYSE:CVX opened at $199.99 on Monday. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71. The firm has a market capitalization 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 stock has a fifty day simple moving average of $183.30 and a 200 day simple moving average of $187.01.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share 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 analysts' expectations of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.Chevron's revenue was up 57.4% on a year-over-year basis. During the same quarter last year, the business posted $1.77 EPS. Sell-side analysts forecast that Chevron Corporation will post 15.86 earnings per share for the current year.

Chevron Announces Dividend

The company also recently announced 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 dividend payout ratio (DPR) is 68.26%.

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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