Spectrum Strategic Capital Management LLC Makes New Investment in Chevron Corporation $CVX

Key Points

• Spectrum Strategic Capital Management LLC has made a new investment in Chevron Corporation, acquiring 14,153 shares valued at approximately $2,027,000, which constitutes about 1.0% of its portfolio.
• Chevron's recent quarterly earnings report showed a net income of approximately $1.77 per share, surpassing expectations, despite a 12.4% revenue decline year-over-year.
• The company's dividend was recently paid at $1.71 per share, leading to an annualized yield of 4.4%, with a payout ratio of 88.03%.

Spectrum Strategic Capital Management LLC purchased a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 14,153 shares of the oil and gas company's stock, valued at approximately $2,027,000. Chevron accounts for about 1.0% of Spectrum Strategic Capital Management LLC's portfolio, making the stock its 21st biggest position.

A number of other institutional investors also recently added to or reduced their stakes in CVX. Kingstone Capital Partners Texas LLC lifted its holdings in shares of Chevron by 652,139.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock valued at $13,214,757,000 after buying an additional 83,702,101 shares during the period. GQG Partners LLC acquired a new stake in shares of Chevron in the first quarter valued at $1,466,751,000. Nuveen LLC acquired a new stake in shares of Chevron in the first quarter valued at $1,362,232,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Chevron by 4.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock valued at $5,592,263,000 after buying an additional 1,574,464 shares during the period. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Chevron by 141.2% in the first quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company's stock valued at $316,483,000 after buying an additional 1,107,628 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Activity

In related news, Director John B. Hess sold 375,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the sale, the director directly owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the sale, the vice president directly owned 1,181 shares of the company's stock, valued at approximately $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by corporate insiders.

Chevron Stock Down 2.5%

Shares of Chevron stock opened at $156.13 on Tuesday. The stock has a 50-day moving average price of $156.17 and a 200 day moving average price of $149.09. The company has a market cap of $269.79 billion, a P/E ratio of 20.09, a P/E/G ratio of 2.00 and a beta of 0.90. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business's revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the prior year, the business earned $2.55 EPS. As a group, analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio is currently 88.03%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CVX. Morgan Stanley began coverage on Chevron in a report on Monday, August 4th. They issued an "overweight" rating and a $174.00 price objective for the company. Piper Sandler upped their price objective on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Barclays restated an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. TD Cowen upped their target price on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a report on Monday, August 4th. Finally, Bank of America upped their target price on Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. Eleven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Chevron currently has a consensus rating of "Hold" and a consensus target price of $165.05.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.

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