Stack Financial Management Inc bought a new stake in Chevron Corporation (NYSE:CVX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 263,390 shares of the oil and gas company's stock, valued at approximately $43,660,000. Chevron accounts for 3.4% of Stack Financial Management Inc's holdings, making the stock its 6th largest holding.
A number of other large investors also recently modified their holdings of the company. Oppenheimer Asset Management Inc. bought a new position in shares of Chevron in the second quarter valued at $117,784,000. Bryn Mawr Trust Advisors LLC bought a new stake in shares of Chevron during the second quarter worth about $13,470,000. Mill Capital Management LLC bought a new stake in shares of Chevron during the second quarter worth about $4,534,000. Plan Group Financial LLC acquired a new stake in shares of Chevron in the 2nd quarter worth about $3,722,000. Finally, Towercrest Capital Management acquired a new stake in shares of Chevron in the 2nd quarter worth about $431,000. 72.42% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In related news, Director John B. Hess sold 100,000 shares of the company's stock in a transaction that occurred on 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 transaction, the director owned 178,045 shares in the company, valued at approximately $34,587,021.70. This represents a 35.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael K. Wirth sold 5,547 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $187.00, for a total value of $1,037,289.00. Following the transaction, the chief executive officer directly owned 26,308 shares of the company's stock, valued at approximately $4,919,596. This trade represents a 17.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,196,212 shares of company stock worth $231,819,366 in the last ninety days. 0.56% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on CVX. Piper Sandler assumed coverage on shares of Chevron in a research report on Thursday, July 23rd. They issued an "overweight" rating and a $207.00 price target on the stock. Wolfe Research raised Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 price objective for the company in a research note on Thursday, July 2nd. BNP Paribas Exane upgraded Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 target price on the stock in a report on Friday, April 17th. Jefferies Financial Group reaffirmed a "buy" rating and set a $216.00 target price on shares of Chevron in a research report on Friday, July 10th. Finally, Sanford C. Bernstein upped their price target on Chevron from $204.00 to $209.00 and gave the stock a "market perform" rating in a report on Monday, August 3rd. Twenty research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $207.48.
Read Our Latest Analysis on Chevron
Chevron Stock Performance
NYSE CVX opened at $199.99 on Friday. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71. The company has a 50-day simple moving average of $183.30 and a 200 day simple moving average of $186.88. 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 company has a market capitalization of $395.13 billion, a PE ratio of 19.17, a price-to-earnings-growth ratio of 0.60 and a beta of 0.49.
Chevron (NYSE:CVX - Get Free Report) last released its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, beating analysts' consensus estimates of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The firm had revenue of $67.20 billion for the quarter, compared to analysts' expectations of $62.72 billion. During the same period in the previous year, the company earned $1.77 earnings per share. The company's quarterly revenue was up 57.4% on a year-over-year basis. On average, research analysts predict that Chevron Corporation will post 15.86 EPS for the current year.
Chevron Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be issued a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron's payout ratio is 68.26%.
Chevron Profile
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Free Report)
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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