Summit Global Investments Makes New Investment in Chevron Corporation $CVX

Key Points

• Summit Global Investments acquired 18,804 Chevron shares during the second quarter, valued at approximately $3.1 million. Institutional investors collectively own 72.42% of Chevron’s stock.
• Analysts maintain a positive outlook, with a consensus “Moderate Buy” rating and an average price target of $207.48. Chevron recently exceeded quarterly earnings and revenue expectations, reporting $6.06 in EPS and $67.2 billion in revenue.
• Chevron declared a quarterly dividend of $1.78 per share, equivalent to an annualized $7.12 payout and a 3.6% yield. However, insiders sold approximately 1.2 million shares worth $231.8 million over the past 90 days.

Summit Global Investments acquired a new stake in Chevron Corporation (NYSE:CVX - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 18,804 shares of the oil and gas company's stock, valued at approximately $3,117,000.

Other institutional investors have also recently made changes to their positions in the company. United Bank boosted its position in Chevron by 7.7% during the 2nd quarter. United Bank now owns 11,079 shares of the oil and gas company's stock valued at $1,586,000 after buying an additional 796 shares during the period. Schnieders Capital Management LLC. grew its holdings in Chevron by 9.0% in the 2nd quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company's stock worth $7,280,000 after acquiring an additional 4,214 shares during the last quarter. BNP Paribas increased its position in shares of Chevron by 76.4% in the second quarter. BNP Paribas now owns 441 shares of the oil and gas company's stock valued at $63,000 after acquiring an additional 191 shares during the period. Osterweis Capital Management Inc. increased its position in shares of Chevron by 678.9% in the second quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company's stock valued at $195,000 after acquiring an additional 1,188 shares during the period. Finally, Main Street Financial Solutions LLC raised its stake in shares of Chevron by 3.6% during the second quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company's stock valued at $2,299,000 after acquiring an additional 553 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on CVX shares. Jefferies Financial Group reiterated a "buy" rating and set a $216.00 target price on shares of Chevron in a report on Friday, July 10th. TD Cowen boosted their price target on Chevron from $200.00 to $205.00 and gave the company a "hold" rating in a report on Wednesday, August 5th. Mizuho set a $224.00 price target on Chevron in a research report on Monday, August 3rd. Dbs Bank upgraded Chevron to a "moderate buy" rating in a report on Thursday, August 6th. Finally, UBS Group reiterated a "buy" rating on shares of Chevron in a research report on Tuesday, June 23rd. Twenty equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $207.48.

Insider Activity

In other Chevron news, Director John B. Hess sold 100,000 shares of Chevron stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the sale, the director directly owned 178,045 shares of the company's stock, valued at approximately $34,587,021.70. The trade was a 35.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael K. Wirth sold 5,547 shares of the company's stock in a transaction that occurred on 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 transaction, the chief executive officer owned 26,308 shares in the company, valued at $4,919,596. This trade represents a 17.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,196,212 shares of company stock valued at $231,819,366 over the last 90 days. 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 firm has a fifty day simple moving average of $183.30 and a two-hundred day simple moving average of $186.88. 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. The firm 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 announced 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 analyst estimates of $62.72 billion. During the same quarter in the previous year, the firm posted $1.77 EPS. The company's revenue for the quarter was up 57.4% compared to the same quarter last year. Equities analysts expect that Chevron Corporation will post 15.86 earnings per share for the current year.

Chevron Announces Dividend

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

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.

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