Wealth Effects LLC Invests $2.44 Million in Chevron Corporation $CVX

Key Points

• Wealth Effects LLC purchased 14,694 Chevron shares worth approximately $2.44 million during the second quarter. Institutional investors collectively own 72.42% of Chevron’s stock.
• Analysts maintain a favorable outlook, with a consensus rating of “Moderate Buy” and an average price target of $207.48; 20 analysts rate the stock a Buy.
• Chevron exceeded quarterly expectations, reporting $6.06 in EPS and $67.20 billion in revenue, while declaring a $1.78 quarterly dividend. Insiders, however, sold more than 1.19 million shares worth approximately $231.8 million over the last quarter.

Wealth Effects LLC purchased a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 14,694 shares of the oil and gas company's stock, valued at approximately $2,436,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. Midwest Capital Advisors LLC purchased a new position in shares of Chevron during the 1st quarter worth approximately $25,000. Main Street Group LTD purchased a new stake in shares of Chevron in the first quarter valued at approximately $28,000. Phillip James Consulting Co. acquired a new position in Chevron during the fourth quarter worth $26,000. Core Wealth Advisors LLC acquired a new position in Chevron during the fourth quarter worth $26,000. Finally, Karpus Management Inc. purchased a new position in Chevron in the fourth quarter worth $27,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group reiterated a "buy" rating and set a $216.00 price target on shares of Chevron in a research report on Wednesday, May 6th. Dbs Bank raised shares of Chevron to a "moderate buy" rating in a research note on Thursday, August 6th. Mizuho set a $224.00 target price on Chevron in a report on Monday, August 3rd. UBS Group reaffirmed a "buy" rating on shares of Chevron in a research note on Tuesday, June 23rd. Finally, Scotiabank lifted their price objective on Chevron from $168.00 to $187.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 22nd. 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $207.48.

Chevron Stock Down 0.0%

CVX stock opened at $199.99 on Monday. The stock has a market capitalization of $395.13 billion, a P/E ratio of 19.17, a PEG ratio of 0.61 and a beta of 0.49. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71. The company has a 50 day moving average price of $183.30 and a two-hundred day moving average price 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 company had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business's revenue for the quarter was up 57.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.77 EPS. As a group, sell-side analysts expect that Chevron Corporation will post 15.86 EPS for the current year.

Chevron Announces Dividend

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

Insider Activity

In other Chevron news, CEO Michael K. Wirth sold 5,547 shares of Chevron 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 owned 26,308 shares in the company, valued at $4,919,596. This trade represents a 17.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John B. Hess sold 710,665 shares of the business's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the sale, the director directly owned 363,711 shares of the company's stock, valued at $70,596,305.10. This represents a 66.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 1,196,212 shares of company stock worth $231,819,366. Insiders own 0.56% of the company's stock.

Chevron Company 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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