Towercrest Capital Management Makes New $431,000 Investment in Chevron Corporation $CVX

Towercrest Capital Management acquired a new stake in shares of Chevron Corporation (NYSE:CVX) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,599 shares of the oil and gas company’s stock, valued at approximately $431,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Midwest Capital Advisors LLC acquired a new stake in shares of Chevron in the 1st quarter valued at about $25,000. Core Wealth Advisors LLC bought a new position in Chevron in the fourth quarter worth approximately $26,000. Phillip James Consulting Co. acquired a new stake in Chevron in the fourth quarter valued at approximately $26,000. Basso Capital Management L.P. acquired a new stake in Chevron in the fourth quarter valued at approximately $27,000. Finally, Karpus Management Inc. bought a new stake in shares of Chevron during the fourth quarter valued at approximately $27,000. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of Chevron stock opened at $199.99 on Friday. The business’s fifty day simple moving average is $183.30 and its 200 day simple moving average is $186.88. The firm has a market capitalization of $395.13 billion, a P/E ratio of 19.17, a price-to-earnings-growth ratio of 0.60 and a beta of 0.49. 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.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping the consensus estimate of $5.55 by $0.51. The business 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%.The business’s revenue was up 57.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.77 earnings per share. As a group, analysts anticipate 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%.

Insider Transactions at Chevron

In related news, Director John B. Hess sold 710,665 shares of the firm’s stock in a transaction dated 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 completion of the sale, the director owned 363,711 shares in the company, valued at approximately $70,596,305.10. This trade represents a 66.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Michael K. Wirth sold 5,547 shares of Chevron stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $4,919,596. This represents a 17.41% decrease in their position. 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 over the last three months. 0.56% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Dbs Bank upgraded Chevron to a “moderate buy” rating in a report on Thursday, August 6th. Wall Street Zen upgraded shares of Chevron from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Scotiabank upped their price objective on shares of Chevron from $168.00 to $187.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. Bank of America raised their price objective on shares of Chevron from $210.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Finally, Piper Sandler started coverage on shares of Chevron in a report on Thursday, July 23rd. They set an “overweight” rating and a $207.00 price objective for the company. Twenty investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $207.48.

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.