Principle Wealth Partners LLC Purchases New Stake in Chevron Corporation $CVX

Principle Wealth Partners LLC acquired a new position in shares of Chevron Corporation (NYSE:CVX) during the 2nd quarter, Holdings Channel.com reports. The firm acquired 51,751 shares of the oil and gas company’s stock, valued at approximately $8,578,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Global Retirement Partners LLC bought a new position in Chevron in the second quarter worth about $14,276,000. Indivisible Partners bought a new position in shares of Chevron during the fourth quarter valued at approximately $1,923,000. Janney Montgomery Scott LLC grew its holdings in shares of Chevron by 6.8% during the first quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company’s stock valued at $258,853,000 after purchasing an additional 79,439 shares during the last quarter. Galaxy Digital Inc. acquired a new stake in shares of Chevron during the 1st quarter worth approximately $2,028,000. Finally, Osprey Private Wealth LLC raised its position in shares of Chevron by 556.4% during the 4th quarter. Osprey Private Wealth LLC now owns 9,190 shares of the oil and gas company’s stock worth $1,401,000 after purchasing an additional 7,790 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the subject of a number of analyst reports. Scotiabank boosted their price objective on Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. UBS Group reaffirmed a “buy” rating on shares of Chevron in a research report on Tuesday, June 23rd. Royal Bank Of Canada reiterated an “outperform” rating and issued a $220.00 target price on shares of Chevron in a research note on Tuesday, May 5th. Bank of America boosted their price target on shares of Chevron from $210.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $216.00 price target on shares of Chevron in a research report on Wednesday, May 6th. 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. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $207.13.

Insider Activity at Chevron

In related news, Director John B. Hess sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $194.26, for a total value of $19,426,000.00. Following the completion of the transaction, the director owned 178,045 shares of the company’s stock, valued at approximately $34,587,021.70. This trade represents a 35.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael K. Wirth sold 5,547 shares of Chevron stock in a transaction that occurred on 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 transaction, the chief executive officer owned 26,308 shares in the company, valued at approximately $4,919,596. The trade was a 17.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 1,196,212 shares of company stock valued at $231,819,366. 0.56% of the stock is owned by insiders.

Chevron Stock Up 1.4%

Chevron stock opened at $202.75 on Tuesday. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. The stock has a market cap of $400.59 billion, a price-to-earnings ratio of 19.44, a PEG ratio of 0.61 and a beta of 0.49. The company’s 50-day moving average price is $183.57 and its two-hundred day moving average price is $187.25. 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 announced its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, beating the consensus estimate of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business had revenue of $67.20 billion during the quarter, compared to analysts’ expectations of $62.72 billion. During the same quarter last year, the business posted $1.77 earnings per share. The company’s quarterly revenue was up 57.4% on a year-over-year basis. On average, analysts expect that Chevron Corporation will post 15.86 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be given a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron’s dividend payout ratio is 68.26%.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Major Angola discovery expands Chevron’s resource base. Chevron’s 105-4X exploration well in offshore Angola’s Block 0 encountered a hydrocarbon column exceeding 600 meters (about 2,000 feet), including more than 90 meters of net pay in the primary Pinda reservoir. The size of the find strengthens the company’s long-term production outlook and supports its strategic exploration program in Sub-Saharan Africa. Reuters article
• Positive Sentiment: Potential tie-in could reduce development costs. The discovery is located near existing Block 0 infrastructure, creating the possibility of a relatively efficient tie-back and potentially accelerating development while limiting capital requirements. However, commerciality, appraisal work and a development timeline have not yet been established. Chevron Stock Rises After Major Angola Discovery
• Positive Sentiment: Higher oil prices provide additional sector support. Reports that Brent crude was approaching $89 a barrel amid continued disruption and uncertainty around the Strait of Hormuz are supportive of Chevron’s upstream revenue and cash-flow prospects, although the geopolitical situation also raises market and operating risks. Brent Crude Nears $89
• Neutral Sentiment: Income appeal remains part of the investment case. Chevron continues to be highlighted by analysts as a dividend-paying energy major with potential upside, but the dividend coverage and valuation were not materially changed by these reports. Dividend Stocks Article

About Chevron

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.