Prosperitas Financial LLC Grows Holdings in Chevron Corporation $CVX

Prosperitas Financial LLC lifted its stake in Chevron Corporation (NYSE:CVX) by 9.5% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 33,842 shares of the oil and gas company’s stock after purchasing an additional 2,923 shares during the quarter. Chevron accounts for 1.8% of Prosperitas Financial LLC’s portfolio, making the stock its 16th largest position. Prosperitas Financial LLC’s holdings in Chevron were worth $5,610,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Blue Capital Inc. bought a new stake in Chevron during the 2nd quarter valued at $786,000. OneAscent Wealth Management LLC bought a new stake in Chevron in the 2nd quarter worth $973,000. Global Retirement Partners LLC purchased a new position in shares of Chevron in the second quarter valued at about $14,276,000. Indivisible Partners purchased a new position in shares of Chevron in the fourth quarter valued at about $1,923,000. Finally, Janney Montgomery Scott LLC raised its stake 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 acquiring an additional 79,439 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 1.1%

NYSE:CVX opened at $202.04 on Friday. The company has a 50-day moving average price of $187.44 and a 200-day moving average price of $188.85. The stock has a market cap of $399.18 billion, a price-to-earnings ratio of 19.37, a P/E/G ratio of 0.60 and a beta of 0.49. 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 Corporation has a 12 month low of $146.49 and a 12 month high of $214.71.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company had revenue of $67.20 billion for the quarter, compared to analysts’ expectations of $62.72 billion. During the same quarter in the previous year, the company earned $1.77 earnings per share. Chevron’s quarterly revenue was up 57.4% on a year-over-year basis. Equities analysts predict that Chevron Corporation will post 16.17 EPS for the current year.

Chevron Announces Dividend

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

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is reportedly nearing a deal to migrate all of its Venezuelan joint ventures into a new energy framework, potentially allowing greater operational control and key oilfield expansions. The company already accounts for roughly one-quarter of Venezuela’s oil production. Reuters: Chevron to complete deal in Venezuela to migrate, expand oil projects
• Positive Sentiment: Reports indicate Chevron and oil-services company Halliburton are close to agreements to invest billions of dollars in Venezuelan fields. For Chevron, the opportunity could create a long-term production-growth platform and strengthen its position if Venezuela moves further away from OPEC restrictions. Wall Street Journal: Chevron, Other U.S. Firms Near Deal to Invest Billions in Venezuelan Oil Fields
• Neutral Sentiment: Analyst-oriented coverage is comparing Chevron’s performance with TotalEnergies, while other reports highlight Chevron’s investments in nuclear-fusion technology. Fusion could eventually diversify the company beyond hydrocarbons, but the projects remain experimental and are unlikely to materially affect near-term earnings. Yahoo Finance: What Does Chevron Want From Its Nuclear Fusion Push?
• Negative Sentiment: Venezuelan opposition groups have criticized reports that U.S. companies could receive a large stake in the country’s energy industry. Political resistance, sanctions or regulatory uncertainty could delay the agreement, raise investment costs or limit the expected benefits. The Guardian: Venezuelan opposition reacts to potential U.S. oil stake
• Negative Sentiment: Dividend-focused coverage notes that Chevron’s payout remains exposed to commodity-price cycles. Although the dividend is supported by the company’s scale and balance sheet, weaker oil prices or heavy Venezuelan investment requirements could pressure future cash-flow flexibility. 247WallSt: Chevron or PepsiCo: Whose Dividend Is Standing on Thinner Ice?

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Chevron from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $220.00 price target on shares of Chevron in a research report on Tuesday, May 5th. Wolfe Research upgraded Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective for the company in a report on Thursday, July 2nd. Jefferies Financial Group reiterated a “buy” rating and issued a $216.00 price objective on shares of Chevron in a research report on Friday, July 10th. Finally, Dbs Bank raised Chevron to a “moderate buy” rating in a research note on Thursday, August 6th. Twenty investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Chevron currently has an average rating of “Moderate Buy” and an average target price of $207.48.

Insider Transactions at Chevron

In related news, Director John B. Hess sold 710,665 shares of Chevron stock in a transaction that occurred on Monday, August 3rd. The stock was 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 in the company, valued at $70,596,305.10. The trade was a 66.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R. Hewitt Pate sold 2,470 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total value of $506,621.70. Following the completion of the sale, the insider directly owned 10,794 shares in the company, valued at approximately $2,213,957.34. The trade was a 18.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,152,582 shares of company stock worth $225,853,661 over the last 90 days. 0.56% of the stock is currently owned by insiders.

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.