CORDA Investment Management LLC. Purchases New Position in Chevron Corporation $CVX

CORDA Investment Management LLC. purchased a new position in Chevron Corporation (NYSE:CVX) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 29,927 shares of the oil and gas company’s stock, valued at approximately $4,961,000.

A number of other hedge funds also recently bought and sold shares of CVX. Sound Portfolio Advisors LLC acquired a new stake in Chevron in the second quarter valued at approximately $403,000. Silverlake Wealth Management LLC acquired a new position in shares of Chevron during the 2nd quarter worth approximately $2,225,000. Bank of New York Mellon Corp acquired a new position in shares of Chevron during the 2nd quarter worth approximately $2,378,114,000. Sandro Wealth Management LLC acquired a new position in shares of Chevron during the 2nd quarter worth approximately $552,000. Finally, Centric Wealth Management purchased a new position in shares of Chevron during the 2nd quarter valued at approximately $5,045,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 1.2%

CVX stock opened at $199.99 on Friday. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71. The firm has a market cap of $395.13 billion, a PE ratio of 19.17, a PEG ratio of 0.61 and a beta of 0.49. The firm’s 50 day moving average price is $183.30 and its 200-day moving average price is $186.88. 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 (NYSE:CVX) last posted its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping 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 company had revenue of $67.20 billion during the quarter, compared to analysts’ expectations of $62.72 billion. During the same quarter last year, the firm earned $1.77 earnings per share. The firm’s quarterly revenue was up 57.4% compared to the same quarter last year. On average, equities research analysts anticipate that Chevron Corporation will post 15.86 EPS for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be given a dividend of $1.78 per share. 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 dividend payout ratio (DPR) is presently 68.26%.

Analyst Ratings Changes

A number of research firms have weighed in on CVX. Royal Bank Of Canada restated an “outperform” rating and set a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. UBS Group restated a “buy” rating on shares of Chevron in a research report on Tuesday, June 23rd. TD Cowen lifted their price objective on Chevron from $200.00 to $205.00 and gave the stock a “hold” rating in a report on Wednesday, August 5th. Dbs Bank upgraded Chevron to a “moderate buy” rating in a research note on Thursday, August 6th. Finally, Bank of America increased their target price on Chevron from $210.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Twenty equities research 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $207.48.

Insider Activity

In related news, CEO Michael K. Wirth sold 5,547 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $4,919,596. The trade was a 17.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Hess sold 100,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the completion of the transaction, the director directly owned 178,045 shares in the company, valued at $34,587,021.70. The trade was a 35.97% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 1,196,212 shares of company stock worth $231,819,366. 0.56% of the stock is 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.