Summit Asset Management LLC Acquires New Shares in Chevron Corporation $CVX

Summit Asset Management LLC bought a new position in Chevron Corporation (NYSE:CVX) in the second quarter, Holdings Channel.com reports. The firm bought 5,425 shares of the oil and gas company’s stock, valued at approximately $899,000.

A number of other institutional investors have also added to or reduced their stakes in CVX. United Bank increased its holdings in shares of Chevron by 7.7% during the second quarter. United Bank now owns 11,079 shares of the oil and gas company’s stock worth $1,586,000 after buying an additional 796 shares in the last quarter. Schnieders Capital Management LLC. increased its holdings in Chevron by 9.0% in the 2nd quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company’s stock worth $7,280,000 after purchasing an additional 4,214 shares in the last quarter. BNP Paribas raised its holdings in Chevron by 76.4% in the 2nd quarter. BNP Paribas now owns 441 shares of the oil and gas company’s stock valued at $63,000 after buying an additional 191 shares during the last quarter. Osterweis Capital Management Inc. increased its position in Chevron by 678.9% in the 2nd quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company’s stock valued at $195,000 after acquiring an additional 1,188 shares during the period. Finally, Main Street Financial Solutions LLC raised its stake in shares of Chevron by 3.6% during the second quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company’s stock valued at $2,299,000 after acquiring an additional 553 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CVX has been the subject of several analyst reports. Mizuho set a $224.00 target price on Chevron in a research report on Monday, August 3rd. Weiss Ratings upgraded Chevron from a “hold (c)” rating to a “buy (b)” rating in a research report on Tuesday. Sanford C. Bernstein upped their target price on Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. Piper Sandler initiated coverage on shares of Chevron in a report on Thursday, July 23rd. They set an “overweight” rating and a $207.00 price target for the company. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $216.00 price objective on shares of Chevron in a research report on Friday, July 10th. Twenty research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and an average price target of $207.48.

Chevron Stock Performance

NYSE:CVX opened at $199.99 on Friday. The company has a market capitalization of $395.13 billion, a P/E ratio of 19.17, a P/E/G ratio of 0.61 and a beta of 0.49. The business has a fifty day simple moving average of $183.30 and a two-hundred day simple moving average of $186.88. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $214.71.

Chevron (NYSE:CVX) last posted its quarterly earnings results 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 company had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm’s quarterly revenue was up 57.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.77 EPS. On average, analysts expect that Chevron Corporation will post 15.86 earnings per share for the current year.

Chevron Announces Dividend

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 issued a $1.78 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.6%. Chevron’s dividend payout ratio (DPR) is 68.26%.

Insider Buying and Selling

In other Chevron news, 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 owned 363,711 shares of the company’s stock, valued at $70,596,305.10. The trade was a 66.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael K. Wirth sold 5,547 shares of the business’s 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 sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,196,212 shares of company stock valued at $231,819,366 over the last quarter. 0.56% of the stock is owned by company 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.