USA Financial Formulas Invests $538,000 in Chevron Corporation $CVX

USA Financial Formulas acquired a new position in Chevron Corporation (NYSE:CVX) during the first quarter, HoldingsChannel.com reports. The fund acquired 2,598 shares of the oil and gas company’s stock, valued at approximately $538,000.

Other large investors also recently added to or reduced their stakes in the company. Cornerstone Advisory LLC raised its position in Chevron by 0.9% in the first quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company’s stock worth $1,164,000 after acquiring an additional 52 shares during the period. Compton Financial Group LLC boosted its stake in shares of Chevron by 1.9% during the 1st quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company’s stock worth $609,000 after acquiring an additional 56 shares during the last quarter. Quantum Portfolio Management LLC boosted its stake in shares of Chevron by 2.7% during the 1st quarter. Quantum Portfolio Management LLC now owns 2,101 shares of the oil and gas company’s stock worth $435,000 after acquiring an additional 56 shares during the last quarter. Wealthspire Retirement LLC grew its position in shares of Chevron by 0.9% during the 1st quarter. Wealthspire Retirement LLC now owns 6,530 shares of the oil and gas company’s stock valued at $1,351,000 after acquiring an additional 56 shares during the period. Finally, D.B. Root & Company LLC increased its stake in shares of Chevron by 1.0% in the 4th quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company’s stock worth $846,000 after purchasing an additional 57 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Price Performance

NYSE:CVX opened at $199.99 on Friday. The business’s 50-day moving average is $183.30 and its 200 day moving average is $186.88. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. 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 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 released its quarterly 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 EPS. The firm’s revenue for the quarter was up 57.4% compared to the same quarter last year. On average, equities research analysts forecast that Chevron Corporation will post 15.86 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 3.6%. Chevron’s dividend payout ratio (DPR) is 68.26%.

Insiders Place Their Bets

In related 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 value of $137,940,076.50. Following the sale, the director owned 363,711 shares in the company, valued at approximately $70,596,305.10. The trade was a 66.15% decrease in their ownership of the stock. The sale 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 the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $187.00, for a total transaction 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 SEC filing for this sale provides additional information. Over the last three months, insiders sold 1,196,212 shares of company stock valued at $231,819,366. 0.56% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CVX. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $220.00 target price on shares of Chevron in a report on Tuesday, May 5th. TD Cowen boosted their price target on Chevron from $200.00 to $205.00 and gave the company a “hold” rating in a report on Wednesday, August 5th. Zacks Research cut Chevron from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. UBS Group reaffirmed a “buy” rating on shares of Chevron in a research note on Tuesday, June 23rd. Finally, Bank of America lifted their price objective on Chevron from $210.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Twenty analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $207.48.

Chevron 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.