5,826 Shares in Chevron Corporation $CVX Purchased by Occidental Asset Management LLC

Occidental Asset Management LLC purchased a new stake in shares of Chevron Corporation (NYSE:CVX) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 5,826 shares of the oil and gas company’s stock, valued at approximately $966,000.

Other institutional investors have also added to or reduced their stakes in the company. Midwest Capital Advisors LLC purchased a new stake in shares of Chevron during the 1st quarter worth approximately $25,000. Main Street Group LTD purchased a new position in shares of Chevron in the first quarter valued at $28,000. Phillip James Consulting Co. bought a new stake in Chevron in the fourth quarter worth $26,000. Core Wealth Advisors LLC bought a new stake in Chevron in the fourth quarter worth $26,000. Finally, Karpus Management Inc. purchased a new stake in Chevron during the fourth quarter valued at $27,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

CVX has been the subject of several research reports. Weiss Ratings upgraded shares of Chevron from a “hold (c)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. UBS Group restated a “buy” rating on shares of Chevron in a research report on Tuesday, June 23rd. Zacks Research lowered Chevron from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. Royal Bank Of Canada reissued an “outperform” rating and set a $220.00 price objective on shares of Chevron in a research note on Tuesday, May 5th. Finally, Mizuho set a $224.00 price objective on Chevron in a research report on Monday, August 3rd. Twenty research 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. According to MarketBeat, Chevron currently has an average rating of “Moderate Buy” and a consensus price target of $207.13.

Key Headlines Impacting Chevron

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

Insiders Place Their Bets

In other news, CEO Michael K. Wirth sold 5,547 shares of Chevron stock in a transaction 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 completion of the sale, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $4,919,596. This trade represents a 17.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 directly owned 363,711 shares of the company’s stock, valued at $70,596,305.10. This represents a 66.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 1,196,212 shares of company stock valued at $231,819,366. 0.56% of the stock is owned by company insiders.

Chevron Price Performance

CVX stock opened at $202.75 on Tuesday. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The company has a 50-day moving average price of $183.57 and a 200 day moving average price of $187.25. The stock has a market cap of $400.59 billion, a PE ratio of 19.44, a P/E/G ratio of 0.61 and a beta of 0.49.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $62.72 billion. During the same period in the prior year, the company posted $1.77 EPS. The firm’s revenue for the quarter was up 57.4% on a year-over-year basis. Equities research analysts anticipate that Chevron Corporation will post 15.86 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron’s dividend payout ratio (DPR) is currently 68.26%.

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.