Corient Private Wealth LP Makes New Investment in Chevron Corporation $CVX

Corient Private Wealth LP bought a new position in Chevron Corporation (NYSE:CVX) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,460,566 shares of the oil and gas company’s stock, valued at approximately $395,511,000. Corient Private Wealth LP owned about 0.12% of Chevron at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in CVX. Midwest Capital Advisors LLC acquired a new stake in Chevron in the first quarter valued at approximately $25,000. Core Wealth Advisors LLC acquired a new position in shares of Chevron during the fourth quarter worth $26,000. Phillip James Consulting Co. acquired a new position in shares of Chevron during the fourth quarter worth $26,000. Basso Capital Management L.P. bought a new position in shares of Chevron in the 4th quarter valued at $27,000. Finally, Karpus Management Inc. bought a new position in shares of Chevron in the 4th quarter valued at $27,000. 72.42% of the stock is owned by institutional investors.

Chevron Stock Up 0.2%

Chevron stock opened at $200.26 on Thursday. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $395.67 billion, a PE ratio of 19.20, a PEG ratio of 0.60 and a beta of 0.49. The firm’s fifty day moving average is $186.34 and its 200 day moving average is $188.63.

Chevron (NYSE:CVX) last issued its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $62.72 billion. During the same period last year, the business earned $1.77 EPS. Chevron’s quarterly revenue was up 57.4% compared to the same quarter last year. As a group, sell-side analysts predict that Chevron Corporation will post 16.17 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced 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. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.6%. Chevron’s payout ratio is presently 68.26%.

Insider Activity

In other Chevron news, CEO Michael K. Wirth sold 317,100 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $200.46, for a total value of $63,565,866.00. Following the completion of the sale, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at approximately $5,273,701.68. This represents a 92.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Andrew Benjamin Walz sold 16,800 shares of the firm’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the sale, the insider directly owned 14 shares of the company’s stock, valued at approximately $2,814.84. This represents a 99.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,152,582 shares of company stock valued at $225,853,661 over the last quarter. 0.56% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CVX shares. The Goldman Sachs Group restated a “buy” rating and set a $216.00 price objective on shares of Chevron in a research report on Wednesday, May 6th. UBS Group reiterated a “buy” rating on shares of Chevron in a research report on Tuesday, June 23rd. Sanford C. Bernstein boosted their price target on Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a report on Monday, August 3rd. Morgan Stanley upped their price objective on Chevron from $210.00 to $218.00 and gave the company an “overweight” rating in a research note on Wednesday, August 19th. Finally, Barclays cut their target price on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating on the stock in a research report on Monday, August 17th. Twenty analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Chevron has a consensus rating of “Moderate Buy” and a consensus price target 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.