Purkiss Capital Advisors LLC Increases Holdings in Chevron Corporation $CVX

Purkiss Capital Advisors LLC lifted its stake in Chevron Corporation (NYSE:CVX) by 57.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,445 shares of the oil and gas company’s stock after buying an additional 2,703 shares during the period. Purkiss Capital Advisors LLC’s holdings in Chevron were worth $1,066,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CVX. Harvest Fund Management Co. Ltd raised its stake in shares of Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 122 shares during the period. Elequin Capital LP purchased a new position in shares of Chevron in the first quarter valued at $31,000. IMG Wealth Management Inc. grew its holdings in Chevron by 52.3% during the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 91 shares in the last quarter. Cloud Capital Management LLC purchased a new stake in Chevron during the 1st quarter worth $39,000. Finally, Investment Management Corp VA ADV increased its stake in Chevron by 171.3% during the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock worth $39,000 after buying an additional 149 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CVX shares. Weiss Ratings reissued a “hold (c)” rating on shares of Chevron in a research report on Wednesday, October 8th. Melius Research started coverage on Chevron in a research note on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price target on the stock. Wells Fargo & Company assumed coverage on Chevron in a report on Friday, October 17th. They issued an “overweight” rating and a $190.00 price target for the company. Morgan Stanley assumed coverage on Chevron in a report on Monday, August 4th. They set an “overweight” rating and a $174.00 price objective on the stock. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $160.00 target price (down from $170.00) on shares of Chevron in a research report on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $165.25.

Chevron Price Performance

Shares of CVX opened at $155.38 on Tuesday. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The firm has a market cap of $268.49 billion, a price-to-earnings ratio of 20.00, a PEG ratio of 4.42 and a beta of 0.84. The stock has a 50 day moving average of $156.03 and a 200-day moving average of $148.55.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same period last year, the firm posted $2.55 EPS. The company’s revenue for the quarter was down 12.4% on a year-over-year basis. As a group, analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron’s dividend payout ratio is 88.03%.

Insider Activity at Chevron

In other news, Director John B. Hess sold 375,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the transaction, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares of the company’s stock, valued at approximately $188,960. The trade was a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is owned by company insiders.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.