Summit Asset Management LLC Makes New Investment in Chevron Corporation $CVX

Summit Asset Management LLC bought a new position in shares of Chevron Corporation (NYSE:CVXFree Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 5,425 shares of the oil and gas company’s stock, valued at approximately $899,000.

Other large investors have also recently added to or reduced their stakes in the company. Cornerstone Advisory LLC lifted its stake in Chevron by 0.9% in the 1st quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company’s stock valued at $1,164,000 after purchasing an additional 52 shares during the last quarter. Compton Financial Group LLC lifted 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 buying an additional 56 shares during the last quarter. Quantum Portfolio Management LLC lifted 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 buying an additional 56 shares during the last quarter. Wealthspire Retirement LLC boosted its holdings 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 worth $1,351,000 after buying an additional 56 shares during the period. Finally, D.B. Root & Company LLC boosted its holdings in shares of Chevron by 1.0% during 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 buying an additional 57 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Activity at Chevron

In related news, Director John B. Hess sold 100,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the sale, the director owned 178,045 shares of the company’s stock, valued at $34,587,021.70. This represents a 35.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael K. Wirth sold 5,547 shares of Chevron 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 completion of the transaction, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at $4,919,596. This represents a 17.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 1,196,212 shares of company stock valued at $231,819,366. 0.56% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CVX has been the topic of several research analyst reports. TD Cowen increased their price target on shares of Chevron from $200.00 to $205.00 and gave the company a “hold” rating in a report on Wednesday, August 5th. Weiss Ratings upgraded Chevron from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $220.00 target price on shares of Chevron in a research report on Tuesday, May 5th. Dbs Bank upgraded Chevron to a “moderate buy” rating in a research note on Thursday, August 6th. Finally, Barclays increased their target price on Chevron from $213.00 to $216.00 and gave the stock an “equal weight” rating in a research note on Monday, August 3rd. Twenty investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $207.48.

Check Out Our Latest Stock Analysis on Chevron

Chevron Price Performance

NYSE:CVX opened at $199.99 on Friday. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The firm’s 50-day simple moving average is $183.30 and its 200 day simple moving average is $186.88. The firm has a market cap of $395.13 billion, a price-to-earnings ratio of 19.17, a P/E/G ratio of 0.61 and a beta of 0.49.

Chevron (NYSE:CVXGet Free Report) last posted its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the previous year, the firm posted $1.77 EPS. The business’s revenue for the quarter was up 57.4% compared to the same quarter last year. As a group, sell-side analysts predict 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. Stockholders of record on Wednesday, August 19th will be given a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Wednesday, August 19th. Chevron’s payout ratio is presently 68.26%.

About Chevron

(Free Report)

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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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