Pinnacle West Asset Management Inc. bought a new stake in Chevron Corporation (NYSE:CVX – Free Report) during the second quarter, HoldingsChannel reports. The institutional investor bought 14,090 shares of the oil and gas company’s stock, valued at approximately $2,336,000. Chevron comprises about 1.6% of Pinnacle West Asset Management Inc.’s holdings, making the stock its 24th largest position.
A number of other institutional investors and hedge funds have also recently modified their holdings of CVX. Ieq Capital LLC purchased a new stake in shares of Chevron during the 2nd quarter worth approximately $44,084,000. Sterling Financial Planning Inc. bought a new stake in shares of Chevron in the 2nd quarter worth approximately $321,000. Robinhood Asset Management LLC purchased a new position in Chevron in the second quarter valued at approximately $13,704,000. Callan Family Office LLC purchased a new position in Chevron in the second quarter valued at approximately $14,984,000. Finally, Fund Advisors of America Inc FL bought a new position in Chevron during the second quarter valued at $830,000. 72.42% of the stock is owned by institutional investors.
Insider Buying and Selling
In other Chevron news, insider R. Hewitt Pate sold 2,470 shares of Chevron stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total transaction of $506,621.70. Following the completion of the transaction, the insider owned 10,794 shares of the company’s stock, valued at $2,213,957.34. The trade was a 18.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John B. Hess sold 710,665 shares of the company’s stock in a transaction dated 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. This represents a 66.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,152,582 shares of company stock worth $225,853,661 in the last 90 days. 0.56% of the stock is owned by company insiders.
Chevron Stock Down 0.3%
Chevron (NYSE:CVX – Get Free Report) last posted its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.55 by $0.51. The firm had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business’s quarterly revenue was up 57.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.77 earnings per share. On average, analysts predict that Chevron Corporation will post 16.17 earnings per share for the current year.
Chevron Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be issued a dividend of $1.78 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.5%. Chevron’s dividend payout ratio is 68.26%.
Analysts Set New Price Targets
CVX has been the subject of a number of recent research reports. Royal Bank Of Canada reissued an “outperform” rating and issued a $220.00 target price on shares of Chevron in a research report on Tuesday, May 5th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $216.00 price target on shares of Chevron in a research report on Wednesday, May 6th. TD Cowen increased their price target on Chevron from $200.00 to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, August 5th. Sanford C. Bernstein lifted their price objective on Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a report on Monday, August 3rd. Finally, Bank of America boosted their price objective on Chevron from $210.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $207.48.
Get Our Latest Stock Analysis on Chevron
Trending Headlines about Chevron
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Brent crude recently approached $94–$95 per barrel amid renewed Middle East tensions and concerns about Strait of Hormuz disruptions. Sustained higher oil prices typically benefit Chevron’s upstream revenue, margins and cash flow. Chevron jumps as Brent crude approaches $94
- Positive Sentiment: Chevron confirmed an oil and gas condensate discovery at the 105-4X well in offshore Angola. Its proximity to existing facilities could allow a lower-cost tie-back, creating a potential source of future production. Chevron Angola discovery analysis
- Positive Sentiment: Chevron’s $1.78 quarterly dividend, equal to $7.12 annually and an approximately 3.5% yield, reinforces its appeal to income investors. The company also recently exceeded quarterly earnings and revenue expectations. Chevron raises dividend
- Neutral Sentiment: Analysis comparing Chevron with Exxon Mobil highlights differing long-term strategies, including Chevron’s continued emphasis on oil and gas. The approach could benefit from strong commodity prices but leaves CVX more exposed to future oil-demand and price cycles. Chevron versus Exxon Mobil analysis
- Negative Sentiment: Iraq plans to more than double its oil output over the next six years. If achieved, the added supply could pressure global crude prices and reduce the earnings benefit Chevron receives from today’s elevated prices. Iraq oil output and Chevron
- Negative Sentiment: Two Chevron insiders sold shares recently: Andrew Benjamin Walz sold 16,800 shares, while R. Hewitt Pate sold 2,470 shares. Although such transactions may reflect personal financial planning, they can create a modest sentiment overhang. Chevron insider sale report
- Negative Sentiment: A separate analysis says concerns remain centered on Chevron, including issues surrounding its Hess Midstream exposure and broader execution risks. The report may temper enthusiasm after CVX’s recent advance. Hess Midstream: The Issue Remains With Chevron
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.
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