Proficio Capital Partners LLC boosted its position in Chevron Corporation (NYSE:CVX – Free Report) by 423.6% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 8,330 shares of the oil and gas company’s stock after purchasing an additional 6,739 shares during the period. Proficio Capital Partners LLC’s holdings in Chevron were worth $1,381,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Chevron in the second quarter valued at approximately $25,663,729,000. Norges Bank bought a new stake in Chevron in the 4th quarter valued at $3,727,586,000. Bank of New York Mellon Corp acquired a new stake in Chevron during the 2nd quarter valued at $2,378,114,000. State Street Corp lifted its holdings in Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock valued at $23,698,184,000 after purchasing an additional 12,789,399 shares during the last quarter. Finally, Legal & General Group Plc acquired a new position in shares of Chevron in the second quarter valued at $1,462,412,000. Institutional investors own 72.42% of the company’s stock.
Insider Activity at Chevron
In other Chevron news, CEO Michael K. Wirth sold 317,100 shares of Chevron stock in a transaction on 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. The trade was a 92.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John B. Hess sold 710,665 shares of the business’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 completion of the sale, the director directly owned 363,711 shares of the company’s stock, valued at $70,596,305.10. The trade was 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 over the last quarter. 0.56% of the stock is currently owned by insiders.
Chevron Stock Up 0.2%
Chevron (NYSE:CVX – Get Free Report) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating analysts’ consensus estimates of $5.55 by $0.51. The firm had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business’s revenue was up 57.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.77 EPS. On average, research analysts anticipate that Chevron Corporation will post 16.17 earnings per share for the current year.
Chevron Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be paid a $1.78 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.6%. Chevron’s payout ratio is currently 68.26%.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on CVX. UBS Group reissued a “buy” rating on shares of Chevron in a research report on Tuesday, June 23rd. Piper Sandler started coverage on shares of Chevron in a research report on Thursday, July 23rd. They issued an “overweight” rating and a $207.00 target price for the company. Barclays reduced their price target 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. Royal Bank Of Canada restated an “outperform” rating and set a $220.00 target price on shares of Chevron in a research note on Tuesday, May 5th. Finally, Bank of America raised their target price on Chevron from $210.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Twenty investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $207.48.
View Our Latest Stock Analysis on Chevron
Chevron Company 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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