Beech Hill Advisors Inc. Makes New Investment in Chevron Co. (NYSE:CVX)

Beech Hill Advisors Inc. purchased a new stake in shares of Chevron Co. (NYSE:CVX) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,083 shares of the oil and gas company’s stock, valued at approximately $326,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CVX. O Brien Wealth Partners LLC grew its holdings in shares of Chevron by 14.3% in the fourth quarter. O Brien Wealth Partners LLC now owns 1,272 shares of the oil and gas company’s stock valued at $190,000 after purchasing an additional 159 shares in the last quarter. Strategic Blueprint LLC raised its stake in shares of Chevron by 8.3% in the fourth quarter. Strategic Blueprint LLC now owns 20,563 shares of the oil and gas company’s stock valued at $3,067,000 after acquiring an additional 1,581 shares in the last quarter. United Capital Management of KS Inc. boosted its holdings in Chevron by 8.4% in the fourth quarter. United Capital Management of KS Inc. now owns 20,549 shares of the oil and gas company’s stock valued at $3,065,000 after purchasing an additional 1,597 shares during the period. Benin Management CORP grew its stake in Chevron by 2.7% during the 4th quarter. Benin Management CORP now owns 17,846 shares of the oil and gas company’s stock worth $2,662,000 after purchasing an additional 461 shares in the last quarter. Finally, International Assets Investment Management LLC increased its holdings in Chevron by 4.9% during the 4th quarter. International Assets Investment Management LLC now owns 21,470 shares of the oil and gas company’s stock worth $3,202,000 after purchasing an additional 1,005 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of CVX traded up $0.50 during trading hours on Friday, reaching $144.99. The company had a trading volume of 7,653,053 shares, compared to its average volume of 7,562,307. The company has a current ratio of 1.23, a quick ratio of 0.93 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12-month low of $139.62 and a 12-month high of $171.70. The firm has a 50 day simple moving average of $154.87 and a 200-day simple moving average of $156.06. The company has a market capitalization of $267.21 billion, a price-to-earnings ratio of 13.34, a PEG ratio of 2.33 and a beta of 1.10.

Chevron (NYSE:CVX) last issued its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The company had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.64%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period last year, the business posted $3.08 earnings per share. Research analysts expect that Chevron Co. will post 12.3 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.50%. The ex-dividend date of this dividend is Monday, August 19th. Chevron’s dividend payout ratio (DPR) is 59.98%.

Insider Activity

In related news, VP Jeff B. Gustavson sold 3,750 shares of the business’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total value of $600,862.50. Following the sale, the vice president now directly owns 477 shares in the company, valued at approximately $76,429.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

CVX has been the subject of a number of analyst reports. Barclays lowered their price objective on Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a research report on Tuesday. HSBC upped their target price on shares of Chevron from $175.00 to $178.00 and gave the company a “buy” rating in a report on Tuesday, April 30th. Mizuho raised their price objective on Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Finally, Piper Sandler lifted their price target on Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a research report on Thursday, April 18th. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $183.82.

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.