7,176,502 Shares in Chevron Corporation $CVX Acquired by Deutsche Bank AG

Deutsche Bank AG acquired a new stake in Chevron Corporation (NYSE:CVX) during the second quarter, Holdings Channel.com reports. The fund acquired 7,176,502 shares of the oil and gas company’s stock, valued at approximately $1,189,577,000.

A number of other large investors also recently modified their holdings of CVX. Cornerstone Advisory LLC boosted its holdings in Chevron by 0.9% during the first quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company’s stock worth $1,164,000 after purchasing an additional 52 shares during the last quarter. Compton Financial Group LLC lifted its holdings in Chevron by 1.9% during the first quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company’s stock worth $609,000 after acquiring an additional 56 shares during the period. Quantum Portfolio Management LLC raised 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 purchasing an additional 56 shares during the period. Wealthspire Retirement LLC raised its position in Chevron by 0.9% in the first quarter. Wealthspire Retirement LLC now owns 6,530 shares of the oil and gas company’s stock worth $1,351,000 after acquiring an additional 56 shares during the period. Finally, D.B. Root & Company LLC raised its holdings in shares of Chevron by 1.0% in 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 purchasing an additional 57 shares during the period. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

NYSE CVX opened at $202.75 on Tuesday. The company has a 50-day simple moving average of $183.57 and a two-hundred day simple moving average of $187.25. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71. The firm has a market cap of $400.59 billion, a price-to-earnings ratio of 19.44, a PEG ratio of 0.61 and a beta of 0.49. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last issued its earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. During the same period in the previous year, the firm earned $1.77 earnings per share. The firm’s revenue for the quarter was up 57.4% on a year-over-year basis. On average, equities analysts forecast that Chevron Corporation will post 15.86 EPS for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be issued a $1.78 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.5%. Chevron’s dividend payout ratio (DPR) is 68.26%.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of recent research reports. Sanford C. Bernstein upped their price target on shares of Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a research note on Monday, August 3rd. Barclays lowered their price objective on Chevron from $216.00 to $208.00 and set an “equal weight” rating on the stock in a research report on Monday. Mizuho set a $224.00 target price on Chevron in a research report on Monday, August 3rd. The Goldman Sachs Group restated a “buy” rating and issued a $216.00 target price on shares of Chevron in a research note on Wednesday, May 6th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $216.00 price target on shares of Chevron in a report on Friday, July 10th. Twenty research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Chevron has an average rating of “Moderate Buy” and a consensus target price of $207.13.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Major Angola discovery expands Chevron’s resource base. Chevron’s 105-4X exploration well in offshore Angola’s Block 0 encountered a hydrocarbon column exceeding 600 meters (about 2,000 feet), including more than 90 meters of net pay in the primary Pinda reservoir. The size of the find strengthens the company’s long-term production outlook and supports its strategic exploration program in Sub-Saharan Africa. Reuters article
• Positive Sentiment: Potential tie-in could reduce development costs. The discovery is located near existing Block 0 infrastructure, creating the possibility of a relatively efficient tie-back and potentially accelerating development while limiting capital requirements. However, commerciality, appraisal work and a development timeline have not yet been established. Chevron Stock Rises After Major Angola Discovery
• Positive Sentiment: Higher oil prices provide additional sector support. Reports that Brent crude was approaching $89 a barrel amid continued disruption and uncertainty around the Strait of Hormuz are supportive of Chevron’s upstream revenue and cash-flow prospects, although the geopolitical situation also raises market and operating risks. Brent Crude Nears $89
• Neutral Sentiment: Income appeal remains part of the investment case. Chevron continues to be highlighted by analysts as a dividend-paying energy major with potential upside, but the dividend coverage and valuation were not materially changed by these reports. Dividend Stocks Article

Insider Activity

In other Chevron news, Director John B. Hess sold 100,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total value of $19,426,000.00. Following the completion of the transaction, the director owned 178,045 shares in the company, valued at approximately $34,587,021.70. This represents a 35.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael K. Wirth sold 5,547 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total transaction of $1,037,289.00. Following the completion of the transaction, the chief executive officer owned 26,308 shares of the company’s stock, valued at approximately $4,919,596. The trade was a 17.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,196,212 shares of company stock valued at $231,819,366 over the last 90 days. 0.56% of the stock is currently owned by company insiders.

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.