Focused Alpha LLC Acquires Shares of 8,448 Chevron Corporation $CVX

Focused Alpha LLC purchased a new position in shares of Chevron Corporation (NYSE:CVX) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 8,448 shares of the oil and gas company’s stock, valued at approximately $1,400,000.

Other hedge funds have also bought and sold shares of the company. B & T Capital Management DBA Alpha Capital Management purchased a new position in shares of Chevron in the second quarter valued at $4,978,000. MidFirst Bank purchased a new stake in Chevron in the second quarter valued at approximately $6,541,000. BlackRock Inc. purchased a new stake in shares of Chevron during the 2nd quarter valued at $25,663,729,000. Occidental Asset Management LLC purchased a new stake in Chevron during the second quarter valued at about $966,000. Finally, Succession Financial Inc. bought a new stake in Chevron in the 2nd quarter worth approximately $373,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CVX has been the subject of several recent research reports. TD Cowen boosted their price target on shares of Chevron from $200.00 to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, August 5th. Mizuho set a $224.00 price target on Chevron in a research note on Monday, August 3rd. Wall Street Zen raised Chevron from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Dbs Bank raised shares of Chevron to a “moderate buy” rating in a research report on Thursday, August 6th. Finally, Sanford C. Bernstein raised their price objective on Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a research report on Monday, August 3rd. Twenty equities research 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, Chevron presently has an average rating of “Moderate Buy” and a consensus price target of $207.13.

Chevron News Summary

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

Chevron Stock Up 1.4%

Shares of Chevron stock opened at $202.75 on Tuesday. The company’s 50 day moving average is $183.57 and its 200 day moving average is $187.25. The company has a market cap of $400.59 billion, a price-to-earnings ratio of 19.44, a price-to-earnings-growth 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 Corporation has a twelve month low of $146.49 and a twelve month high of $214.71.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company’s revenue for the quarter was up 57.4% on a year-over-year basis. During the same period last year, the business posted $1.77 EPS. Research analysts anticipate that Chevron Corporation will post 15.86 EPS for the current year.

Chevron Dividend Announcement

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 paid a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron’s dividend payout ratio (DPR) is currently 68.26%.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 710,665 shares of the stock in a transaction on 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. This represents a 66.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael K. Wirth sold 5,547 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total value of $1,037,289.00. Following the completion of the sale, the chief executive officer owned 26,308 shares of the company’s stock, valued at $4,919,596. The trade was a 17.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,196,212 shares of company stock worth $231,819,366 over the last quarter. 0.56% of the stock is owned by company insiders.

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.