Pinnacle Wealth Management Advisory Group LLC Increases Stock Position in Chevron Corporation $CVX

Pinnacle Wealth Management Advisory Group LLC boosted its position in shares of Chevron Corporation (NYSE:CVX) by 14.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,269 shares of the oil and gas company’s stock after purchasing an additional 2,971 shares during the period. Pinnacle Wealth Management Advisory Group LLC’s holdings in Chevron were worth $3,857,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC increased its position in shares of Chevron by 8.5% during the second quarter. Integrated Wealth Concepts LLC now owns 150,114 shares of the oil and gas company’s stock worth $24,883,000 after acquiring an additional 11,795 shares during the last quarter. RFG Advisory LLC boosted its holdings in Chevron by 6.5% in the second quarter. RFG Advisory LLC now owns 29,012 shares of the oil and gas company’s stock valued at $4,809,000 after purchasing an additional 1,773 shares during the last quarter. NewEdge Advisors LLC grew its stake in Chevron by 3.1% during the 2nd quarter. NewEdge Advisors LLC now owns 1,249,960 shares of the oil and gas company’s stock valued at $207,193,000 after purchasing an additional 37,423 shares in the last quarter. Baird Financial Group Inc. grew its stake in Chevron by 2.9% during the 2nd quarter. Baird Financial Group Inc. now owns 1,728,643 shares of the oil and gas company’s stock valued at $286,540,000 after purchasing an additional 49,485 shares in the last quarter. Finally, Stableford Capital II LLC increased its holdings in Chevron by 26.2% during the 2nd quarter. Stableford Capital II LLC now owns 6,354 shares of the oil and gas company’s stock worth $1,053,000 after purchasing an additional 1,319 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Weiss Ratings upgraded Chevron from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. UBS Group reissued a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. Mizuho set a $224.00 target price on shares of Chevron in a research report on Monday, August 3rd. Piper Sandler upped their target price on shares of Chevron from $207.00 to $243.00 and gave the company an “overweight” rating in a research note on Thursday, September 3rd. Finally, Zacks Research cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. Twenty analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $211.35.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Venezuela expansion could materially increase production. Chevron plans to invest more than $7 billion over five years and double the number of oil rigs it operates in Venezuela. The company is targeting production of approximately 600,000 barrels per day, with additional acreage in the Carabobo region potentially providing a sizable growth opportunity. Chevron to double oil rigs in Venezuela as part of growth plan
• Positive Sentiment: Analysts see further upside potential. BMO said Chevron’s record-setting run may not be finished, supported by strong energy prices, solid earnings and the company’s growth initiatives. Chevron has gained substantially this year and recently reached an all-time closing high. Chevron’s Record Run Isn’t Over Yet, BMO Says
• Positive Sentiment: Higher oil prices are supporting the broader energy sector. Market coverage linked a rise in oil prices to escalating U.S.-Iran tensions, a backdrop that can improve Chevron’s upstream revenue and cash flow if prices remain elevated. Stock Market Today: Dow Dives 600 Points, Oil Pops
• Neutral Sentiment: Chevron’s dividend appeal remains intact but requires a large investment. An investor would need more than $146,000 at current prices to generate $5,000 in annual passive income, highlighting the stock’s income potential as well as its elevated valuation.
• Negative Sentiment: Venezuela introduces meaningful geopolitical and execution risks. The production target depends on operating in a politically and economically unstable country, while Chevron’s shares are already close to their 52-week high. Investors may question how much future growth is already reflected in the valuation.

Chevron Stock Up 0.7%

CVX stock opened at $210.09 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71. The firm has a fifty day moving average price of $192.79 and a two-hundred day moving average price of $190.20. The firm has a market cap of $415.08 billion, a price-to-earnings ratio of 20.14, a PEG ratio of 0.61 and a beta of 0.50.

Chevron (NYSE:CVX) last issued its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $62.72 billion. During the same period in the prior year, the company earned $1.77 earnings per share. The firm’s revenue was up 57.4% compared to the same quarter last year. Research analysts predict that Chevron Corporation will post 16.51 EPS for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.4%. Chevron’s dividend payout ratio is 68.26%.

Insider Buying and Selling at Chevron

In other news, CEO Michael K. Wirth sold 317,100 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the completion of the transaction, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at approximately $5,273,701.68. This represents a 92.34% 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 the SEC website. Also, insider R. Pate sold 2,470 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total value of $506,621.70. Following the sale, the insider owned 10,794 shares in the company, valued at $2,213,957.34. The trade was a 18.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 1,152,582 shares of company stock worth $225,853,661. Insiders own 0.56% of the company’s stock.

About Chevron

Chevron Corporation is an integrated energy company engaged in the exploration, production, transportation and sale of crude oil and natural gas. The company also manufactures and markets transportation fuels, lubricants, petrochemicals and additives through operations and brands that include Chevron, Texaco and Caltex.

Chevron’s upstream activities include oil and natural gas exploration and production, while its downstream business includes refining, fuel marketing, transportation and related energy services.