944,091 Shares in Chevron Corporation $CVX Purchased by Commerzbank Aktiengesellschaft FI

Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Chevron Corporation (NYSE:CVX) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 944,091 shares of the oil and gas company’s stock, valued at approximately $156,493,000. Chevron comprises 3.1% of Commerzbank Aktiengesellschaft FI’s portfolio, making the stock its 10th largest holding.

Several other hedge funds have also bought and sold shares of CVX. Phillips Wealth Planners LLC purchased a new stake in Chevron in the second quarter worth about $1,441,000. Rice Hall James & Associates LLC bought a new position in shares of Chevron during the second quarter valued at approximately $590,000. Trust Co. of Vermont purchased a new position in shares of Chevron during the second quarter valued at approximately $16,085,000. Principle Wealth Partners LLC purchased a new position in shares of Chevron during the second quarter valued at approximately $8,578,000. Finally, UP Strategic Wealth Investment Advisors LLC bought a new stake in shares of Chevron in the 2nd quarter worth approximately $456,000. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

CVX stock opened at $202.75 on Tuesday. The stock’s 50 day simple moving average is $183.57 and its 200 day simple moving average is $187.25. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71. The stock has a market capitalization of $400.59 billion, a PE ratio of 19.44, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49.

Chevron (NYSE:CVX) last posted its earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. During the same quarter last year, the company earned $1.77 EPS. The company’s quarterly revenue was up 57.4% compared to the same quarter last year. As a group, research analysts forecast that Chevron Corporation will post 15.86 earnings per share for the current fiscal 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 issued a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 68.26%.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 710,665 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $194.10, for a total value of $137,940,076.50. Following the completion of the transaction, the director owned 363,711 shares of the company’s stock, valued at approximately $70,596,305.10. The trade was a 66.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael K. Wirth sold 5,547 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $187.00, for a total transaction of $1,037,289.00. Following the sale, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $4,919,596. The trade was a 17.41% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 1,196,212 shares of company stock valued at $231,819,366. 0.56% of the stock is owned by insiders.

Analysts Set New Price Targets

CVX has been the topic of several recent research reports. Wolfe Research upgraded Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price target on the stock in a research note on Thursday, July 2nd. Royal Bank Of Canada reissued an “outperform” rating and issued a $220.00 target price on shares of Chevron in a report on Tuesday, May 5th. Wall Street Zen raised Chevron from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Weiss Ratings raised Chevron from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Finally, Zacks Research downgraded Chevron from a “strong-buy” rating to a “hold” rating in a report on Monday, June 8th. Twenty research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and a consensus target price of $207.13.

Key Headlines 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

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.