Pinnacle Holdings LLC Buys New Stake in Chevron Corporation $CVX

Pinnacle Holdings LLC bought a new position in shares of Chevron Corporation (NYSE:CVX) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 14,563 shares of the oil and gas company’s stock, valued at approximately $2,414,000.

A number of other hedge funds also recently bought and sold shares of CVX. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Chevron during the second quarter valued at about $618,332,000. Haverford Financial Services Inc. bought a new position in shares of Chevron in the second quarter worth about $4,633,000. Twin Tree Management LP bought a new position in shares of Chevron in the second quarter worth about $156,000. True Freedom Investing LLC acquired a new position in shares of Chevron during the 2nd quarter worth about $6,832,000. Finally, Haverford Trust Co acquired a new position in shares of Chevron during the 2nd quarter worth about $146,511,000. 72.42% of the stock is currently owned by institutional investors.

Insider Transactions at Chevron

In related news, Director John B. Hess sold 100,000 shares of the company’s 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 directly 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R. Hewitt Pate sold 2,470 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider directly owned 10,794 shares of the company’s stock, valued at approximately $2,213,957.34. This trade represents a 18.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,152,582 shares of company stock worth $225,853,661 over the last quarter. 0.56% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of research analyst reports. Barclays lowered their target price on Chevron from $216.00 to $208.00 and set an “equal weight” rating on the stock in a report on Monday, August 17th. Wolfe Research upgraded Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a report on Thursday, July 2nd. Sanford C. Bernstein increased 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. Dbs Bank raised Chevron to a “moderate buy” rating in a research report on Thursday, August 6th. Finally, Piper Sandler started coverage on shares of Chevron in a research note on Thursday, July 23rd. They issued an “overweight” rating and a $207.00 price objective on the stock. Twenty 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. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $207.48.

Chevron Stock Down 0.0%

NYSE CVX opened at $205.25 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The firm has a 50-day simple moving average of $185.03 and a 200 day simple moving average of $188.17. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $214.71. The stock has a market cap of $405.53 billion, a PE ratio of 19.68, a PEG ratio of 0.61 and a beta of 0.49.

Chevron (NYSE:CVX) last released 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 return on equity of 11.09% and a net margin of 9.57%.The business had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. During the same period last year, the business earned $1.77 earnings per share. The firm’s revenue for the quarter was up 57.4% compared to the same quarter last year. On average, research analysts forecast that Chevron Corporation will post 16.17 EPS for the current year.

Chevron Announces Dividend

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

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Brent crude recently approached $94–$95 per barrel amid renewed Middle East tensions and concerns about Strait of Hormuz disruptions. Sustained higher oil prices typically benefit Chevron’s upstream revenue, margins and cash flow. Chevron jumps as Brent crude approaches $94
• Positive Sentiment: Chevron confirmed an oil and gas condensate discovery at the 105-4X well in offshore Angola. Its proximity to existing facilities could allow a lower-cost tie-back, creating a potential source of future production. Chevron Angola discovery analysis
• Positive Sentiment: Chevron’s $1.78 quarterly dividend, equal to $7.12 annually and an approximately 3.5% yield, reinforces its appeal to income investors. The company also recently exceeded quarterly earnings and revenue expectations. Chevron raises dividend
• Neutral Sentiment: Analysis comparing Chevron with Exxon Mobil highlights differing long-term strategies, including Chevron’s continued emphasis on oil and gas. The approach could benefit from strong commodity prices but leaves CVX more exposed to future oil-demand and price cycles. Chevron versus Exxon Mobil analysis
• Negative Sentiment: Iraq plans to more than double its oil output over the next six years. If achieved, the added supply could pressure global crude prices and reduce the earnings benefit Chevron receives from today’s elevated prices. Iraq oil output and Chevron
• Negative Sentiment: Two Chevron insiders sold shares recently: Andrew Benjamin Walz sold 16,800 shares, while R. Hewitt Pate sold 2,470 shares. Although such transactions may reflect personal financial planning, they can create a modest sentiment overhang. Chevron insider sale report
• Negative Sentiment: A separate analysis says concerns remain centered on Chevron, including issues surrounding its Hess Midstream exposure and broader execution risks. The report may temper enthusiasm after CVX’s recent advance. Hess Midstream: The Issue Remains With Chevron

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.