Maloon Powers Pitre Higgins & Dennehy LLC Makes New $2.68 Million Investment in Chevron Corporation $CVX

Maloon Powers Pitre Higgins & Dennehy LLC acquired a new position in shares of Chevron Corporation (NYSE:CVX) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 16,165 shares of the oil and gas company’s stock, valued at approximately $2,679,000. Chevron comprises about 0.9% of Maloon Powers Pitre Higgins & Dennehy LLC’s investment portfolio, making the stock its 26th biggest position.

Other hedge funds and other institutional investors have also made changes to their positions in the company. First PREMIER Bank lifted its position in Chevron by 0.8% during the second quarter. First PREMIER Bank now owns 6,450 shares of the oil and gas company’s stock worth $1,070,000 after buying an additional 50 shares during the period. Vanguard Capital Wealth Advisors grew its holdings in Chevron by 1.8% in the 2nd quarter. Vanguard Capital Wealth Advisors now owns 2,818 shares of the oil and gas company’s stock valued at $467,000 after buying an additional 50 shares during the period. Cornerstone Advisory LLC grew its holdings in Chevron by 0.9% in the 1st quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company’s stock valued at $1,164,000 after buying an additional 52 shares during the period. Compton Financial Group LLC increased its stake in shares of Chevron by 1.9% during the 1st quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company’s stock valued at $609,000 after acquiring an additional 56 shares during the last quarter. Finally, Quantum Portfolio Management LLC increased 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 valued at $435,000 after acquiring an additional 56 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s planned investment of more than $7 billion in Venezuela is expected to expand production to approximately 600,000 barrels per day over five years. Investors view the Orinoco Belt opportunity as a potential source of significant production growth and attractive economics. Chevron Commits $7 Billion to Venezuela to Double Production
• Positive Sentiment: Analysts and fund managers remain constructive on Chevron, citing its scale, strong fundamentals, production growth following the Hess acquisition, dividend record and long-term exposure to energy demand. Rising crude prices above $90 per barrel have also supported sentiment toward major oil companies. Why Gabelli Remains Bullish on Chevron
• Positive Sentiment: A preliminary agreement covering Ghana’s South Deepwater Tano Cape Three Points block could provide Chevron with another international growth option, although commercial terms and ownership details have not been finalized. Chevron and Shell Sign Preliminary Ghana Agreement
• Neutral Sentiment: Chevron’s dividend remains a key attraction, with 39 consecutive years of increases. However, its sustainability would be tested if oil prices fall materially from current elevated levels. Chevron’s Dividend and Oil Price Risk
• Negative Sentiment: Investors remain concerned that the Venezuela strategy will require substantial capital, face operational challenges and carry elevated political and execution risk. Critics also question whether the expansion can deliver its projected returns. Capital Requirements and Operational Challenges
• Negative Sentiment: Valuation concerns have become more important after the rally: Chevron is trading near the upper end of its recent range, while reported insider activity has consisted of sales rather than purchases. A decline in oil prices could further pressure earnings and the stock.

Chevron Stock Down 1.3%

Shares of NYSE CVX opened at $208.48 on Friday. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71. The company has a market cap of $411.91 billion, a P/E ratio of 19.99, a P/E/G ratio of 0.63 and a beta of 0.50. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The stock has a fifty day moving average price of $191.10 and a 200 day moving average price of $189.77.

Chevron (NYSE:CVX) last issued its quarterly earnings data 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. The company had revenue of $67.20 billion for the quarter, compared to analysts’ expectations of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm’s quarterly revenue was up 57.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.77 earnings per share. Research analysts anticipate that Chevron Corporation will post 16.24 EPS for the current fiscal 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 of this dividend is Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.4%. Chevron’s dividend payout ratio (DPR) is 68.26%.

Analyst Upgrades and Downgrades

CVX has been the topic of several research analyst reports. TD Cowen raised their target price on shares of Chevron from $200.00 to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, August 5th. Jefferies Financial Group reaffirmed a “buy” rating and set a $216.00 price target on shares of Chevron in a research report on Friday, July 10th. Zacks Research downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. Wells Fargo & Company lifted their price target on shares of Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a report on Thursday. Finally, UBS Group reissued a “buy” rating on shares of Chevron in a research note on Tuesday, June 23rd. Twenty investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $211.35.

Insider Activity

In other news, insider Andrew Walz sold 16,800 shares of Chevron stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the sale, the insider owned 14 shares in the company, valued at $2,814.84. This trade represents a 99.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider R. Pate sold 2,470 shares of the business’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total transaction of $506,621.70. Following the transaction, the insider directly owned 10,794 shares in the company, valued at approximately $2,213,957.34. The trade was a 18.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,152,582 shares of company stock worth $225,853,661 over the last three months. Insiders own 0.56% of the company’s stock.

About Chevron

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.