Oakmont Investment Advisors Inc. Purchases New Holdings in Chevron Corporation $CVX

Oakmont Investment Advisors Inc. acquired a new stake in shares of Chevron Corporation (NYSE:CVX) in the second quarter, HoldingsChannel reports. The fund acquired 4,297 shares of the oil and gas company’s stock, valued at approximately $712,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of CVX. Strive Financial Group LLC raised its position in shares of Chevron by 182.8% in the 2nd quarter. Strive Financial Group LLC now owns 3,425 shares of the oil and gas company’s stock valued at $568,000 after purchasing an additional 2,214 shares in the last quarter. Invested Advisors boosted its stake in shares of Chevron by 6.7% during the 2nd quarter. Invested Advisors now owns 3,211 shares of the oil and gas company’s stock valued at $532,000 after buying an additional 203 shares during the last quarter. BAM Wealth Management LLC acquired a new stake in shares of Chevron during the second quarter worth approximately $614,000. Raiffeisen Bank International AG grew its position in shares of Chevron by 5.3% during the second quarter. Raiffeisen Bank International AG now owns 49,979 shares of the oil and gas company’s stock worth $8,420,000 after buying an additional 2,500 shares in the last quarter. Finally, LifePlan Investment Advisors Inc. increased its stake in shares of Chevron by 4.4% in the second quarter. LifePlan Investment Advisors Inc. now owns 1,791 shares of the oil and gas company’s stock worth $297,000 after buying an additional 76 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on CVX shares. Dbs Bank upgraded shares of Chevron to a “moderate buy” rating in a research note on Thursday, August 6th. UBS Group reissued a “buy” rating on shares of Chevron in a research report on Tuesday, June 23rd. 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 research note on Thursday, July 2nd. Barclays lowered their price objective on Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a report on Monday, August 17th. Finally, Wall Street Zen upgraded Chevron from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Twenty investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $211.35.

Key Headlines Impacting 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%

CVX stock opened at $208.48 on Friday. The firm has a market cap of $411.91 billion, a price-to-earnings ratio of 19.99, a PEG ratio of 0.63 and a beta of 0.50. 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 $191.10 and a two-hundred day moving average price of $189.77. 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 (NYSE:CVX) last posted 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. 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 the consensus estimate of $62.72 billion. During the same period last year, the firm posted $1.77 EPS. The company’s revenue for the quarter was up 57.4% on a year-over-year basis. Research analysts predict that Chevron Corporation will post 16.24 EPS for the current year.

Chevron Announces Dividend

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. Insiders have sold 1,152,582 shares of company stock worth $225,853,661 in the last ninety days. Insiders own 0.56% of the company’s stock.

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.