Proficio Capital Partners LLC Buys 6,739 Shares of Chevron Corporation $CVX

Proficio Capital Partners LLC increased its stake in shares of Chevron Corporation (NYSE:CVX) by 423.6% in the 2nd quarter, Holdings Channel reports. The firm owned 8,330 shares of the oil and gas company’s stock after buying an additional 6,739 shares during the period. Proficio Capital Partners LLC’s holdings in Chevron were worth $1,381,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CVX. Midwest Capital Advisors LLC bought a new stake in Chevron in the 1st quarter worth approximately $25,000. Main Street Group LTD purchased a new position in shares of Chevron in the 1st quarter worth $28,000. Phillip James Consulting Co. purchased a new position in shares of Chevron in the 4th quarter worth $26,000. Kilter Group LLC bought a new stake in shares of Chevron in the second quarter worth $28,000. Finally, Core Wealth Advisors LLC bought a new stake in shares of Chevron in the fourth quarter worth $26,000. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

Shares of Chevron stock opened at $210.88 on Wednesday. The stock has a market cap of $416.65 billion, a P/E ratio of 20.22, a P/E/G ratio of 0.61 and a beta of 0.50. 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 stock’s fifty day moving average is $188.76 and its 200 day moving average is $189.24. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.55 by $0.51. The business had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.Chevron’s revenue for the quarter was up 57.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.77 earnings per share. Sell-side analysts anticipate that Chevron Corporation will post 16.24 earnings per share for the current year.

Chevron Dividend Announcement

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

Insider Buying and Selling

In related news, insider Andrew Benjamin Walz sold 16,800 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the completion of the transaction, the insider directly owned 14 shares in the company, valued at approximately $2,814.84. The trade was a 99.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael K. Wirth sold 317,100 shares of the 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 sale, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at $5,273,701.68. This represents a 92.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 1,152,582 shares of company stock valued at $225,853,661. Insiders own 0.56% of the company’s stock.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Venezuela expansion is the main catalyst. Chevron, the only major U.S. oil company with significant existing operations in Venezuela, is reportedly preparing to expand production through new agreements covering heavy-oil fields in the Orinoco Belt. The company currently produces approximately 280,000 barrels per day in the country and could potentially increase output by about 50% over the next two years. Access to the world’s largest proven oil reserves could provide a long-term production and cash-flow opportunity. Chevron Will Grow Venezuelan Oil Production
• Positive Sentiment: Higher crude prices are lifting the energy sector. Renewed U.S.-Iran conflict and disruptions around the Strait of Hormuz have pushed oil prices higher, supporting revenue and margins for integrated producers such as Chevron. The NYSE Energy Sector Index was up 1.1% Tuesday afternoon. Sector Update: Energy Stocks Rise Tuesday Afternoon
• Positive Sentiment: Income and momentum appeal remain supportive. Chevron continues to attract dividend-focused investors, while recent earnings exceeded expectations, with EPS of $6.06 versus a $5.55 consensus estimate and revenue up 57.4% year over year. 3 Top Dividend Stocks to Buy in September

Analysts Set New Price Targets

A number of research analysts have weighed in on CVX shares. Zacks Research downgraded Chevron from a “strong-buy” rating to a “hold” rating in a report on Monday, June 8th. Mizuho set a $224.00 price target on shares of Chevron in a research report on Monday, August 3rd. Jefferies Financial Group reiterated a “buy” rating and issued a $216.00 price objective on shares of Chevron in a research note on Friday, July 10th. UBS Group reissued a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. Finally, TD Cowen boosted their target price on shares of Chevron from $200.00 to $205.00 and gave the company a “hold” rating in a research report on Wednesday, August 5th. Twenty equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $207.48.

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.