Insight Wealth Partners LLC Buys Shares of 8,330 Chevron Corporation $CVX

Insight Wealth Partners LLC acquired a new stake in Chevron Corporation (NYSE:CVX) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 8,330 shares of the oil and gas company’s stock, valued at approximately $1,381,000.

Other institutional investors have also bought and sold shares of the company. Roman Butler Fullerton & Co. purchased a new position in Chevron during the second quarter worth about $360,000. Cura Wealth Advisors LLC acquired a new position in Chevron during the second quarter worth $312,000. Simplicity Wealth LLC acquired a new position in Chevron during the 2nd quarter worth about $13,629,000. Baxter Bros Inc. purchased a new position in shares of Chevron in the second quarter valued at approximately $10,644,000. Finally, Uniting Wealth Partners LLC purchased a new position in Chevron in the 2nd quarter valued at approximately $1,058,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Chevron

In related news, CEO Michael K. Wirth sold 5,547 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer owned 26,308 shares of the company’s stock, valued at approximately $4,919,596. This represents a 17.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John B. Hess sold 710,665 shares of Chevron stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $194.10, for a total value of $137,940,076.50. Following the completion of the sale, the director directly owned 363,711 shares of the company’s stock, valued at approximately $70,596,305.10. This represents a 66.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 1,196,212 shares of company stock worth $231,819,366. 0.56% of the stock is owned by insiders.

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CVX. Morgan Stanley cut their target price on shares of Chevron from $214.00 to $210.00 and set an “overweight” rating on the stock in a research note on Monday, June 29th. Sanford C. Bernstein lifted their price target on shares of Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. Dbs Bank upgraded shares of Chevron to a “moderate buy” rating in a report on Thursday, August 6th. UBS Group reiterated a “buy” rating on shares of Chevron in a research note on Tuesday, June 23rd. Finally, Wall Street Zen upgraded Chevron from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Twenty analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $207.13.

Chevron Price Performance

Shares of NYSE CVX opened at $202.75 on Tuesday. The firm has a market capitalization of $400.59 billion, a P/E ratio of 19.44, a PEG ratio of 0.61 and a beta of 0.49. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71. The company’s fifty day moving average is $183.57 and its two-hundred day moving average is $187.25. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, beating the consensus estimate of $5.55 by $0.51. The firm had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.Chevron’s quarterly revenue was up 57.4% on a year-over-year basis. During the same period last year, the business posted $1.77 EPS. Analysts forecast that Chevron Corporation will post 15.86 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid 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 3.5%. Chevron’s payout ratio is presently 68.26%.

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.