Silverlake Wealth Management LLC Makes New $2.23 Million Investment in Chevron Corporation $CVX

Silverlake Wealth Management LLC purchased a new position in Chevron Corporation (NYSE:CVX) in the 2nd quarter, Holdings Channel reports. The firm purchased 13,422 shares of the oil and gas company’s stock, valued at approximately $2,225,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Midwest Capital Advisors LLC bought a new position in Chevron during the 1st quarter valued at about $25,000. Core Wealth Advisors LLC bought a new stake in shares of Chevron in the fourth quarter worth approximately $26,000. Phillip James Consulting Co. bought a new stake in shares of Chevron in the fourth quarter worth approximately $26,000. Quattro Advisors LLC purchased a new position in shares of Chevron during the fourth quarter valued at approximately $27,000. Finally, Karpus Management Inc. purchased a new position in shares of Chevron during the fourth quarter valued at approximately $27,000. 72.42% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CVX. Mizuho set a $224.00 target price on shares of Chevron in a report on Monday, August 3rd. 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 note on Wednesday, August 5th. Morgan Stanley lowered their price target on Chevron from $214.00 to $210.00 and set an “overweight” rating on the stock in a report on Monday, June 29th. The Goldman Sachs Group reissued a “buy” rating and set a $216.00 price target on shares of Chevron in a report on Wednesday, May 6th. Finally, Bank of America raised their price target on Chevron from $210.00 to $227.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Twenty 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.com, Chevron presently has an average rating of “Moderate Buy” and an average price target of $207.48.

Insiders Place Their Bets

In related news, CEO Michael K. Wirth sold 5,547 shares of the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $187.00, for a total value of $1,037,289.00. Following the completion of 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John B. Hess sold 710,665 shares of the stock in a transaction on Monday, August 3rd. The stock was 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 owned 363,711 shares of the company’s stock, valued at $70,596,305.10. The trade was a 66.15% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 1,196,212 shares of company stock worth $231,819,366. 0.56% of the stock is owned by corporate insiders.

Chevron Trading Up 1.2%

Chevron stock opened at $199.99 on Friday. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71. The firm has a market capitalization of $395.13 billion, a price-to-earnings ratio of 19.17, a P/E/G ratio of 0.61 and a beta of 0.49. The firm has a 50 day moving average of $183.30 and a 200 day moving average of $186.88. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last issued its quarterly earnings results 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 business had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company’s revenue for the quarter was up 57.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.77 earnings per share. As a group, research analysts predict that Chevron Corporation will post 15.86 earnings per share for the current 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 dividend of $1.78 per share. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.6%. Chevron’s payout ratio is 68.26%.

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.