Castleark Management LLC Acquires New Stake in Chevron Corporation $CVX

Castleark Management LLC bought a new position in shares of Chevron Corporation (NYSE:CVX) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 11,850 shares of the oil and gas company’s stock, valued at approximately $1,964,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Cornerstone Advisory LLC lifted its stake in Chevron by 0.9% during the first quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company’s stock valued at $1,164,000 after purchasing an additional 52 shares during the last quarter. Compton Financial Group LLC increased its stake in Chevron by 1.9% in the 1st quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company’s stock worth $609,000 after purchasing an additional 56 shares in the last quarter. Quantum Portfolio Management LLC increased its stake in Chevron by 2.7% in the 1st quarter. Quantum Portfolio Management LLC now owns 2,101 shares of the oil and gas company’s stock worth $435,000 after purchasing an additional 56 shares in the last quarter. Wealthspire Retirement LLC raised its holdings in Chevron by 0.9% during the 1st quarter. Wealthspire Retirement LLC now owns 6,530 shares of the oil and gas company’s stock worth $1,351,000 after buying an additional 56 shares during the period. Finally, D.B. Root & Company LLC raised its holdings in Chevron by 1.0% during the 4th quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company’s stock worth $846,000 after buying an additional 57 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CVX has been the subject of several recent analyst reports. Barclays decreased their target price on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a report on Monday, August 17th. Wall Street Zen upgraded shares of Chevron from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Zacks Research lowered shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. TD Cowen lifted their price target on Chevron from $200.00 to $205.00 and gave the company a “hold” rating in a report on Wednesday, August 5th. Finally, Wolfe Research upgraded Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective for the company in a research report on Thursday, July 2nd. Twenty analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and an average price target of $207.48.

Insider Transactions at Chevron

In other Chevron news, CEO Michael K. Wirth sold 317,100 shares of Chevron stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $200.46, for a total value of $63,565,866.00. Following the completion of the sale, the chief executive officer directly owned 26,308 shares in the company, valued at $5,273,701.68. The trade was a 92.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John B. Hess sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the completion of the sale, the director directly owned 178,045 shares of the company’s stock, valued at $34,587,021.70. This represents a 35.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 1,152,582 shares of company stock worth $225,853,661. 0.56% of the stock is owned by corporate insiders.

Chevron Price Performance

Shares of NYSE:CVX opened at $200.26 on Thursday. 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 Corporation has a 1 year low of $146.49 and a 1 year high of $214.71. The business has a fifty day simple moving average of $186.34 and a 200 day simple moving average of $188.63. The firm has a market cap of $395.67 billion, a price-to-earnings ratio of 19.20, a P/E/G ratio of 0.60 and a beta of 0.49.

Chevron (NYSE:CVX) last issued its earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating analysts’ consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the previous year, the company posted $1.77 earnings per share. The business’s quarterly revenue was up 57.4% compared to the same quarter last year. As a group, sell-side analysts predict that Chevron Corporation will post 16.17 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Wednesday, August 19th. Chevron’s payout ratio is currently 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.