Chevron Corporation $CVX Stock Position Increased by Pinnacle Wealth Management Advisory Group LLC

Pinnacle Wealth Management Advisory Group LLC raised its position in shares of Chevron Corporation (NYSE:CVX) by 14.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,269 shares of the oil and gas company’s stock after purchasing an additional 2,971 shares during the period. Pinnacle Wealth Management Advisory Group LLC’s holdings in Chevron were worth $3,857,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. California State Teachers Retirement System raised its holdings in shares of Chevron by 19,425.5% during the second quarter. California State Teachers Retirement System now owns 432,663,934 shares of the oil and gas company’s stock valued at $71,718,374,000 after buying an additional 430,448,040 shares during the last quarter. BlackRock Inc. bought a new position in Chevron in the 2nd quarter worth approximately $25,663,729,000. Norges Bank acquired a new stake in Chevron in the 4th quarter valued at approximately $3,727,586,000. Bank of New York Mellon Corp acquired a new stake in Chevron in the 2nd quarter valued at approximately $2,378,114,000. Finally, State Street Corp boosted its position in Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock worth $23,698,184,000 after acquiring an additional 12,789,399 shares during the period. Institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

CVX has been the subject of several recent analyst reports. Bank of America increased 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. UBS Group reaffirmed a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. Morgan Stanley increased their target price on shares of Chevron from $210.00 to $218.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Barclays lowered their target price on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating on the stock in a research note on Monday, August 17th. Finally, Weiss Ratings upgraded shares of Chevron from a “hold (c)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. 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 company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $211.35.

Insider Buying and Selling at Chevron

In other Chevron news, insider R. Pate sold 2,470 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total value of $506,621.70. Following the completion of the sale, the insider directly owned 10,794 shares of the company’s stock, valued at approximately $2,213,957.34. This represents a 18.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew Walz sold 16,800 shares of Chevron 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 $2,814.84. This represents a 99.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,152,582 shares of company stock valued at $225,853,661 over the last 90 days. Insiders own 0.56% of the company’s stock.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Venezuela expansion could materially increase production. Chevron plans to invest more than $7 billion over five years and double the number of oil rigs it operates in Venezuela. The company is targeting production of approximately 600,000 barrels per day, with additional acreage in the Carabobo region potentially providing a sizable growth opportunity. Chevron to double oil rigs in Venezuela as part of growth plan
• Positive Sentiment: Analysts see further upside potential. BMO said Chevron’s record-setting run may not be finished, supported by strong energy prices, solid earnings and the company’s growth initiatives. Chevron has gained substantially this year and recently reached an all-time closing high. Chevron’s Record Run Isn’t Over Yet, BMO Says
• Positive Sentiment: Higher oil prices are supporting the broader energy sector. Market coverage linked a rise in oil prices to escalating U.S.-Iran tensions, a backdrop that can improve Chevron’s upstream revenue and cash flow if prices remain elevated. Stock Market Today: Dow Dives 600 Points, Oil Pops
• Neutral Sentiment: Chevron’s dividend appeal remains intact but requires a large investment. An investor would need more than $146,000 at current prices to generate $5,000 in annual passive income, highlighting the stock’s income potential as well as its elevated valuation.
• Negative Sentiment: Venezuela introduces meaningful geopolitical and execution risks. The production target depends on operating in a politically and economically unstable country, while Chevron’s shares are already close to their 52-week high. Investors may question how much future growth is already reflected in the valuation.

Chevron Stock Up 0.7%

Shares of CVX stock opened at $210.09 on Wednesday. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $214.71. The stock has a market cap of $415.08 billion, a PE ratio of 20.14, a price-to-earnings-growth ratio of 0.61 and a beta of 0.50. The business’s fifty day moving average is $192.79 and its 200-day moving average is $190.20. 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 announced 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. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. During the same quarter in the prior year, the firm posted $1.77 earnings per share. The company’s revenue was up 57.4% on a year-over-year basis. Equities analysts expect that Chevron Corporation will post 16.51 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be given a $1.78 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.4%. Chevron’s payout ratio is 68.26%.

Chevron Company Profile

Chevron Corporation is an integrated energy company engaged in the exploration, production, transportation and sale of crude oil and natural gas. The company also manufactures and markets transportation fuels, lubricants, petrochemicals and additives through operations and brands that include Chevron, Texaco and Caltex.

Chevron’s upstream activities include oil and natural gas exploration and production, while its downstream business includes refining, fuel marketing, transportation and related energy services.