Performance Wealth Partners LLC Invests $5.08 Million in Chevron Corporation $CVX

Performance Wealth Partners LLC acquired a new position in shares of Chevron Corporation (NYSE:CVX) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 30,641 shares of the oil and gas company’s stock, valued at approximately $5,079,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Chevron during the fourth quarter worth $3,727,586,000. Bank of New York Mellon Corp acquired a new stake in shares of Chevron during the 2nd quarter valued at $2,378,114,000. State Street Corp boosted its holdings in shares of 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 valued at $23,698,184,000 after acquiring an additional 12,789,399 shares in the last quarter. Berkshire Hathaway Inc grew its position in Chevron by 6.6% during the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock worth $19,837,131,000 after acquiring an additional 8,091,570 shares during the last quarter. Finally, Deutsche Bank AG acquired a new position in Chevron in the 2nd quarter worth about $1,189,577,000. Institutional investors own 72.42% of the company’s stock.

Chevron News Summary

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

Insider Buying and Selling at Chevron

In other Chevron news, CEO Michael K. Wirth sold 5,547 shares of the firm’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 sale, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $4,919,596. This trade represents a 17.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hess sold 100,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the transaction, the director owned 178,045 shares in the company, valued at $34,587,021.70. This represents a 35.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,196,212 shares of company stock valued at $231,819,366 in the last quarter. 0.56% of the stock is currently owned by company insiders.

Chevron Trading Up 1.4%

CVX opened at $202.75 on Tuesday. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $214.71. The company has a fifty day moving average of $183.57 and a 200-day moving average of $187.25. The stock has a market cap of $400.59 billion, a PE ratio of 19.44, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping the consensus estimate of $5.55 by $0.51. The firm 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%.The business’s quarterly revenue was up 57.4% on a year-over-year basis. During the same period last year, the company posted $1.77 EPS. On average, sell-side analysts predict that Chevron Corporation will post 15.86 EPS for the current year.

Chevron Announces Dividend

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. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.5%. Chevron’s dividend payout ratio (DPR) is 68.26%.

Analyst Ratings Changes

A number of research analysts recently issued reports on CVX shares. UBS Group reiterated a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. Barclays decreased their price target on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a research report on Monday. Weiss Ratings upgraded shares of Chevron from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Bank of America boosted their price objective on shares of Chevron from $210.00 to $227.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Finally, Zacks Research downgraded Chevron from a “strong-buy” rating to a “hold” rating in a report on Monday, June 8th. Twenty investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $207.13.

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.