2,928 Shares in Chevron Corporation $CVX Acquired by Focused Wealth Management Inc

Focused Wealth Management Inc bought a new stake in shares of Chevron Corporation (NYSE:CVX) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,928 shares of the oil and gas company’s stock, valued at approximately $485,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. State Street Corp raised its holdings in Chevron by 9.1% in 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 purchasing an additional 12,789,399 shares during the period. Berkshire Hathaway Inc grew its holdings in Chevron by 6.6% during the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock valued at $19,837,131,000 after purchasing an additional 8,091,570 shares during the period. Geode Capital Management LLC increased its position in Chevron by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company’s stock worth $6,620,187,000 after buying an additional 134,890 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Chevron by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company’s stock worth $5,492,377,000 after buying an additional 961,341 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Chevron by 5.1% in the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock worth $5,716,694,000 after buying an additional 1,334,976 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron News Roundup

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 Activity at Chevron

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 transaction of $1,037,289.00. Following the completion of the transaction, the chief executive officer owned 26,308 shares in the company, valued at approximately $4,919,596. This represents a 17.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John B. Hess sold 100,000 shares of the firm’s stock in a transaction on 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 directly owned 178,045 shares of the company’s stock, valued at $34,587,021.70. The trade was 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 quarter, insiders have sold 1,196,212 shares of company stock worth $231,819,366. Company insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

CVX has been the topic of a number of analyst reports. Piper Sandler assumed coverage on Chevron in a research report on Thursday, July 23rd. They set an “overweight” rating and a $207.00 price objective on the stock. Weiss Ratings raised shares of Chevron from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. UBS Group restated a “buy” rating on shares of Chevron in a research note on Tuesday, June 23rd. The Goldman Sachs Group reaffirmed a “buy” rating and set a $216.00 price target on shares of Chevron in a report on Wednesday, May 6th. Finally, Barclays lowered their price target on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating on the stock in a report on Monday. Twenty research 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. Based on data from MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and a consensus price target of $207.13.

Chevron Price Performance

Shares of Chevron stock opened at $202.75 on Tuesday. The stock’s 50-day simple moving average is $183.57 and its 200-day simple moving average is $187.25. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. The company has a market capitalization of $400.59 billion, a price-to-earnings ratio of 19.44, a PEG 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 released its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) 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 analysts’ expectations of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm’s revenue was up 57.4% on a year-over-year basis. During the same quarter last year, the business posted $1.77 earnings per share. As a group, analysts expect that Chevron Corporation will post 15.86 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron’s dividend payout ratio (DPR) is 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.