Kayne Anderson Capital Advisors LP Invests $11.98 Million in Chevron Corporation $CVX

Kayne Anderson Capital Advisors LP bought a new position in shares of Chevron Corporation (NYSE:CVX) during the second quarter, according to its most recent filing with the SEC. The fund bought 72,254 shares of the oil and gas company’s stock, valued at approximately $11,977,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Midwest Capital Advisors LLC purchased a new stake in shares of Chevron during the 1st quarter valued at approximately $25,000. Core Wealth Advisors LLC purchased a new stake in Chevron in the fourth quarter valued at approximately $26,000. Phillip James Consulting Co. bought a new stake in shares of Chevron during the 4th quarter worth $26,000. Basso Capital Management L.P. bought a new stake in Chevron during the fourth quarter worth about $27,000. Finally, Karpus Management Inc. purchased a new stake in Chevron in the fourth quarter worth approximately $27,000. 72.42% of the stock is owned by institutional investors.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Brent crude recently approached $94–$95 per barrel amid renewed Middle East tensions and concerns about Strait of Hormuz disruptions. Sustained higher oil prices typically benefit Chevron’s upstream revenue, margins and cash flow. Chevron jumps as Brent crude approaches $94
• Positive Sentiment: Chevron confirmed an oil and gas condensate discovery at the 105-4X well in offshore Angola. Its proximity to existing facilities could allow a lower-cost tie-back, creating a potential source of future production. Chevron Angola discovery analysis
• Positive Sentiment: Chevron’s $1.78 quarterly dividend, equal to $7.12 annually and an approximately 3.5% yield, reinforces its appeal to income investors. The company also recently exceeded quarterly earnings and revenue expectations. Chevron raises dividend
• Neutral Sentiment: Analysis comparing Chevron with Exxon Mobil highlights differing long-term strategies, including Chevron’s continued emphasis on oil and gas. The approach could benefit from strong commodity prices but leaves CVX more exposed to future oil-demand and price cycles. Chevron versus Exxon Mobil analysis
• Negative Sentiment: Iraq plans to more than double its oil output over the next six years. If achieved, the added supply could pressure global crude prices and reduce the earnings benefit Chevron receives from today’s elevated prices. Iraq oil output and Chevron
• Negative Sentiment: Two Chevron insiders sold shares recently: Andrew Benjamin Walz sold 16,800 shares, while R. Hewitt Pate sold 2,470 shares. Although such transactions may reflect personal financial planning, they can create a modest sentiment overhang. Chevron insider sale report
• Negative Sentiment: A separate analysis says concerns remain centered on Chevron, including issues surrounding its Hess Midstream exposure and broader execution risks. The report may temper enthusiasm after CVX’s recent advance. Hess Midstream: The Issue Remains With Chevron

Wall Street Analysts Forecast Growth

CVX has been the subject of several recent research reports. Piper Sandler initiated coverage on Chevron in a research report on Thursday, July 23rd. They issued an “overweight” rating and a $207.00 price objective for the company. TD Cowen upped their target price on Chevron from $200.00 to $205.00 and gave the stock a “hold” rating in a report on Wednesday, August 5th. Dbs Bank upgraded shares of Chevron to a “moderate buy” rating in a report on Thursday, August 6th. The Goldman Sachs Group restated a “buy” rating and set a $216.00 price target on shares of Chevron in a report on Wednesday, May 6th. Finally, Sanford C. Bernstein upped their price objective on Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a research report on Monday, August 3rd. Twenty equities research 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. Based on data from MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and an average target price of $207.48.

Insiders Place Their Bets

In other news, CEO Michael K. Wirth sold 317,100 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $5,273,701.68. This trade represents a 92.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew Benjamin Walz sold 16,800 shares of the business’s stock in a transaction dated 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 owned 14 shares of the company’s stock, valued at $2,814.84. This represents a 99.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 1,152,582 shares of company stock valued at $225,853,661. Corporate insiders own 0.56% of the company’s stock.

Chevron Stock Down 0.3%

CVX stock opened at $205.25 on Friday. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $214.71. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The stock has a market cap of $405.53 billion, a P/E ratio of 19.68, a PEG ratio of 0.62 and a beta of 0.49. The business’s 50-day moving average price is $185.03 and its 200-day moving average price is $188.07.

Chevron (NYSE:CVX) last issued its earnings results 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. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the prior year, the firm posted $1.77 EPS. Chevron’s quarterly revenue was up 57.4% compared to the same quarter last year. On average, equities research analysts forecast that Chevron Corporation will post 16.17 EPS for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors 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 yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron’s dividend payout ratio is presently 68.26%.

Chevron Company 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.