Pacific Heights Asset Management LLC Boosts Stock Position in Chevron Corporation $CVX

Pacific Heights Asset Management LLC raised its position in shares of Chevron Corporation (NYSE:CVX) by 14.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 200,000 shares of the oil and gas company’s stock after purchasing an additional 25,000 shares during the quarter. Chevron accounts for 1.5% of Pacific Heights Asset Management LLC’s portfolio, making the stock its 11th largest position. Pacific Heights Asset Management LLC’s holdings in Chevron were worth $28,638,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Members Trust Co grew its stake in Chevron by 83.8% during the 2nd quarter. Members Trust Co now owns 5,732 shares of the oil and gas company’s stock valued at $821,000 after purchasing an additional 2,613 shares during the last quarter. Benin Management CORP grew its stake in Chevron by 10.7% during the 2nd quarter. Benin Management CORP now owns 23,032 shares of the oil and gas company’s stock valued at $3,298,000 after purchasing an additional 2,223 shares during the last quarter. Brookstone Capital Management grew its stake in Chevron by 6.6% during the 2nd quarter. Brookstone Capital Management now owns 121,243 shares of the oil and gas company’s stock valued at $17,361,000 after purchasing an additional 7,462 shares during the last quarter. Phillips Financial Management LLC grew its stake in Chevron by 16.6% during the 2nd quarter. Phillips Financial Management LLC now owns 1,507 shares of the oil and gas company’s stock valued at $216,000 after purchasing an additional 215 shares during the last quarter. Finally, D.A. Davidson & CO. grew its stake in Chevron by 1.8% during the 2nd quarter. D.A. Davidson & CO. now owns 403,366 shares of the oil and gas company’s stock valued at $57,758,000 after purchasing an additional 7,250 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the transaction, the vice president owned 1,181 shares of the company’s stock, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CVX has been the subject of several analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Chevron in a report on Wednesday, October 8th. Wells Fargo & Company initiated coverage on Chevron in a report on Friday, October 17th. They issued an “overweight” rating and a $190.00 price objective for the company. Raymond James Financial reissued an “outperform” rating and issued a $160.00 price objective (down previously from $170.00) on shares of Chevron in a report on Friday. TD Cowen boosted their price objective on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday, August 4th. Finally, Bank of America boosted their price objective on Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a report on Wednesday, September 10th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $165.25.

Chevron Stock Performance

NYSE CVX opened at $153.80 on Wednesday. The stock has a market capitalization of $265.76 billion, a price-to-earnings ratio of 19.79, a PEG ratio of 2.06 and a beta of 0.84. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The stock has a 50-day moving average of $156.04 and a 200 day moving average of $148.08.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.19. The company had revenue of $44.82 billion during the quarter, compared to analysts’ expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.Chevron’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.55 EPS. Sell-side analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron’s dividend payout ratio is presently 88.03%.

Chevron Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.