Glenview Trust Co Acquires Shares of 246,569 Chevron Corporation $CVX

Glenview Trust Co bought a new position in shares of Chevron Corporation (NYSE:CVX) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 246,569 shares of the oil and gas company’s stock, valued at approximately $51,015,000.

A number of other large investors have also modified their holdings of the business. Midwest Capital Advisors LLC purchased a new position in shares of Chevron in the first quarter worth about $25,000. Core Wealth Advisors LLC purchased a new stake in Chevron during the 4th quarter valued at about $26,000. Phillip James Consulting Co. purchased a new stake in Chevron during the 4th quarter valued at about $26,000. Basso Capital Management L.P. acquired a new stake in Chevron in the 4th quarter valued at about $27,000. Finally, Karpus Management Inc. acquired a new stake in Chevron in the 4th quarter valued at about $27,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Down 0.1%

Shares of Chevron stock opened at $199.91 on Friday. The stock has a 50 day moving average of $186.87 and a 200 day moving average of $188.76. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The firm has a market capitalization of $394.98 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 0.60 and a beta of 0.49. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $214.71.

Chevron (NYSE:CVX) last posted its earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating analysts’ consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The company had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the previous year, the business earned $1.77 earnings per share. The company’s revenue for the quarter was up 57.4% on a year-over-year basis. As a group, research analysts predict that Chevron Corporation will post 16.17 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be given a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 68.26%.

Insiders Place Their Bets

In related news, CEO Michael K. Wirth sold 317,100 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $200.46, for a total value of $63,565,866.00. Following the sale, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $5,273,701.68. The trade was a 92.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew Benjamin Walz sold 16,800 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were 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. The trade was 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. Company insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CVX. Barclays lowered their target price on Chevron from $216.00 to $208.00 and set an “equal weight” rating on the stock in a report on Monday, August 17th. Wolfe Research raised shares of Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price target on the stock in a research report on Thursday, July 2nd. Sanford C. Bernstein upped their price objective on shares of Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. Zacks Research cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. Finally, Dbs Bank raised shares of Chevron to a “moderate buy” rating in a research note on Thursday, August 6th. Twenty equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $207.48.

About Chevron

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.