Outfitters Financial LLC Decreases Stock Holdings in Chevron Corporation $CVX

Outfitters Financial LLC reduced its position in shares of Chevron Corporation (NYSE:CVX) by 17.4% in the second quarter, HoldingsChannel.com reports. The firm owned 11,977 shares of the oil and gas company’s stock after selling 2,525 shares during the period. Chevron comprises 1.4% of Outfitters Financial LLC’s investment portfolio, making the stock its 21st largest position. Outfitters Financial LLC’s holdings in Chevron were worth $1,985,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Safeguard Investment Advisory Group LLC lifted its stake in Chevron by 26.9% in the second quarter. Safeguard Investment Advisory Group LLC now owns 6,106 shares of the oil and gas company’s stock worth $1,012,000 after acquiring an additional 1,294 shares during the period. Nykredit A S purchased a new position in shares of Chevron during the second quarter valued at about $35,085,000. B. Metzler seel. Sohn & Co. AG raised its stake in Chevron by 3.2% in the second quarter. B. Metzler seel. Sohn & Co. AG now owns 62,313 shares of the oil and gas company’s stock worth $10,329,000 after buying an additional 1,908 shares in the last quarter. MBA Advisors LLC grew its holdings in shares of Chevron by 5.9% during the 2nd quarter. MBA Advisors LLC now owns 5,893 shares of the oil and gas company’s stock worth $977,000 after acquiring an additional 330 shares during the period. Finally, PYA Waltman Capital LLC raised its position in shares of Chevron by 32.8% in the 2nd quarter. PYA Waltman Capital LLC now owns 23,470 shares of the oil and gas company’s stock worth $3,890,000 after acquiring an additional 5,801 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insiders Place Their Bets

In other news, insider R. Hewitt Pate sold 2,470 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total transaction of $506,621.70. Following the sale, the insider owned 10,794 shares of the company’s stock, valued at $2,213,957.34. This trade represents a 18.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 owned 26,308 shares in the company, valued at approximately $5,273,701.68. This trade represents a 92.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,152,582 shares of company stock valued at $225,853,661 over the last quarter. Corporate insiders own 0.56% of the company’s stock.

Chevron Price Performance

Shares of NYSE:CVX opened at $211.76 on Thursday. The business has a fifty day moving average price of $189.56 and a 200-day moving average price of $189.45. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The company has a market capitalization of $418.39 billion, a PE ratio of 20.30, a PEG ratio of 0.63 and a beta of 0.50. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. The company had revenue of $67.20 billion for the quarter, compared to analysts’ expectations of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. Chevron’s revenue was up 57.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.77 EPS. As a group, equities analysts expect that Chevron Corporation will post 16.24 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders 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 dividend yield of 3.4%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron’s dividend payout ratio is presently 68.26%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CVX shares. TD Cowen upped their price target on Chevron from $200.00 to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, August 5th. Jefferies Financial Group restated a “buy” rating and set a $216.00 target price on shares of Chevron in a report on Friday, July 10th. Zacks Research lowered shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. The Goldman Sachs Group reissued a “buy” rating and set a $216.00 price target on shares of Chevron in a research report on Wednesday, May 6th. Finally, UBS Group reissued a “buy” rating on shares of Chevron in a research note on Tuesday, June 23rd. 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’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $207.48.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Venezuela expansion: Chevron plans to invest more than $7 billion over the next five years under updated joint-venture terms with Venezuela. The company has received additional acreage in the Orinoco Belt and aims to more than double production from approximately 280,000 barrels per day to about 600,000 barrels per day. Chevron expands Venezuela position, to invest $7 billion in next five years
• Positive Sentiment: Potentially attractive economics: Reports indicate targeted production could carry operating costs below $20 per barrel, offering Chevron a potentially high-margin source of incremental volumes if Venezuela’s infrastructure and legal framework support the plan. The agreements reportedly include improved fiscal, commercial and legal protections. Chevron’s $7 Billion Venezuela Bet Targets 600,000 Barrels Daily
• Positive Sentiment: Strategic positioning: As the only major U.S. oil company with a substantial existing Venezuelan presence, Chevron is positioned to benefit from Washington’s effort to reopen and develop the country’s oil reserves. Additional supply could strengthen Chevron’s production growth and refining flexibility. Chevron confirms it will invest billions to expand operations in oil-rich Venezuela
• Neutral Sentiment: Oil-market support: Crude prices have risen above $90 per barrel amid concerns involving Iran, the Strait of Hormuz and threats to regional energy infrastructure. Higher prices generally support Chevron’s upstream earnings, although they may also increase geopolitical and supply volatility. Why oil just crossed $90 per barrel
• Negative Sentiment: Execution and political risks: Doubling Venezuelan output will require major infrastructure investment, reliable exports and sustained political stability. Investors also face uncertainty around sanctions, government control, funding and whether Venezuela can deliver the promised production growth on schedule. Can Venezuela double output?

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.