Shah Wealth Advisors LLC Buys Shares of 3,985 Chevron Corporation $CVX

Shah Wealth Advisors LLC purchased a new position in shares of Chevron Corporation (NYSE:CVX) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 3,985 shares of the oil and gas company’s stock, valued at approximately $661,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. United Bank increased its position in shares of Chevron by 7.7% during the second quarter. United Bank now owns 11,079 shares of the oil and gas company’s stock valued at $1,586,000 after acquiring an additional 796 shares during the last quarter. Schnieders Capital Management LLC. lifted its holdings in shares of Chevron by 9.0% in the 2nd quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company’s stock worth $7,280,000 after acquiring an additional 4,214 shares during the last quarter. BNP Paribas boosted its position in shares of Chevron by 76.4% during the 2nd quarter. BNP Paribas now owns 441 shares of the oil and gas company’s stock worth $63,000 after purchasing an additional 191 shares during the period. Osterweis Capital Management Inc. boosted its position in shares of Chevron by 678.9% during the 2nd quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company’s stock worth $195,000 after purchasing an additional 1,188 shares during the period. Finally, Main Street Financial Solutions LLC increased its holdings in Chevron by 3.6% in the 2nd quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company’s stock valued at $2,299,000 after purchasing an additional 553 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Chevron news, Director John Hess sold 710,665 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the completion of the transaction, the director owned 363,711 shares in the company, valued at $70,596,305.10. The trade was a 66.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Andrew Walz sold 16,800 shares of the stock in a transaction that occurred on 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 sale, the insider directly owned 14 shares in the company, valued at approximately $2,814.84. This represents a 99.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,152,582 shares of company stock worth $225,853,661 over the last three months. Insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of research reports. Morgan Stanley upped their price target on Chevron from $210.00 to $218.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 19th. Wells Fargo & Company boosted their price objective on Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a report on Thursday. Mizuho set a $224.00 target price on Chevron in a research note on Monday, August 3rd. Wolfe Research upgraded Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 target price for the company in a report on Thursday, July 2nd. Finally, Weiss Ratings upgraded shares of Chevron from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Twenty equities 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 MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $211.35.

Chevron Price Performance

Shares of NYSE CVX opened at $208.48 on Friday. The stock’s 50-day moving average is $191.10 and its two-hundred day moving average is $189.77. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71. The company has a market cap of $411.91 billion, a price-to-earnings ratio of 19.99, a price-to-earnings-growth ratio of 0.63 and a beta of 0.50.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business had revenue of $67.20 billion during the quarter, compared to analysts’ expectations of $62.72 billion. During the same quarter last year, the business posted $1.77 EPS. The business’s quarterly revenue was up 57.4% compared to the same quarter last year. Analysts forecast that Chevron Corporation will post 16.24 EPS for the current fiscal 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 paid a $1.78 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.4%. Chevron’s payout ratio is currently 68.26%.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s planned investment of more than $7 billion in Venezuela is expected to expand production to approximately 600,000 barrels per day over five years. Investors view the Orinoco Belt opportunity as a potential source of significant production growth and attractive economics. Chevron Commits $7 Billion to Venezuela to Double Production
• Positive Sentiment: Analysts and fund managers remain constructive on Chevron, citing its scale, strong fundamentals, production growth following the Hess acquisition, dividend record and long-term exposure to energy demand. Rising crude prices above $90 per barrel have also supported sentiment toward major oil companies. Why Gabelli Remains Bullish on Chevron
• Positive Sentiment: A preliminary agreement covering Ghana’s South Deepwater Tano Cape Three Points block could provide Chevron with another international growth option, although commercial terms and ownership details have not been finalized. Chevron and Shell Sign Preliminary Ghana Agreement
• Neutral Sentiment: Chevron’s dividend remains a key attraction, with 39 consecutive years of increases. However, its sustainability would be tested if oil prices fall materially from current elevated levels. Chevron’s Dividend and Oil Price Risk
• Negative Sentiment: Investors remain concerned that the Venezuela strategy will require substantial capital, face operational challenges and carry elevated political and execution risk. Critics also question whether the expansion can deliver its projected returns. Capital Requirements and Operational Challenges
• Negative Sentiment: Valuation concerns have become more important after the rally: Chevron is trading near the upper end of its recent range, while reported insider activity has consisted of sales rather than purchases. A decline in oil prices could further pressure earnings and the stock.

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.