Longfellow Investment Management Co. LLC Invests $1.31 Million in Chevron Corporation $CVX

Longfellow Investment Management Co. LLC bought a new position in shares of Chevron Corporation (NYSE:CVX) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,916 shares of the oil and gas company’s stock, valued at approximately $1,312,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of CVX. Chase Investment Counsel Corp purchased a new stake in Chevron in the 2nd quarter worth $549,000. RW Investment Management LLC purchased a new position in shares of Chevron during the second quarter valued at about $404,000. N.E.W. Advisory Services LLC bought a new stake in shares of Chevron in the second quarter worth about $531,000. Diamond Hill Capital Management LLC Investment Advisor bought a new stake in shares of Chevron in the second quarter worth about $30,373,000. Finally, HBK Sorce Advisory LLC purchased a new stake in shares of Chevron in the second quarter worth about $7,626,000. 72.42% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 100,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the transaction, the director directly owned 178,045 shares in the company, valued at approximately $34,587,021.70. This represents a 35.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael K. Wirth sold 5,547 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total transaction of $1,037,289.00. Following the completion of the sale, the chief executive officer directly owned 26,308 shares in the company, valued at $4,919,596. This trade represents a 17.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 1,196,212 shares of company stock worth $231,819,366. Insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the subject of a number of research reports. The Goldman Sachs Group reissued a “buy” rating and set a $216.00 price target on shares of Chevron in a research note on Wednesday, May 6th. Barclays lifted their price objective on Chevron from $213.00 to $216.00 and gave the stock an “equal weight” rating in a research note on Monday, August 3rd. Jefferies Financial Group reiterated a “buy” rating and set a $216.00 target price on shares of Chevron in a research report on Friday, July 10th. Bank of America raised their target price on shares of Chevron from $210.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Finally, TD Cowen upped their price target on shares of Chevron from $200.00 to $205.00 and gave the company a “hold” rating in a research note on Wednesday, August 5th. 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’s stock. Based on data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and an average price target of $207.48.

Chevron Price Performance

Shares of Chevron stock opened at $199.99 on Monday. The stock has a market cap of $395.13 billion, a price-to-earnings ratio of 19.17, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49. 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 stock has a 50 day moving average price of $183.30 and a 200-day moving average price of $187.01. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, beating the consensus estimate of $5.55 by $0.51. The company had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.Chevron’s quarterly revenue was up 57.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.77 EPS. Equities analysts expect that Chevron Corporation will post 15.86 EPS for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be paid a $1.78 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.6%. Chevron’s dividend payout ratio is currently 68.26%.

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.