SCS Capital Management LLC Purchases New Shares in Chevron Corporation $CVX

SCS Capital Management LLC purchased a new position in Chevron Corporation (NYSE:CVX) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 72,592 shares of the oil and gas company’s stock, valued at approximately $12,033,000.

Other large investors also recently added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of Chevron by 9.1% during the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock valued at $23,698,184,000 after acquiring an additional 12,789,399 shares during the last quarter. Berkshire Hathaway Inc boosted its holdings in shares of Chevron by 6.6% during the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock worth $19,837,131,000 after purchasing an additional 8,091,570 shares during the last quarter. Geode Capital Management LLC boosted its stake in Chevron by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company’s stock worth $6,620,187,000 after buying an additional 134,890 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Chevron by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company’s stock valued at $5,492,377,000 after acquiring an additional 961,341 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Chevron by 5.1% in the 1st quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock valued at $5,716,694,000 after buying an additional 1,334,976 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Price Performance

Shares of CVX opened at $199.99 on Monday. The company has a market cap of $395.13 billion, a P/E ratio of 19.17, a PEG ratio of 0.61 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. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The firm’s 50 day moving average price is $183.30 and its 200 day moving average price is $187.01.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating the consensus estimate of $5.55 by $0.51. The company had revenue of $67.20 billion during 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%. The firm’s revenue was up 57.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.77 EPS. On average, research analysts forecast that Chevron Corporation will post 15.86 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed 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. This represents a $7.12 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Wednesday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 68.26%.

Analyst Ratings Changes

A number of research firms have recently weighed in on CVX. Barclays increased their price target on Chevron from $213.00 to $216.00 and gave the stock an “equal weight” rating in a report on Monday, August 3rd. Morgan Stanley lowered their price target on Chevron from $214.00 to $210.00 and set an “overweight” rating for the company in a research report on Monday, June 29th. Zacks Research cut Chevron from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. Scotiabank boosted their price objective on Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Finally, Weiss Ratings raised Chevron from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Twenty investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $207.48.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 100,000 shares of Chevron stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total value of $19,426,000.00. Following the completion of the transaction, the director directly owned 178,045 shares in the company, valued at approximately $34,587,021.70. This trade represents a 35.97% decrease in their ownership of the stock. The transaction 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 business’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total value of $1,037,289.00. Following the transaction, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at $4,919,596. The trade was a 17.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 1,196,212 shares of company stock worth $231,819,366. Insiders own 0.56% of the company’s 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.