Focused Wealth Management Inc Purchases New Position in Chevron Corporation $CVX

Focused Wealth Management Inc purchased a new stake in shares of Chevron Corporation (NYSE:CVX) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,928 shares of the oil and gas company’s stock, valued at approximately $485,000.

A number of other large investors have also added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Chevron in the 2nd quarter worth approximately $810,727,000. OneDigital Investment Advisors LLC bought a new position in shares of Chevron during the 2nd quarter valued at approximately $13,169,000. Plato Investment Management Ltd purchased a new position in shares of Chevron in the second quarter valued at $2,502,000. Bell Investment Advisors Inc purchased a new position in shares of Chevron in the second quarter valued at $1,321,000. Finally, AMG National Trust Bank bought a new stake in Chevron in the second quarter worth $7,077,000. Institutional investors own 72.42% of the company’s stock.

Insider Activity

In other Chevron news, CEO Michael K. Wirth sold 5,547 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $187.00, for a total value of $1,037,289.00. Following the completion of the sale, the chief executive officer owned 26,308 shares of the company’s stock, valued at $4,919,596. This trade represents a 17.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John B. 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 value of $137,940,076.50. Following the transaction, the director owned 363,711 shares of the company’s stock, valued at $70,596,305.10. This trade represents a 66.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,196,212 shares of company stock worth $231,819,366 over the last quarter. 0.56% of the stock is currently owned by insiders.

Chevron Stock Performance

NYSE:CVX opened at $202.75 on Tuesday. The firm has a market capitalization of $400.59 billion, a PE ratio of 19.44, a PEG ratio of 0.61 and a beta of 0.49. The stock’s fifty day moving average is $183.57 and its 200 day moving average is $187.25. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $214.71. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. During the same period in the previous year, the firm earned $1.77 earnings per share. Chevron’s quarterly revenue was up 57.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Chevron Corporation will post 15.86 earnings per share for the current 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 dividend of $1.78 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.5%. Chevron’s payout ratio is currently 68.26%.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of recent research reports. Scotiabank upped their price target on shares of Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Barclays dropped their price objective on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a research note on Monday. Morgan Stanley reduced their target price on shares of Chevron from $214.00 to $210.00 and set an “overweight” rating on the stock in a report on Monday, June 29th. Bank of America upped their target price on shares of Chevron from $210.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $220.00 price target on shares of Chevron in a report on Tuesday, May 5th. Twenty 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $207.13.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Major Angola discovery expands Chevron’s resource base. Chevron’s 105-4X exploration well in offshore Angola’s Block 0 encountered a hydrocarbon column exceeding 600 meters (about 2,000 feet), including more than 90 meters of net pay in the primary Pinda reservoir. The size of the find strengthens the company’s long-term production outlook and supports its strategic exploration program in Sub-Saharan Africa. Reuters article
• Positive Sentiment: Potential tie-in could reduce development costs. The discovery is located near existing Block 0 infrastructure, creating the possibility of a relatively efficient tie-back and potentially accelerating development while limiting capital requirements. However, commerciality, appraisal work and a development timeline have not yet been established. Chevron Stock Rises After Major Angola Discovery
• Positive Sentiment: Higher oil prices provide additional sector support. Reports that Brent crude was approaching $89 a barrel amid continued disruption and uncertainty around the Strait of Hormuz are supportive of Chevron’s upstream revenue and cash-flow prospects, although the geopolitical situation also raises market and operating risks. Brent Crude Nears $89
• Neutral Sentiment: Income appeal remains part of the investment case. Chevron continues to be highlighted by analysts as a dividend-paying energy major with potential upside, but the dividend coverage and valuation were not materially changed by these reports. Dividend Stocks Article

Chevron Profile

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.