Independent Financial Group LLC Makes New Investment in Chevron Corporation $CVX

Independent Financial Group LLC acquired a new position in shares of Chevron Corporation (NYSE:CVX) during the first quarter, Holdings Channel reports. The institutional investor acquired 31,999 shares of the oil and gas company’s stock, valued at approximately $6,621,000.

A number of other large investors have also modified their holdings of CVX. Midwest Capital Advisors LLC purchased a new position in Chevron in the first quarter valued at $25,000. Core Wealth Advisors LLC purchased a new stake in Chevron during the 4th quarter worth about $26,000. Phillip James Consulting Co. acquired a new stake in Chevron in the 4th quarter valued at about $26,000. Basso Capital Management L.P. acquired a new stake in Chevron in the 4th quarter valued at about $27,000. Finally, Karpus Management Inc. acquired a new stake in Chevron in the 4th quarter valued at about $27,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity

In other news, Director John B. Hess sold 380,000 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the completion of the transaction, the director owned 278,045 shares in the company, valued at approximately $53,718,294. This represents a 57.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

CVX has been the subject of a number of analyst reports. Tudor Pickering raised Chevron from a “hold” rating to a “buy” rating and set a $225.00 price objective for the company in a research report on Thursday, April 9th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $216.00 target price on shares of Chevron in a report on Friday, July 10th. BNP Paribas Exane raised shares of Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 target price on the stock in a report on Friday, April 17th. Weiss Ratings downgraded shares of Chevron from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 2nd. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $220.00 price target on shares of Chevron in a report on Tuesday, May 5th. Nineteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $206.83.

Chevron Price Performance

Shares of NYSE CVX opened at $183.69 on Friday. The stock’s 50-day simple moving average is $181.42 and its 200-day simple moving average is $182.41. The firm has a market capitalization of $365.83 billion, a PE ratio of 31.83, a price-to-earnings-growth ratio of 0.64 and a beta of 0.50. 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 0.21, a quick ratio of 0.84 and a current ratio of 1.09.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.41. The firm had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the company posted $2.18 earnings per share. As a group, equities research analysts forecast that Chevron Corporation will post 14.75 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were given a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Tuesday, May 19th. Chevron’s payout ratio is currently 123.40%.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is expected to sign memorandums of understanding with Iraq to advance investment in the West Qurna 2 and Nassiriya oilfields, potentially expanding its long-term production base. Reuters article
• Positive Sentiment: The company is also exploring a pipeline alternative to the Strait of Hormuz, which could reduce export risk and support more reliable Iraqi oil shipments if geopolitical risk stays elevated. WSJ article
• Positive Sentiment: Chevron’s stock has also been helped by broader energy-sector strength, with energy shares rising even as the wider market softened. Yahoo Finance article
• Neutral Sentiment: Analysts and commentary suggest Chevron may be fairly valued after a strong five-year run, which supports the stock but also limits the upside from valuation alone. Yahoo Finance article
• Neutral Sentiment: Recent broker notes have been mixed, including hold ratings and modest price-target cuts, indicating Wall Street is constructive but not aggressively bullish. Yahoo Finance article

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.