OneDigital Investment Advisors LLC Purchases New Position in Chevron Corporation $CVX

OneDigital Investment Advisors LLC acquired a new stake in Chevron Corporation (NYSE:CVX) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 79,446 shares of the oil and gas company’s stock, valued at approximately $13,169,000.

Other institutional investors have also added to or reduced their stakes in the company. Midwest Capital Advisors LLC purchased a new position in shares of Chevron in the first quarter worth $25,000. Main Street Group LTD purchased a new stake in shares of Chevron during the first quarter valued at $28,000. Phillip James Consulting Co. purchased a new stake in shares of Chevron during the fourth quarter valued at $26,000. Core Wealth Advisors LLC bought a new stake in Chevron in the 4th quarter worth about $26,000. Finally, Karpus Management Inc. bought a new stake in Chevron in the 4th quarter worth about $27,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting 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 Stock Performance

Shares of NYSE CVX opened at $202.75 on Tuesday. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71. The firm has a market capitalization of $400.59 billion, a price-to-earnings ratio of 19.44, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The firm has a 50 day moving average of $183.57 and a 200 day moving average of $187.25.

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, topping the consensus estimate of $5.55 by $0.51. The business had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company’s quarterly revenue was up 57.4% on a year-over-year basis. During the same period last year, the firm earned $1.77 earnings per share. On average, research analysts anticipate that Chevron Corporation will post 15.86 earnings per share for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be given a dividend of $1.78 per share. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.5%. Chevron’s payout ratio is 68.26%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CVX shares. Barclays decreased their target price on Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a research report on Monday. Morgan Stanley reduced their price target on shares of Chevron from $214.00 to $210.00 and set an “overweight” rating for the company in a research note on Monday, June 29th. TD Cowen boosted their price objective on shares of Chevron from $200.00 to $205.00 and gave the company a “hold” rating in a report on Wednesday, August 5th. Sanford C. Bernstein increased their price objective on shares of Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a research report on Monday, August 3rd. Finally, Wolfe Research upgraded shares of Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 target price on the stock in a report on Thursday, July 2nd. Twenty analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $207.13.

Insider Buying and Selling at Chevron

In other Chevron news, CEO Michael K. Wirth sold 5,547 shares of the business’s 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 owned 26,308 shares of the company’s stock, valued at approximately $4,919,596. The trade was a 17.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John B. Hess sold 710,665 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $194.10, for a total value of $137,940,076.50. Following the completion of the sale, the director owned 363,711 shares of the company’s stock, valued at approximately $70,596,305.10. The trade was a 66.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,196,212 shares of company stock worth $231,819,366 over the last quarter. 0.56% of the stock is owned by company insiders.

Chevron Company 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.