Palisade Capital Management LP Purchases New Holdings in Chevron Corporation $CVX

Palisade Capital Management LP purchased a new stake in Chevron Corporation (NYSE:CVX) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 11,127 shares of the oil and gas company’s stock, valued at approximately $1,844,000.

Several other institutional investors have also recently made changes to their positions in the stock. Midwest Capital Advisors LLC bought a new stake in Chevron during the first quarter worth $25,000. Core Wealth Advisors LLC acquired a new position in shares of Chevron during the 4th quarter worth about $26,000. Phillip James Consulting Co. bought a new stake in shares of Chevron in the 4th quarter valued at about $26,000. Basso Capital Management L.P. bought a new stake in shares of 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. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on CVX. The Goldman Sachs Group reiterated a “buy” rating and set a $216.00 target price on shares of Chevron in a research note on Wednesday, May 6th. Morgan Stanley increased their price objective on shares of Chevron from $210.00 to $218.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. 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. Zacks Research cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a report on Monday, June 8th. Finally, Barclays dropped their price target on Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a report on Monday, August 17th. Twenty equities research 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. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $207.48.

Chevron Stock Up 0.2%

Shares of CVX opened at $200.26 on Thursday. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. The firm’s 50 day moving average is $186.34 and its 200-day moving average is $188.63. The stock has a market capitalization of $395.67 billion, a PE ratio of 19.20, a P/E/G ratio of 0.60 and a beta of 0.49.

Chevron (NYSE:CVX) last announced its quarterly earnings data 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 firm had revenue of $67.20 billion during the quarter, compared to analysts’ expectations of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The company’s quarterly revenue was up 57.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.77 EPS. Equities research analysts forecast that Chevron Corporation will post 16.17 EPS for the current year.

Chevron Announces Dividend

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 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 dividend yield of 3.6%. Chevron’s dividend payout ratio (DPR) is currently 68.26%.

Insider Activity

In other news, Director John B. Hess sold 100,000 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the completion of the transaction, the director owned 178,045 shares of the company’s stock, valued at approximately $34,587,021.70. The trade was a 35.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew Benjamin Walz sold 16,800 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $201.06, for a total value of $3,377,808.00. Following the transaction, the insider directly owned 14 shares of the company’s stock, valued at approximately $2,814.84. The trade was a 99.92% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 1,152,582 shares of company stock worth $225,853,661. 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.