Zullo Investment Group Inc. Raises Stake in Chevron Corporation $CVX

Zullo Investment Group Inc. lifted its position in shares of Chevron Corporation (NYSE:CVX) by 2.7% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 5,528 shares of the oil and gas company’s stock after purchasing an additional 143 shares during the quarter. Zullo Investment Group Inc.’s holdings in Chevron were worth $792,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd boosted its holdings in Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 122 shares during the period. Elequin Capital LP purchased a new position in Chevron in the 1st quarter worth approximately $31,000. Cloud Capital Management LLC purchased a new position in Chevron in the 1st quarter worth approximately $39,000. Investment Management Corp VA ADV boosted its holdings in Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 149 shares during the period. Finally, 1 North Wealth Services LLC purchased a new position in Chevron in the 1st quarter worth approximately $45,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the sale, the vice president directly owned 1,181 shares of the company’s stock, valued at $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John B. Hess sold 375,000 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the sale, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company’s stock.

Chevron Stock Performance

CVX stock opened at $149.11 on Friday. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The firm has a market cap of $257.66 billion, a P/E ratio of 19.19, a P/E/G ratio of 1.95 and a beta of 0.84. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The stock’s 50 day simple moving average is $156.10 and its 200 day simple moving average is $148.67.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. The business had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business’s revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.55 EPS. As a group, equities research analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron’s dividend payout ratio is currently 88.03%.

Wall Street Analyst Weigh In

CVX has been the subject of a number of analyst reports. Scotiabank upped their price target on Chevron from $160.00 to $165.00 and gave the stock a “sector perform” rating in a report on Thursday. UBS Group increased their target price on Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 20th. Evercore ISI reiterated an “outperform” rating and set a $180.00 target price on shares of Chevron in a research note on Thursday, July 31st. Bank of America increased their target price on Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a research note on Wednesday, September 10th. Finally, Melius Research started coverage on Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price for the company. Eleven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $165.40.

Chevron Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.