Family Legacy Inc. Invests $1.48 Million in Chevron Corporation $CVX

Family Legacy Inc. bought a new stake in Chevron Corporation (NYSE:CVX) in the 2nd quarter, Holdings Channel.com reports. The firm bought 8,929 shares of the oil and gas company’s stock, valued at approximately $1,480,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Clearstead Trust LLC acquired a new position in Chevron during the second quarter worth approximately $3,644,000. Maridea Wealth Management LLC acquired a new stake in shares of Chevron in the second quarter valued at approximately $1,668,000. Bridgewater Advisors Inc. purchased a new position in shares of Chevron during the second quarter worth approximately $1,543,000. SFE Investment Counsel acquired a new position in shares of Chevron in the 2nd quarter valued at $2,585,000. Finally, USA Financial Formulas acquired a new position in shares of Chevron in the 1st quarter valued at $538,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the subject of several research reports. Wolfe Research upgraded shares of Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a research report on Thursday, July 2nd. Morgan Stanley dropped their price objective on shares of Chevron from $214.00 to $210.00 and set an “overweight” rating on the stock in a research note on Monday, June 29th. Mizuho set a $224.00 target price on shares of Chevron in a report on Monday, August 3rd. Jefferies Financial Group reiterated a “buy” rating and set a $216.00 target price on shares of Chevron in a research note on Friday, July 10th. Finally, UBS Group reissued a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. 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 data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $207.48.

Chevron Stock Performance

Shares of CVX opened at $199.99 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The stock has a market capitalization of $395.13 billion, a P/E ratio of 19.17, a P/E/G ratio of 0.61 and a beta of 0.49. The company’s fifty day moving average is $183.30 and its two-hundred day moving average is $186.88. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $214.71.

Chevron (NYSE:CVX) last released its earnings results 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. The company had revenue of $67.20 billion during the quarter, compared to analysts’ expectations of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business’s revenue was up 57.4% on a year-over-year basis. During the same quarter last year, the business earned $1.77 EPS. On average, sell-side analysts predict that Chevron Corporation will post 15.86 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron’s dividend payout ratio is 68.26%.

Insider Buying and Selling

In other news, Director John B. Hess sold 710,665 shares of the firm’s stock in a transaction that occurred on 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 directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael K. Wirth sold 5,547 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total value of $1,037,289.00. Following the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at $4,919,596. This represents a 17.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 1,196,212 shares of company stock valued at $231,819,366. Company insiders own 0.56% of the company’s stock.

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.