EFG International AG Invests $3.52 Million in Chevron Corporation $CVX

EFG International AG purchased a new stake in Chevron Corporation (NYSE:CVX) during the second quarter, Holdings Channel reports. The institutional investor purchased 21,230 shares of the oil and gas company’s stock, valued at approximately $3,519,000.

A number of other hedge funds and other institutional investors have also modified their holdings of CVX. Blue Capital Inc. bought a new stake in shares of Chevron in the second quarter worth $786,000. OneAscent Wealth Management LLC acquired a new stake in Chevron during the second quarter worth about $973,000. Global Retirement Partners LLC acquired a new stake in shares of Chevron during the 2nd quarter worth approximately $14,276,000. Indivisible Partners acquired a new stake in Chevron in the fourth quarter worth $1,923,000. Finally, Janney Montgomery Scott LLC increased its holdings in shares of Chevron by 6.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company’s stock worth $258,853,000 after acquiring an additional 79,439 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Chevron news, CEO Michael K. Wirth sold 317,100 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the sale, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at approximately $5,273,701.68. This represents a 92.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider R. Hewitt Pate sold 2,470 shares of Chevron stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total transaction of $506,621.70. Following the completion of the transaction, the insider owned 10,794 shares of the company’s stock, valued at $2,213,957.34. This trade represents a 18.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,152,582 shares of company stock worth $225,853,661 over the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Chevron Stock Performance

NYSE:CVX opened at $200.26 on Thursday. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $214.71. 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 market capitalization of $395.67 billion, a PE ratio of 19.20, a PEG ratio of 0.60 and a beta of 0.49. The firm’s fifty day simple moving average is $186.34 and its 200 day simple moving average is $188.63.

Chevron (NYSE:CVX) last released its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same quarter last year, the firm posted $1.77 EPS. The company’s revenue was up 57.4% on a year-over-year basis. On average, sell-side analysts anticipate that Chevron Corporation will post 16.17 EPS for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued 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 (DPR) is presently 68.26%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CVX shares. Weiss Ratings raised Chevron from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Sanford C. Bernstein lifted their target price on Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a report on Monday, August 3rd. Zacks Research cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a report on Monday, June 8th. Piper Sandler started coverage on Chevron in a research note on Thursday, July 23rd. They issued an “overweight” rating and a $207.00 price target on the stock. Finally, Barclays reduced their target price 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 investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $207.48.

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.