Mengis Capital Management Inc. Buys 7,087 Shares of Chevron Corporation $CVX

Mengis Capital Management Inc. grew its stake in Chevron Corporation (NYSE:CVX) by 7.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 98,363 shares of the oil and gas company’s stock after purchasing an additional 7,087 shares during the period. Chevron makes up about 2.6% of Mengis Capital Management Inc.’s holdings, making the stock its 6th largest holding. Mengis Capital Management Inc.’s holdings in Chevron were worth $14,992,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in CVX. Phillip James Consulting Co. acquired a new position in Chevron during the fourth quarter worth $26,000. Core Wealth Advisors LLC acquired a new stake in shares of Chevron in the 4th quarter worth $26,000. Karpus Management Inc. purchased a new position in shares of Chevron during the 4th quarter worth $27,000. Basso Capital Management L.P. purchased a new position in shares of Chevron during the 4th quarter worth $27,000. Finally, Quattro Advisors LLC acquired a new position in shares of Chevron during the 4th quarter valued at about $27,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Down 0.1%

Shares of NYSE:CVX opened at $173.51 on Friday. The company has a market capitalization of $345.56 billion, a price-to-earnings ratio of 30.07, a PEG ratio of 0.57 and a beta of 0.48. Chevron Corporation has a 12-month low of $142.40 and a 12-month high of $214.71. The business has a 50-day moving average price of $186.63 and a 200 day moving average price of $179.01. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX) last posted its earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.41. The company had revenue of $47.56 billion for the quarter, compared to analysts’ expectations of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. Chevron’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.18 earnings per share. Sell-side analysts expect that Chevron Corporation will post 15.88 EPS for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were paid a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron’s payout ratio is 123.40%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. TD Cowen raised their price objective on shares of Chevron from $204.00 to $205.00 and gave the stock a “hold” rating in a research report on Friday, May 8th. Zacks Research cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. Weiss Ratings downgraded shares of Chevron from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Morgan Stanley lifted their price target on shares of Chevron from $212.00 to $214.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Finally, Barclays upped their price objective on Chevron from $192.00 to $213.00 and gave the company an “equal weight” rating in a report on Tuesday, May 26th. Eighteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $205.70.

Insider Activity at Chevron

In other news, insider R. Hewitt Pate sold 40,200 shares of the company’s stock in a transaction that occurred on Monday, March 30th. The shares were sold at an average price of $213.30, for a total value of $8,574,660.00. Following the transaction, the insider directly owned 8,638 shares in the company, valued at approximately $1,842,485.40. This represents a 82.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hess sold 380,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the transaction, the director directly owned 278,045 shares of the company’s stock, valued at $53,718,294. The trade was a 57.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 615,200 shares of company stock worth $118,022,760. 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.