Clearstead Trust LLC Makes New $3.64 Million Investment in Chevron Corporation $CVX

Clearstead Trust LLC acquired a new position in Chevron Corporation (NYSE:CVX) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 21,983 shares of the oil and gas company’s stock, valued at approximately $3,644,000.

A number of other large investors also recently modified their holdings of the company. Midwest Capital Advisors LLC bought a new stake in shares of Chevron in the 1st quarter worth approximately $25,000. Core Wealth Advisors LLC purchased a new stake in shares of Chevron in the 4th quarter valued at $26,000. Phillip James Consulting Co. bought a new position in shares of Chevron during the 4th quarter valued at $26,000. Basso Capital Management L.P. bought a new position in shares of Chevron during the 4th quarter valued at $27,000. Finally, Karpus Management Inc. purchased a new position in Chevron in the 4th quarter worth $27,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director John B. Hess sold 710,665 shares of the business’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 transaction of $137,940,076.50. Following the transaction, the director directly owned 363,711 shares of the company’s stock, valued at approximately $70,596,305.10. The trade was a 66.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael K. Wirth sold 5,547 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $187.00, for a total value of $1,037,289.00. Following the transaction, the chief executive officer owned 26,308 shares of the company’s stock, valued at approximately $4,919,596. This represents a 17.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,196,212 shares of company stock valued at $231,819,366 in the last ninety days. 0.56% of the stock is currently owned by corporate insiders.

Chevron Price Performance

CVX stock opened at $199.99 on Friday. The firm’s 50-day moving average price is $183.30 and its two-hundred day moving average price is $186.88. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71. The stock has a market capitalization of $395.13 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 0.61 and a beta of 0.49. 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 (NYSE:CVX) last issued its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 EPS 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 the consensus estimate of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company’s quarterly revenue was up 57.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.77 earnings per share. As a group, equities analysts predict that Chevron Corporation will post 15.86 earnings per share for the current year.

Chevron Announces Dividend

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

Analyst Ratings Changes

CVX has been the subject of several recent research reports. TD Cowen boosted their price target on shares of Chevron from $200.00 to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, August 5th. Weiss Ratings raised Chevron from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday. Scotiabank lifted their price objective on Chevron from $168.00 to $187.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. Zacks Research cut Chevron from a “strong-buy” rating to a “hold” rating in a report on Monday, June 8th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $216.00 price target on shares of Chevron in a research note on Friday, July 10th. 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. According to data from MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and a consensus price target of $207.48.

Chevron Company 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.