PYA Waltman Capital LLC Raises Position in Chevron Corporation $CVX

PYA Waltman Capital LLC grew its stake in Chevron Corporation (NYSE:CVX) by 32.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,470 shares of the oil and gas company’s stock after purchasing an additional 5,801 shares during the period. Chevron makes up about 0.9% of PYA Waltman Capital LLC’s portfolio, making the stock its 26th biggest position. PYA Waltman Capital LLC’s holdings in Chevron were worth $3,890,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. United Bank lifted its position in Chevron by 7.7% in the second quarter. United Bank now owns 11,079 shares of the oil and gas company’s stock worth $1,586,000 after buying an additional 796 shares during the last quarter. Schnieders Capital Management LLC. boosted its stake in Chevron by 9.0% during the second quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company’s stock worth $7,280,000 after buying an additional 4,214 shares during the period. BNP Paribas increased its position in Chevron by 76.4% during the second quarter. BNP Paribas now owns 441 shares of the oil and gas company’s stock valued at $63,000 after acquiring an additional 191 shares during the last quarter. Osterweis Capital Management Inc. raised its stake in shares of Chevron by 678.9% in the second quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company’s stock valued at $195,000 after acquiring an additional 1,188 shares during the period. Finally, Main Street Financial Solutions LLC raised its stake in shares of Chevron by 3.6% in the second quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company’s stock valued at $2,299,000 after acquiring an additional 553 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Venezuela expansion is the main catalyst. Chevron, the only major U.S. oil company with significant existing operations in Venezuela, is reportedly preparing to expand production through new agreements covering heavy-oil fields in the Orinoco Belt. The company currently produces approximately 280,000 barrels per day in the country and could potentially increase output by about 50% over the next two years. Access to the world’s largest proven oil reserves could provide a long-term production and cash-flow opportunity. Chevron Will Grow Venezuelan Oil Production
• Positive Sentiment: Higher crude prices are lifting the energy sector. Renewed U.S.-Iran conflict and disruptions around the Strait of Hormuz have pushed oil prices higher, supporting revenue and margins for integrated producers such as Chevron. The NYSE Energy Sector Index was up 1.1% Tuesday afternoon. Sector Update: Energy Stocks Rise Tuesday Afternoon
• Positive Sentiment: Income and momentum appeal remain supportive. Chevron continues to attract dividend-focused investors, while recent earnings exceeded expectations, with EPS of $6.06 versus a $5.55 consensus estimate and revenue up 57.4% year over year. 3 Top Dividend Stocks to Buy in September

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 710,665 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the sale, the director 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider R. Hewitt Pate sold 2,470 shares of the company’s 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 transaction, the insider owned 10,794 shares in the company, valued at $2,213,957.34. The trade was a 18.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,152,582 shares of company stock valued at $225,853,661 in the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Chevron Trading Up 2.3%

NYSE CVX opened at $210.88 on Wednesday. The stock has a market cap of $416.65 billion, a PE ratio of 20.22, a PEG ratio of 0.61 and a beta of 0.50. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. The company’s 50-day moving average price is $188.76 and its 200-day moving average price is $189.24. 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 released its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating 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 firm’s quarterly revenue was up 57.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.77 EPS. Equities research analysts forecast that Chevron Corporation will post 16.24 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be issued a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron’s payout ratio is currently 68.26%.

Wall Street Analyst Weigh In

A number of research firms recently commented on CVX. Dbs Bank raised shares of Chevron to a “moderate buy” rating in a research note on Thursday, August 6th. Weiss Ratings raised shares of Chevron from a “hold (c)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Mizuho set a $224.00 price objective on shares of Chevron in a research note on Monday, August 3rd. Jefferies Financial Group restated a “buy” rating and set a $216.00 target price on shares of Chevron in a research report on Friday, July 10th. Finally, Wall Street Zen raised Chevron from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Twenty investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average 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.