Maloon Powers Pitre Higgins & Dennehy LLC Invests $2.68 Million in Chevron Corporation $CVX

Maloon Powers Pitre Higgins & Dennehy LLC purchased a new stake in Chevron Corporation (NYSE:CVX) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 16,165 shares of the oil and gas company’s stock, valued at approximately $2,679,000. Chevron accounts for about 0.9% of Maloon Powers Pitre Higgins & Dennehy LLC’s holdings, making the stock its 26th biggest holding.

A number of other institutional investors have also recently modified their holdings of the business. BlackRock Inc. purchased a new position in Chevron in the second quarter worth $25,663,729,000. Norges Bank purchased a new stake in shares of Chevron during the 4th quarter worth $3,727,586,000. Bank of New York Mellon Corp purchased a new stake in shares of Chevron during the 2nd quarter worth $2,378,114,000. State Street Corp boosted its position in shares of Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock worth $23,698,184,000 after purchasing an additional 12,789,399 shares in the last quarter. Finally, Legal & General Group Plc acquired a new position in shares of Chevron during the 2nd quarter worth $1,462,412,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Trading Down 1.3%

Shares of Chevron stock opened at $208.48 on Friday. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $214.71. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The business has a 50 day moving average price of $191.10 and a 200 day moving average price of $189.77. The company has a market capitalization of $411.91 billion, a P/E ratio of 19.99, a P/E/G ratio of 0.63 and a beta of 0.50.

Chevron (NYSE:CVX) last announced its earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating analysts’ consensus estimates of $5.55 by $0.51. The firm had revenue of $67.20 billion for the quarter, compared to analysts’ expectations of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.Chevron’s quarterly revenue was up 57.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.77 EPS. Sell-side analysts anticipate that Chevron Corporation will post 16.24 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a report on Thursday. BMO Capital Markets boosted their price objective on shares of Chevron from $210.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday. Weiss Ratings upgraded shares of Chevron from a “hold (c)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. UBS Group reaffirmed a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. Finally, Zacks Research downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. Twenty equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $211.35.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s planned investment of more than $7 billion in Venezuela is expected to expand production to approximately 600,000 barrels per day over five years. Investors view the Orinoco Belt opportunity as a potential source of significant production growth and attractive economics. Chevron Commits $7 Billion to Venezuela to Double Production
• Positive Sentiment: Analysts and fund managers remain constructive on Chevron, citing its scale, strong fundamentals, production growth following the Hess acquisition, dividend record and long-term exposure to energy demand. Rising crude prices above $90 per barrel have also supported sentiment toward major oil companies. Why Gabelli Remains Bullish on Chevron
• Positive Sentiment: A preliminary agreement covering Ghana’s South Deepwater Tano Cape Three Points block could provide Chevron with another international growth option, although commercial terms and ownership details have not been finalized. Chevron and Shell Sign Preliminary Ghana Agreement
• Neutral Sentiment: Chevron’s dividend remains a key attraction, with 39 consecutive years of increases. However, its sustainability would be tested if oil prices fall materially from current elevated levels. Chevron’s Dividend and Oil Price Risk
• Negative Sentiment: Investors remain concerned that the Venezuela strategy will require substantial capital, face operational challenges and carry elevated political and execution risk. Critics also question whether the expansion can deliver its projected returns. Capital Requirements and Operational Challenges
• Negative Sentiment: Valuation concerns have become more important after the rally: Chevron is trading near the upper end of its recent range, while reported insider activity has consisted of sales rather than purchases. A decline in oil prices could further pressure earnings and the stock.

Insider Buying and Selling

In related news, Director John Hess sold 100,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the sale, the director owned 178,045 shares of the company’s stock, valued at $34,587,021.70. This trade represents a 35.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Andrew Walz sold 16,800 shares of Chevron stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $201.06, for a total value of $3,377,808.00. Following the sale, the insider owned 14 shares of the company’s stock, valued at approximately $2,814.84. This represents a 99.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,152,582 shares of company stock worth $225,853,661 in the last ninety days. 0.56% of the stock is currently owned by insiders.

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.