Palisade Capital Management LP Takes $1.84 Million Position in Chevron Corporation $CVX

Palisade Capital Management LP acquired a new stake in Chevron Corporation (NYSE:CVX) in the second quarter, HoldingsChannel reports. The firm acquired 11,127 shares of the oil and gas company’s stock, valued at approximately $1,844,000.

Several other hedge funds have also added to or reduced their stakes in CVX. Midwest Capital Advisors LLC acquired a new stake in Chevron during the 1st quarter valued at approximately $25,000. Main Street Group LTD acquired a new position in Chevron in the first quarter valued at approximately $28,000. Phillip James Consulting Co. bought a new position in Chevron during the fourth quarter worth $26,000. Kilter Group LLC bought a new position in shares of Chevron during the 2nd quarter worth about $28,000. Finally, Core Wealth Advisors LLC bought a new position in Chevron in the fourth quarter worth approximately $26,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CVX has been the subject of a number of analyst reports. Wall Street Zen upgraded Chevron from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Dbs Bank upgraded shares of Chevron to a “moderate buy” rating in a research note on Thursday, August 6th. TD Cowen upped their price objective on shares of Chevron from $200.00 to $205.00 and gave the company a “hold” rating in a report on Wednesday, August 5th. Morgan Stanley raised their price target on Chevron from $210.00 to $218.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. Finally, Barclays reduced their price objective on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a research note on Monday, August 17th. Twenty equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $207.48.

Chevron Stock Performance

NYSE:CVX opened at $200.26 on Thursday. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $214.71. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The firm’s fifty day simple moving average is $186.34 and its 200 day simple moving average is $188.63. The stock has a market cap of $395.67 billion, a P/E ratio of 19.20, a price-to-earnings-growth ratio of 0.60 and a beta of 0.49.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping 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 business had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the prior year, the company earned $1.77 earnings per share. The firm’s quarterly revenue was up 57.4% compared to the same quarter last year. As a group, research analysts predict that Chevron Corporation will post 16.17 EPS for the current year.

Chevron Dividend Announcement

The business also recently declared 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%.

Insider Activity at Chevron

In other Chevron news, insider Andrew Benjamin Walz sold 16,800 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the completion of the sale, the insider directly owned 14 shares in the company, valued at $2,814.84. The trade was a 99.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael K. Wirth sold 317,100 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $200.46, for a total value of $63,565,866.00. Following the completion of the sale, the chief executive officer owned 26,308 shares of the company’s stock, valued at $5,273,701.68. This trade represents a 92.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,152,582 shares of company stock valued at $225,853,661 in the last quarter. 0.56% of the stock is currently owned by corporate insiders.

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.