Pacific Heights Asset Management LLC Grows Stake in Chevron Corporation $CVX

Pacific Heights Asset Management LLC lifted its holdings in shares of Chevron Corporation (NYSE:CVX) by 9.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 300,000 shares of the oil and gas company’s stock after acquiring an additional 25,000 shares during the period. Chevron accounts for approximately 1.6% of Pacific Heights Asset Management LLC’s investment portfolio, making the stock its 16th biggest holding. Pacific Heights Asset Management LLC’s holdings in Chevron were worth $49,728,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Midwest Capital Advisors LLC acquired a new stake in Chevron during the 1st quarter worth $25,000. Core Wealth Advisors LLC purchased a new position in shares of Chevron during the fourth quarter worth about $26,000. Phillip James Consulting Co. acquired a new position in shares of Chevron in the fourth quarter valued at approximately $26,000. Quattro Advisors LLC purchased a new position in Chevron during the 4th quarter worth $27,000. Finally, Karpus Management Inc. acquired a new stake in shares of Chevron in the 4th quarter worth $27,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Transactions at Chevron

In related news, insider R. Hewitt Pate sold 2,470 shares of the company’s stock in a transaction 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 completion of the sale, the insider directly owned 10,794 shares of the company’s stock, valued at approximately $2,213,957.34. This represents a 18.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael K. Wirth sold 317,100 shares of the stock in a transaction on Friday, August 14th. The shares were 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 approximately $5,273,701.68. This represents a 92.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 1,152,582 shares of company stock valued at $225,853,661. Corporate insiders own 0.56% of the company’s stock.

Chevron Stock Performance

Shares of NYSE CVX opened at $199.91 on Friday. The company has a market cap of $394.98 billion, a PE ratio of 19.17, a price-to-earnings-growth ratio of 0.60 and a beta of 0.49. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. The company has a 50-day simple moving average of $186.87 and a 200-day simple moving average of $188.76.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share 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 the consensus estimate of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.Chevron’s revenue was up 57.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.77 EPS. On average, equities analysts anticipate that Chevron Corporation will post 16.17 earnings per share for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors 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 annualized dividend and a yield of 3.6%. Chevron’s dividend payout ratio is 68.26%.

Wall Street Analyst Weigh In

CVX has been the topic of a number of recent analyst reports. Piper Sandler assumed coverage on shares of Chevron in a research note on Thursday, July 23rd. They set an “overweight” rating and a $207.00 price target on the stock. The Goldman Sachs Group restated a “buy” rating and issued a $216.00 price objective on shares of Chevron in a research report on Wednesday, May 6th. Zacks Research lowered Chevron from a “strong-buy” rating to a “hold” rating in a report on Monday, June 8th. UBS Group reiterated a “buy” rating on shares of Chevron in a research report on Tuesday, June 23rd. Finally, Morgan Stanley increased their price target on shares of Chevron from $210.00 to $218.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Twenty research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average 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.