MidFirst Bank Buys New Stake in Chevron Corporation $CVX

MidFirst Bank purchased a new position in shares of Chevron Corporation (NYSE:CVX) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 39,459 shares of the oil and gas company’s stock, valued at approximately $6,541,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. BlackRock Inc. acquired a new stake in Chevron during the second quarter worth about $25,663,729,000. Occidental Asset Management LLC acquired a new stake in shares of Chevron during the 2nd quarter worth approximately $966,000. Succession Financial Inc. purchased a new position in shares of Chevron during the 2nd quarter valued at approximately $373,000. Dunhill Financial LLC acquired a new position in shares of Chevron in the 2nd quarter valued at $346,000. Finally, Pallas Capital Advisors LLC purchased a new stake in Chevron during the second quarter worth $4,439,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Activity

In other Chevron news, CEO Michael K. Wirth sold 5,547 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer owned 26,308 shares in the company, valued at approximately $4,919,596. This represents a 17.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John B. Hess sold 100,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $194.26, for a total value of $19,426,000.00. Following the completion of the sale, the director directly owned 178,045 shares of the company’s stock, valued at approximately $34,587,021.70. This represents a 35.97% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 1,196,212 shares of company stock valued at $231,819,366. 0.56% of the stock is owned by corporate insiders.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Major Angola discovery expands Chevron’s resource base. Chevron’s 105-4X exploration well in offshore Angola’s Block 0 encountered a hydrocarbon column exceeding 600 meters (about 2,000 feet), including more than 90 meters of net pay in the primary Pinda reservoir. The size of the find strengthens the company’s long-term production outlook and supports its strategic exploration program in Sub-Saharan Africa. Reuters article
• Positive Sentiment: Potential tie-in could reduce development costs. The discovery is located near existing Block 0 infrastructure, creating the possibility of a relatively efficient tie-back and potentially accelerating development while limiting capital requirements. However, commerciality, appraisal work and a development timeline have not yet been established. Chevron Stock Rises After Major Angola Discovery
• Positive Sentiment: Higher oil prices provide additional sector support. Reports that Brent crude was approaching $89 a barrel amid continued disruption and uncertainty around the Strait of Hormuz are supportive of Chevron’s upstream revenue and cash-flow prospects, although the geopolitical situation also raises market and operating risks. Brent Crude Nears $89
• Neutral Sentiment: Income appeal remains part of the investment case. Chevron continues to be highlighted by analysts as a dividend-paying energy major with potential upside, but the dividend coverage and valuation were not materially changed by these reports. Dividend Stocks Article

Analysts Set New Price Targets

CVX has been the subject of a number of recent analyst reports. UBS Group reaffirmed a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. Barclays cut their price target on Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a research note on Monday. Piper Sandler assumed coverage on Chevron in a research report on Thursday, July 23rd. They set an “overweight” rating and a $207.00 target price on the stock. Mizuho set a $224.00 price target on shares of Chevron in a research note on Monday, August 3rd. Finally, Dbs Bank upgraded shares of Chevron to a “moderate buy” rating in a research report on Thursday, August 6th. Twenty analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $207.13.

Chevron Stock Performance

Shares of NYSE:CVX opened at $202.75 on Tuesday. 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 1 year low of $146.49 and a 1 year high of $214.71. The firm has a market capitalization of $400.59 billion, a PE ratio of 19.44, a P/E/G ratio of 0.61 and a beta of 0.49. The business’s 50 day moving average price is $183.57 and its 200-day moving average price is $187.25.

Chevron (NYSE:CVX) last posted 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. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same period in the prior year, the company earned $1.77 EPS. The firm’s revenue was up 57.4% compared to the same quarter last year. As a group, equities research analysts expect that Chevron Corporation will post 15.86 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm 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 is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.5%. Chevron’s payout ratio is presently 68.26%.

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.