CORDA Investment Management LLC. Invests $4.96 Million in Chevron Corporation $CVX

CORDA Investment Management LLC. acquired a new stake in Chevron Corporation (NYSE:CVX) in the second quarter, Holdings Channel.com reports. The fund acquired 29,927 shares of the oil and gas company’s stock, valued at approximately $4,961,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Indivisible Partners acquired a new position in shares of Chevron during the fourth quarter worth about $1,923,000. Janney Montgomery Scott LLC raised its holdings in Chevron by 6.8% in the first quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company’s stock valued at $258,853,000 after acquiring an additional 79,439 shares in the last quarter. Galaxy Digital Inc. acquired a new stake in Chevron in the first quarter valued at approximately $2,028,000. Osprey Private Wealth LLC lifted its stake in Chevron by 556.4% in the fourth quarter. Osprey Private Wealth LLC now owns 9,190 shares of the oil and gas company’s stock worth $1,401,000 after acquiring an additional 7,790 shares during the last quarter. Finally, World Investment Advisors lifted its stake in Chevron by 24.2% in the fourth quarter. World Investment Advisors now owns 85,213 shares of the oil and gas company’s stock worth $12,987,000 after acquiring an additional 16,596 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Transactions at Chevron

In related news, Director John B. Hess sold 100,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director owned 178,045 shares in the company, valued at $34,587,021.70. This trade represents a 35.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael K. Wirth sold 5,547 shares of Chevron stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total value of $1,037,289.00. Following the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $4,919,596. This trade represents a 17.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 1,196,212 shares of company stock valued at $231,819,366. Insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. TD Cowen increased their price objective on shares of Chevron from $200.00 to $205.00 and gave the company a “hold” rating in a research report on Wednesday, August 5th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. UBS Group reiterated a “buy” rating on shares of Chevron in a research note on Tuesday, June 23rd. Wall Street Zen raised Chevron from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Finally, Barclays increased their target price on Chevron from $213.00 to $216.00 and gave the company an “equal weight” rating in a report on Monday, August 3rd. Twenty 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. Based on data from MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and an average target price of $207.48.

Chevron Trading Up 1.2%

NYSE CVX opened at $199.99 on Friday. 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 firm’s fifty day moving average price is $183.30 and its 200 day moving average price is $186.88. The company has a market capitalization of $395.13 billion, a price-to-earnings ratio of 19.17, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The firm had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same period last year, the business earned $1.77 EPS. Chevron’s revenue for the quarter was up 57.4% compared to the same quarter last year. On average, sell-side analysts expect that Chevron Corporation will post 15.86 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be given a $1.78 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.6%. Chevron’s dividend payout ratio is 68.26%.

About Chevron

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.