Patron Partners LLC Buys New Shares in Chevron Corporation $CVX

Patron Partners LLC bought a new position in Chevron Corporation (NYSE:CVX) in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 15,587 shares of the oil and gas company’s stock, valued at approximately $2,584,000. Chevron comprises 1.0% of Patron Partners LLC’s portfolio, making the stock its 22nd largest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CVX. OneAscent Wealth Management LLC purchased a new stake in Chevron during the 2nd quarter valued at about $973,000. OneAscent Family Office LLC acquired a new position in shares of Chevron in the second quarter valued at about $678,000. OneAscent Financial Services LLC purchased a new position in shares of Chevron in the second quarter worth about $1,185,000. Allworth Financial LP purchased a new position in shares of Chevron in the second quarter worth about $60,924,000. Finally, Greenspring Advisors LLC acquired a new stake in shares of Chevron during the second quarter worth about $902,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Down 0.3%

Shares of CVX opened at $205.25 on Friday. The company has a market capitalization of $405.53 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 0.62 and a beta of 0.49. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. The stock’s 50-day moving average price is $185.03 and its 200-day moving average price is $188.07. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last announced 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. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The company had revenue of $67.20 billion during the quarter, compared to analysts’ expectations of $62.72 billion. During the same period last year, the business earned $1.77 earnings per share. Chevron’s quarterly revenue was up 57.4% on a year-over-year basis. On average, sell-side analysts predict that Chevron Corporation will post 16.17 EPS for the current year.

Chevron Announces Dividend

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 paid a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron’s payout ratio is currently 68.26%.

Insider Activity

In related news, 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 transaction of $63,565,866.00. Following the sale, the chief executive officer directly 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 sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John B. Hess sold 100,000 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were 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 in the company, valued at approximately $34,587,021.70. This represents a 35.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 1,152,582 shares of company stock valued at $225,853,661. 0.56% of the stock is currently owned by corporate insiders.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Brent crude recently approached $94–$95 per barrel amid renewed Middle East tensions and concerns about Strait of Hormuz disruptions. Sustained higher oil prices typically benefit Chevron’s upstream revenue, margins and cash flow. Chevron jumps as Brent crude approaches $94
• Positive Sentiment: Chevron confirmed an oil and gas condensate discovery at the 105-4X well in offshore Angola. Its proximity to existing facilities could allow a lower-cost tie-back, creating a potential source of future production. Chevron Angola discovery analysis
• Positive Sentiment: Chevron’s $1.78 quarterly dividend, equal to $7.12 annually and an approximately 3.5% yield, reinforces its appeal to income investors. The company also recently exceeded quarterly earnings and revenue expectations. Chevron raises dividend
• Neutral Sentiment: Analysis comparing Chevron with Exxon Mobil highlights differing long-term strategies, including Chevron’s continued emphasis on oil and gas. The approach could benefit from strong commodity prices but leaves CVX more exposed to future oil-demand and price cycles. Chevron versus Exxon Mobil analysis
• Negative Sentiment: Iraq plans to more than double its oil output over the next six years. If achieved, the added supply could pressure global crude prices and reduce the earnings benefit Chevron receives from today’s elevated prices. Iraq oil output and Chevron
• Negative Sentiment: Two Chevron insiders sold shares recently: Andrew Benjamin Walz sold 16,800 shares, while R. Hewitt Pate sold 2,470 shares. Although such transactions may reflect personal financial planning, they can create a modest sentiment overhang. Chevron insider sale report
• Negative Sentiment: A separate analysis says concerns remain centered on Chevron, including issues surrounding its Hess Midstream exposure and broader execution risks. The report may temper enthusiasm after CVX’s recent advance. Hess Midstream: The Issue Remains With Chevron

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Morgan Stanley upped their target price on Chevron from $210.00 to $218.00 and gave the company an “overweight” rating in a research report on Wednesday. The Goldman Sachs Group reissued a “buy” rating and set a $216.00 price target on shares of Chevron in a research report on Wednesday, May 6th. Mizuho set a $224.00 price objective on shares of Chevron in a research note on Monday, August 3rd. Jefferies Financial Group reaffirmed a “buy” rating and issued a $216.00 price objective on shares of Chevron in a report on Friday, July 10th. Finally, Bank of America increased their price objective on shares of Chevron from $210.00 to $227.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Twenty equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Chevron presently has an average rating of “Moderate Buy” and a consensus target price of $207.48.

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.