Insight Wealth Partners LLC Increases Position in Chevron Corporation $CVX

Insight Wealth Partners LLC grew its holdings in Chevron Corporation (NYSE:CVX) by 299.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,330 shares of the oil and gas company’s stock after acquiring an additional 6,244 shares during the period. Insight Wealth Partners LLC’s holdings in Chevron were worth $1,381,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Midwest Capital Advisors LLC purchased a new position in shares of Chevron during the 1st quarter valued at approximately $25,000. Core Wealth Advisors LLC acquired a new position in Chevron in the 4th quarter worth about $26,000. Phillip James Consulting Co. purchased a new position in Chevron during the fourth quarter worth approximately $26,000. Basso Capital Management L.P. purchased a new position in Chevron during the fourth quarter worth approximately $27,000. Finally, Karpus Management Inc. acquired a new stake in Chevron in the fourth quarter valued at approximately $27,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Chevron

In other news, insider Andrew Walz sold 16,800 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $201.06, for a total value 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. This represents a 99.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael K. Wirth sold 317,100 shares of the stock in a transaction that occurred 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 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 position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 1,152,582 shares of company stock valued at $225,853,661. Company insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

CVX has been the subject of a number of recent analyst reports. Sanford C. Bernstein boosted their price objective on Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a research report on Monday, August 3rd. Jefferies Financial Group reiterated a “buy” rating and set a $216.00 target price on shares of Chevron in a research report on Friday, July 10th. Weiss Ratings raised shares of Chevron from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Morgan Stanley boosted their target price on shares of Chevron from $210.00 to $218.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 19th. Finally, Zacks Research downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. Twenty investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $211.35.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Venezuela expansion could materially increase production. Chevron plans to invest more than $7 billion over five years and double the number of oil rigs it operates in Venezuela. The company is targeting production of approximately 600,000 barrels per day, with additional acreage in the Carabobo region potentially providing a sizable growth opportunity. Chevron to double oil rigs in Venezuela as part of growth plan
• Positive Sentiment: Analysts see further upside potential. BMO said Chevron’s record-setting run may not be finished, supported by strong energy prices, solid earnings and the company’s growth initiatives. Chevron has gained substantially this year and recently reached an all-time closing high. Chevron’s Record Run Isn’t Over Yet, BMO Says
• Positive Sentiment: Higher oil prices are supporting the broader energy sector. Market coverage linked a rise in oil prices to escalating U.S.-Iran tensions, a backdrop that can improve Chevron’s upstream revenue and cash flow if prices remain elevated. Stock Market Today: Dow Dives 600 Points, Oil Pops
• Neutral Sentiment: Chevron’s dividend appeal remains intact but requires a large investment. An investor would need more than $146,000 at current prices to generate $5,000 in annual passive income, highlighting the stock’s income potential as well as its elevated valuation.
• Negative Sentiment: Venezuela introduces meaningful geopolitical and execution risks. The production target depends on operating in a politically and economically unstable country, while Chevron’s shares are already close to their 52-week high. Investors may question how much future growth is already reflected in the valuation.

Chevron Stock Up 0.7%

NYSE CVX opened at $210.09 on Wednesday. The business has a fifty day moving average price of $192.79 and a 200 day moving average price of $190.20. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The company has a market cap of $415.08 billion, a P/E ratio of 20.14, a P/E/G ratio of 0.61 and a beta of 0.50. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71.

Chevron (NYSE:CVX) last released its earnings results 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. The business had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company’s revenue for the quarter was up 57.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.77 earnings per share. Research analysts anticipate that Chevron Corporation will post 16.51 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be issued a $1.78 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.4%. Chevron’s dividend payout ratio is presently 68.26%.

About Chevron

Chevron Corporation is an integrated energy company engaged in the exploration, production, transportation and sale of crude oil and natural gas. The company also manufactures and markets transportation fuels, lubricants, petrochemicals and additives through operations and brands that include Chevron, Texaco and Caltex.

Chevron’s upstream activities include oil and natural gas exploration and production, while its downstream business includes refining, fuel marketing, transportation and related energy services.