Towercrest Capital Management Makes New $431,000 Investment in Chevron Corporation $CVX

Towercrest Capital Management purchased a new stake in shares of Chevron Corporation (NYSE:CVX) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,599 shares of the oil and gas company’s stock, valued at approximately $431,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Midwest Capital Advisors LLC bought a new stake in Chevron in the 1st quarter valued at about $25,000. Main Street Group LTD purchased a new stake in Chevron during the first quarter valued at about $28,000. Phillip James Consulting Co. bought a new position in Chevron during the fourth quarter worth about $26,000. Core Wealth Advisors LLC bought a new position in Chevron during the fourth quarter worth about $26,000. Finally, Karpus Management Inc. bought a new position in Chevron during the fourth quarter worth about $27,000. Institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CVX. Jefferies Financial Group reissued a “buy” rating and issued a $216.00 price target on shares of Chevron in a research report on Friday, July 10th. UBS Group reaffirmed a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. Wall Street Zen upgraded shares of Chevron from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Morgan Stanley lowered their target price on shares of Chevron from $214.00 to $210.00 and set an “overweight” rating on the stock in a report on Monday, June 29th. Finally, Sanford C. Bernstein boosted their target price on shares of Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. Twenty investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Chevron has an average rating of “Moderate Buy” and a consensus price target of $207.48.

Insider Buying and Selling

In other Chevron news, CEO Michael K. Wirth sold 5,547 shares of the firm’s stock in a transaction on 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 transaction, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at $4,919,596. This trade represents a 17.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John B. Hess sold 100,000 shares of the business’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 transaction, the director owned 178,045 shares of the company’s stock, valued at $34,587,021.70. This trade represents a 35.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,196,212 shares of company stock worth $231,819,366 in the last ninety days. 0.56% of the stock is currently owned by insiders.

Chevron Stock Up 1.2%

CVX stock opened at $199.99 on Friday. The stock has a 50-day simple moving average of $183.30 and a two-hundred day simple moving average of $186.88. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $214.71. The firm has a market capitalization of $395.13 billion, a PE ratio of 19.17, a PEG ratio of 0.60 and a beta of 0.49. 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 (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $62.72 billion. During the same period in the prior year, the firm posted $1.77 earnings per share. The company’s revenue for the quarter was up 57.4% on a year-over-year basis. On average, equities analysts predict that Chevron Corporation will post 15.86 EPS 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 issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron’s dividend payout ratio is 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.