Investors Buy Chevron Corporation (CVX) on Weakness

Traders bought shares of Chevron Corporation (NYSE:CVX) on weakness during trading on Wednesday. $103.03 million flowed into the stock on the tick-up and $65.27 million flowed out of the stock on the tick-down, for a money net flow of $37.76 million into the stock. Of all stocks tracked, Chevron Corporation had the 15th highest net in-flow for the day. Chevron Corporation traded down ($0.24) for the day and closed at $117.58

A number of research analysts have weighed in on the company. Jefferies Group LLC restated a “buy” rating and issued a $130.00 price target on shares of Chevron Corporation in a research note on Tuesday. Piper Jaffray Companies restated a “buy” rating on shares of Chevron Corporation in a research note on Thursday, August 3rd. Wells Fargo & Company reiterated a “market perform” rating and set a $108.00 target price (up from $100.00) on shares of Chevron Corporation in a research note on Tuesday. Zacks Investment Research upgraded Chevron Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, August 3rd. Finally, BNP Paribas upgraded Chevron Corporation from an “underperform” rating to a “neutral” rating and set a $105.00 target price for the company in a research note on Monday, August 7th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Chevron Corporation currently has an average rating of “Buy” and an average price target of $116.82.

The company has a market capitalization of $222.81 billion, a PE ratio of 38.13 and a beta of 1.24. The firm’s 50-day moving average is $112.23 and its 200 day moving average is $107.77. Chevron Corporation also saw some unusual options trading on Monday. Traders purchased 9,406 call options on the stock. This is an increase of approximately 100% compared to the typical volume of 4,703 call options.

Chevron Corporation (NYSE:CVX) last posted its quarterly earnings data on Friday, July 28th. The oil and gas company reported $0.91 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.02. The company had revenue of $34.48 billion during the quarter, compared to analyst estimates of $32.77 billion. Chevron Corporation had a return on equity of 4.13% and a net margin of 4.50%. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. During the same quarter last year, the company earned ($0.78) earnings per share. Equities analysts anticipate that Chevron Corporation will post $3.93 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Friday, August 18th were paid a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a yield of 3.67%. The ex-dividend date of this dividend was Wednesday, August 16th. Chevron Corporation’s dividend payout ratio is 140.26%.

In related news, insider James William Johnson sold 31,000 shares of Chevron Corporation stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $110.68, for a total transaction of $3,431,080.00. Following the completion of the sale, the insider now owns 11,000 shares of the company’s stock, valued at $1,217,480. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Patricia E. Yarrington sold 39,000 shares of Chevron Corporation stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $111.00, for a total value of $4,329,000.00. Following the sale, the chief financial officer now directly owns 43,838 shares of the company’s stock, valued at approximately $4,866,018. The disclosure for this sale can be found here. Insiders have sold 72,312 shares of company stock valued at $8,008,343 in the last three months. 0.38% of the stock is owned by corporate insiders.

Large investors have recently bought and sold shares of the stock. Harbour Capital Advisors LLC raised its position in Chevron Corporation by 10,213.3% during the second quarter. Harbour Capital Advisors LLC now owns 5,709,042 shares of the oil and gas company’s stock valued at $54,721,000 after purchasing an additional 5,653,686 shares in the last quarter. Vanguard Group Inc. raised its position in Chevron Corporation by 2.9% during the second quarter. Vanguard Group Inc. now owns 139,626,287 shares of the oil and gas company’s stock valued at $14,567,210,000 after purchasing an additional 3,920,240 shares in the last quarter. Capital World Investors raised its position in Chevron Corporation by 9.8% during the second quarter. Capital World Investors now owns 35,546,848 shares of the oil and gas company’s stock valued at $3,708,603,000 after purchasing an additional 3,182,250 shares in the last quarter. Janus Henderson Group PLC raised its position in Chevron Corporation by 669.9% during the second quarter. Janus Henderson Group PLC now owns 3,230,554 shares of the oil and gas company’s stock valued at $337,050,000 after purchasing an additional 2,810,928 shares in the last quarter. Finally, BlackRock Inc. raised its position in Chevron Corporation by 1.6% during the second quarter. BlackRock Inc. now owns 124,678,992 shares of the oil and gas company’s stock valued at $13,007,759,000 after purchasing an additional 1,975,865 shares in the last quarter. 62.74% of the stock is owned by institutional investors.

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About Chevron Corporation

Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.

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