J.Safra Asset Management Corp raised its stake in Chevron Corporation (NYSE:CVX – Free Report) by 84.1% in the fourth quarter, HoldingsChannel reports. The fund owned 7,028 shares of the oil and gas company’s stock after purchasing an additional 3,211 shares during the period. J.Safra Asset Management Corp’s holdings in Chevron were worth $1,071,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also bought and sold shares of the stock. United Bank boosted its holdings in Chevron by 7.7% during the second quarter. United Bank now owns 11,079 shares of the oil and gas company’s stock worth $1,586,000 after buying an additional 796 shares in the last quarter. Schnieders Capital Management LLC. raised its position in shares of Chevron by 9.0% in the second quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company’s stock worth $7,280,000 after acquiring an additional 4,214 shares during the period. BNP Paribas raised its position in shares of Chevron by 76.4% in the second quarter. BNP Paribas now owns 441 shares of the oil and gas company’s stock worth $63,000 after acquiring an additional 191 shares during the period. Osterweis Capital Management Inc. boosted its stake in shares of Chevron by 678.9% during the 2nd quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company’s stock worth $195,000 after acquiring an additional 1,188 shares in the last quarter. Finally, Main Street Financial Solutions LLC grew its position in shares of Chevron by 3.6% during the 2nd quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company’s stock valued at $2,299,000 after acquiring an additional 553 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.
More Chevron News
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Chevron was highlighted as one of the top oil stocks to buy as energy investors look for resilient names, with articles emphasizing its defensive cash flows and income appeal. Article Title
- Positive Sentiment: Market commentary on Chevron’s Guyana assets pointed to a combined $7.6 billion profit for ExxonMobil and Chevron last year, reinforcing the value of its low-cost production base amid geopolitical tensions. Article Title
- Positive Sentiment: Chevron was also featured in a bullish technical forecast saying momentum is improving and buyers may be regaining control as the stock approaches a breakout level. Article Title
- Positive Sentiment: Reports that Chevron is advancing a major shale project in Argentina’s Vaca Muerta basin and moving closer to approval for a $13.8 billion investment could support future production growth. Article Title
- Neutral Sentiment: Chevron continues to attract attention as a dividend stock for retirement portfolios, which supports the investment case but does not represent a new catalyst. Article Title
- Negative Sentiment: Zacks Research downgraded Chevron from strong-buy to hold, which could temper enthusiasm despite the stock’s otherwise constructive news flow. Article Title
Chevron Trading Up 1.7%
Chevron (NYSE:CVX – Get Free Report) last released its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.41. The business had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.18 earnings per share. Research analysts expect that Chevron Corporation will post 15.74 earnings per share for the current fiscal year.
Chevron Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were paid a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron’s dividend payout ratio is currently 123.40%.
Analyst Upgrades and Downgrades
CVX has been the subject of a number of analyst reports. Weiss Ratings cut Chevron from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Sanford C. Bernstein cut their price objective on Chevron from $216.00 to $204.00 and set a “market perform” rating for the company in a research report on Monday, May 11th. Barclays upped their target price on Chevron from $192.00 to $213.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 26th. Melius Research raised shares of Chevron from a “hold” rating to a “buy” rating and set a $205.00 price target for the company in a report on Tuesday, February 17th. Finally, Mizuho upped their price objective on shares of Chevron from $225.00 to $230.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Eighteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $205.70.
Get Our Latest Research Report on Chevron
Insider Transactions at Chevron
In other news, Director John B. Hess sold 380,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total value of $73,416,000.00. Following the completion of the sale, the director directly owned 278,045 shares in the company, valued at $53,718,294. This represents a 57.75% 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, insider R. Hewitt Pate sold 40,200 shares of Chevron stock in a transaction that occurred on Monday, March 30th. The stock was sold at an average price of $213.30, for a total value of $8,574,660.00. Following the transaction, the insider owned 8,638 shares in the company, valued at approximately $1,842,485.40. The trade was a 82.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 615,200 shares of company stock valued at $118,022,760. 0.56% of the stock is owned by insiders.
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.
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