Mufg Securities Americas Inc. raised its stake in shares of Chevron Corporation (NYSE:CVX – Free Report) by 8.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 56,385 shares of the oil and gas company’s stock after buying an additional 4,527 shares during the quarter. Mufg Securities Americas Inc.’s holdings in Chevron were worth $9,346,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in shares of Chevron during the second quarter valued at $25,663,729,000. Norges Bank acquired a new position in Chevron in the 4th quarter valued at about $3,727,586,000. Bank of New York Mellon Corp acquired a new position in Chevron in the 2nd quarter valued at about $2,378,114,000. State Street Corp lifted its holdings in Chevron by 9.1% in the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock valued at $23,698,184,000 after purchasing an additional 12,789,399 shares in the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Chevron during the 2nd quarter worth about $1,462,412,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on the stock. UBS Group reissued a “buy” rating on shares of Chevron in a research report on Tuesday, June 23rd. Dbs Bank upgraded shares of Chevron to a “moderate buy” rating in a research report on Thursday, August 6th. Piper Sandler assumed coverage on shares of Chevron in a research note on Thursday, July 23rd. They issued an “overweight” rating and a $207.00 target price for the company. Sanford C. Bernstein boosted their price target on Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. Finally, Jefferies Financial Group reissued a “buy” rating and set a $216.00 price target on shares of Chevron in a research note on Friday, July 10th. 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, the company has an average rating of “Moderate Buy” and an average target price of $207.48.
Insider Activity at Chevron
In other news, insider Andrew Benjamin Walz sold 16,800 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the completion of the sale, the insider directly owned 14 shares of the company’s stock, valued at $2,814.84. The trade was a 99.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider R. Hewitt Pate sold 2,470 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total value of $506,621.70. Following the sale, the insider owned 10,794 shares of the company’s stock, valued at approximately $2,213,957.34. The trade was a 18.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,152,582 shares of company stock worth $225,853,661 in the last 90 days. Company insiders own 0.56% of the company’s stock.
Chevron Trading Up 1.1%
NYSE CVX opened at $202.04 on Friday. The company has a market cap of $399.18 billion, a P/E ratio of 19.37, a P/E/G ratio of 0.60 and a beta of 0.49. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The company has a 50-day moving average of $187.44 and a 200-day moving average of $188.85.
Chevron (NYSE:CVX – Get Free Report) 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 the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business had revenue of $67.20 billion for the quarter, compared to analysts’ expectations of $62.72 billion. During the same period last year, the company earned $1.77 earnings per share. The company’s quarterly revenue was up 57.4% on a year-over-year basis. As a group, equities analysts predict that Chevron Corporation will post 16.17 earnings per share for the current year.
Chevron Dividend Announcement
The business also recently declared 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. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron’s dividend payout ratio (DPR) is 68.26%.
More Chevron News
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Chevron is reportedly nearing a deal to migrate all of its Venezuelan joint ventures into a new energy framework, potentially allowing greater operational control and key oilfield expansions. The company already accounts for roughly one-quarter of Venezuela’s oil production. Reuters: Chevron to complete deal in Venezuela to migrate, expand oil projects
- Positive Sentiment: Reports indicate Chevron and oil-services company Halliburton are close to agreements to invest billions of dollars in Venezuelan fields. For Chevron, the opportunity could create a long-term production-growth platform and strengthen its position if Venezuela moves further away from OPEC restrictions. Wall Street Journal: Chevron, Other U.S. Firms Near Deal to Invest Billions in Venezuelan Oil Fields
- Neutral Sentiment: Analyst-oriented coverage is comparing Chevron’s performance with TotalEnergies, while other reports highlight Chevron’s investments in nuclear-fusion technology. Fusion could eventually diversify the company beyond hydrocarbons, but the projects remain experimental and are unlikely to materially affect near-term earnings. Yahoo Finance: What Does Chevron Want From Its Nuclear Fusion Push?
- Negative Sentiment: Venezuelan opposition groups have criticized reports that U.S. companies could receive a large stake in the country’s energy industry. Political resistance, sanctions or regulatory uncertainty could delay the agreement, raise investment costs or limit the expected benefits. The Guardian: Venezuelan opposition reacts to potential U.S. oil stake
- Negative Sentiment: Dividend-focused coverage notes that Chevron’s payout remains exposed to commodity-price cycles. Although the dividend is supported by the company’s scale and balance sheet, weaker oil prices or heavy Venezuelan investment requirements could pressure future cash-flow flexibility. 247WallSt: Chevron or PepsiCo: Whose Dividend Is Standing on Thinner Ice?
About Chevron
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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