Headlands Technologies LLC reduced its holdings in shares of Chevron Corporation (NYSE:CVX – Free Report) by 75.3% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 16,279 shares of the oil and gas company’s stock after selling 49,627 shares during the period. Headlands Technologies LLC’s holdings in Chevron were worth $2,698,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in CVX. Quantitative Investment Management LLC purchased a new position in Chevron in the 2nd quarter valued at approximately $8,172,000. Sigma Planning Corp grew its stake in shares of Chevron by 9.2% in the second quarter. Sigma Planning Corp now owns 82,993 shares of the oil and gas company’s stock worth $13,757,000 after acquiring an additional 6,998 shares in the last quarter. Two Sigma Securities LLC increased its position in shares of Chevron by 557.6% during the second quarter. Two Sigma Securities LLC now owns 26,923 shares of the oil and gas company’s stock worth $4,463,000 after acquiring an additional 22,829 shares during the period. Flputnam Investment Management Co. increased its position in shares of Chevron by 2.1% during the second quarter. Flputnam Investment Management Co. now owns 101,773 shares of the oil and gas company’s stock worth $16,870,000 after acquiring an additional 2,078 shares during the period. Finally, Nichols & Pratt Advisers LLP MA raised its stake in shares of Chevron by 60.0% in the second quarter. Nichols & Pratt Advisers LLP MA now owns 7,228 shares of the oil and gas company’s stock valued at $1,198,000 after acquiring an additional 2,710 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.
Key Headlines Impacting Chevron
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?
Chevron Trading Up 0.1%
Chevron (NYSE:CVX – Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, beating the consensus estimate of $5.55 by $0.51. The business had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The company’s revenue was up 57.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.77 earnings per share. On average, research analysts predict that Chevron Corporation will post 16.24 EPS for the current year.
Chevron Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be given a $1.78 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.5%. Chevron’s dividend payout ratio is 68.26%.
Analyst Upgrades and Downgrades
A number of research analysts recently issued reports on CVX shares. UBS Group reiterated a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. Barclays cut their price target on Chevron from $216.00 to $208.00 and set an “equal weight” rating on the stock in a report on Monday, August 17th. Wolfe Research upgraded Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective for the company in a research note on Thursday, July 2nd. Morgan Stanley boosted their price objective on Chevron from $210.00 to $218.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. Finally, Sanford C. Bernstein upped their target price on shares of Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. Twenty equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $207.48.
Get Our Latest Stock Report on Chevron
Insider Buying and Selling at Chevron
In other Chevron news, CEO Michael K. Wirth sold 317,100 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the transaction, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at approximately $5,273,701.68. This trade represents a 92.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Andrew Benjamin Walz sold 16,800 shares of the firm’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the transaction, the insider directly owned 14 shares in the company, valued at $2,814.84. The trade was a 99.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,152,582 shares of company stock worth $225,853,661 in the last quarter. 0.56% of the stock is currently owned by company insiders.
Chevron 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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