Royal Fund Management LLC boosted its holdings in Chevron Corporation (NYSE:CVX – Free Report) by 12.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,345 shares of the oil and gas company’s stock after purchasing an additional 2,782 shares during the quarter. Royal Fund Management LLC’s holdings in Chevron were worth $5,244,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in the stock. Bank of America Corp DE raised its position in shares of Chevron by 5.1% during the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock valued at $5,716,694,000 after buying an additional 1,334,976 shares during the last quarter. Genesis Financial Group LLC bought a new position in shares of Chevron during the first quarter worth $309,000. Strait & Sound Wealth Management LLC boosted its position in shares of Chevron by 1.5% during the first quarter. Strait & Sound Wealth Management LLC now owns 6,082 shares of the oil and gas company’s stock worth $1,258,000 after acquiring an additional 88 shares during the last quarter. Financial Insights Inc. grew its stake in Chevron by 123.5% during the first quarter. Financial Insights Inc. now owns 3,122 shares of the oil and gas company’s stock valued at $646,000 after acquiring an additional 1,725 shares in the last quarter. Finally, Kentucky Retirement Systems increased its holdings in Chevron by 31.7% in the 1st quarter. Kentucky Retirement Systems now owns 158,780 shares of the oil and gas company’s stock valued at $32,852,000 after acquiring an additional 38,186 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several analysts have commented on the stock. Sanford C. Bernstein decreased their price target on shares of Chevron from $216.00 to $204.00 and set a “market perform” rating on the stock in a research note on Monday, May 11th. Barclays lifted their target price on Chevron from $192.00 to $213.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 26th. Piper Sandler began coverage on Chevron in a research report on Thursday, July 23rd. They issued an “overweight” rating and a $207.00 target price on the stock. Wolfe Research raised Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a research note on Thursday, July 2nd. Finally, Jefferies Financial Group restated a “buy” rating and set a $216.00 price target on shares of Chevron in a report on Friday, July 10th. Nineteen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $206.04.
Key Chevron News
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Geopolitical tensions lifted oil prices. Renewed hostilities involving Iran, U.S. forces and Iran-backed groups reduced hopes that the Strait of Hormuz would quickly reopen, supporting crude prices. Higher commodity prices generally benefit Chevron’s production and profitability. Oil Prices Spike After Iran Launches Surprise Attack on U.S. Forces
- Positive Sentiment: Chevron is benefiting from stronger Venezuelan production. Reports highlighted rising oil output following the U.S. takeover of Venezuela, adding to the company’s production growth narrative and helping CVX outperform many other Dow stocks. Dow Leader Rides Surging Oil Prices And Trump’s Venezuela Spoils
- Positive Sentiment: Bank of America’s relative preference supports CVX. BofA downgraded Exxon Mobil to Neutral while maintaining a Buy-rated view on Chevron, providing a favorable analyst comparison for CVX within the large-cap oil sector. Exxon Cut to Neutral at BofA, Which Favors Buy-Rated Chevron
- Neutral Sentiment: Second-quarter earnings are the next major catalyst. Chevron is scheduled to report on July 31. Investors are weighing the benefit of higher oil prices against potentially volatile commodity-driven earnings and the company’s prior year-over-year earnings decline. Pre-Q2 Earnings: Is Chevron Stock a Buy, Hold, or Sell?
- Neutral Sentiment: International expansion remains an opportunity with execution risks. Chevron is discussing Iraqi oil fields and export projects while also seeking U.S. government support to protect its Kazakhstan assets. The initiatives could expand production, but they expose the company to geopolitical and regulatory uncertainty. Chevron Returns to Iraq: What Do the Latest Oilfield Talks Signal?
Insider Buying and Selling at Chevron
In other news, Director John B. Hess sold 380,000 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the sale, the director owned 278,045 shares of the company’s stock, valued at approximately $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.56% of the company’s stock.
Chevron Price Performance
NYSE:CVX opened at $191.91 on Thursday. The firm has a market capitalization of $382.21 billion, a price-to-earnings ratio of 33.26, a PEG ratio of 0.62 and a beta of 0.50. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $214.71. The business has a 50 day simple moving average of $181.81 and a 200-day simple moving average of $184.66. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84.
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 for the quarter, beating the consensus estimate of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The firm had revenue of $47.56 billion for the quarter, compared to the consensus estimate of $51.86 billion. During the same quarter in the previous year, the company posted $2.18 EPS. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. Equities analysts forecast that Chevron Corporation will post 15.61 EPS for the current year.
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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