Arrowstreet Capital Limited Partnership Invests $402.48 Million in Chevron Corporation $CVX

Arrowstreet Capital Limited Partnership acquired a new position in shares of Chevron Corporation (NYSE:CVX) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 1,945,304 shares of the oil and gas company’s stock, valued at approximately $402,483,000. Arrowstreet Capital Limited Partnership owned 0.10% of Chevron at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Midwest Capital Advisors LLC bought a new stake in Chevron in the 1st quarter valued at about $25,000. Core Wealth Advisors LLC bought a new position in shares of Chevron during the fourth quarter worth approximately $26,000. Phillip James Consulting Co. acquired a new stake in shares of Chevron in the fourth quarter valued at approximately $26,000. Basso Capital Management L.P. acquired a new stake in shares of Chevron in the fourth quarter valued at approximately $27,000. Finally, Karpus Management Inc. bought a new stake in shares of Chevron in the fourth quarter valued at approximately $27,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction dated 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 transaction, the director directly owned 278,045 shares of the company’s stock, valued at approximately $53,718,294. This trade represents a 57.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.56% of the company’s stock.

Chevron Stock Up 0.7%

Shares of NYSE CVX opened at $194.39 on Friday. The company’s 50 day moving average price is $182.04 and its 200-day moving average price is $183.75. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71. The company has a market capitalization of $387.15 billion, a P/E ratio of 33.69, a price-to-earnings-growth ratio of 0.68 and a beta of 0.50.

Chevron (NYSE:CVX) last announced its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The business had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. Chevron’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.18 earnings per share. Equities analysts forecast that Chevron Corporation will post 14.75 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Tuesday, May 19th. Chevron’s dividend payout ratio (DPR) is presently 123.40%.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Piper Sandler initiated coverage on Chevron as the only global oil major with an outperform rating, a constructive signal versus peers. Chevron only outperform-rated name among global oil majors initiated at Piper Sandler
• Positive Sentiment: Oil prices surged above $100 a barrel intraday amid geopolitical tensions, which should improve Chevron’s realized prices and near-term earnings prospects. BATL, CVX, XOM Stocks Rise As Brent Crude Tops $100 – Trump Threatens Iran With ‘Major Military Punishment’ After Houthi Attack On Saudi Ships
• Positive Sentiment: Chevron was highlighted as an outperformer among dividend and integrated energy names, reinforcing its appeal as a defensive income stock in a stronger oil market. Chevron Leads 3 Dividend Aristocrats Paying Up to 4% and Beating the S&P 500
• Neutral Sentiment: Chevron shut production at a U.S. Gulf platform ahead of a tropical storm, a precautionary move that may temporarily limit output but is not necessarily a long-term issue. Chevron shuts production at U.S. Gulf platform ahead of tropical storm
• Neutral Sentiment: TD Cowen raised Chevron’s price target to $200 from $197 while keeping a hold rating, suggesting modest upside but not a major change in sentiment. Chevron price target raised by TD Cowen
• Negative Sentiment: One warning sign is that some strategists see a possible China demand slowdown and falling crude imports as a threat to the recent oil-driven rally later this year. Chevron’s Biggest Stock Rally Since 2022 Faces a China-Sized Problem

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Sanford C. Bernstein decreased their price target on Chevron from $216.00 to $204.00 and set a “market perform” rating on the stock in a research report on Monday, May 11th. UBS Group restated a “buy” rating on shares of Chevron in a research report on Tuesday, June 23rd. Citigroup raised their price objective on Chevron from $210.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Morgan Stanley decreased their target price on Chevron from $214.00 to $210.00 and set an “overweight” rating on the stock in a research report on Monday, June 29th. Finally, Weiss Ratings downgraded Chevron from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 2nd. Nineteen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and a consensus price target of $205.17.

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.