12,563 Shares in Chevron Corporation $CVX Bought by Royal Palms Capital LLC

Key Points

• Royal Palms Capital LLC opened a new position in Chevron during the fourth quarter, buying 12,563 shares valued at about $1.9 million. Chevron now makes up roughly 2.3% of the fund’s holdings.
• Chevron posted better-than-expected quarterly earnings, with EPS of $1.41 versus the $1.00 consensus estimate, though revenue came in below forecasts. The company also reported a year-over-year revenue increase of 2.1%.
• Chevron declared a quarterly $1.78 dividend, equal to an annualized yield of about 3.9%. Meanwhile, several analysts have raised price targets, and institutional ownership remains high at 72.42%.

Royal Palms Capital LLC purchased a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 12,563 shares of the oil and gas company's stock, valued at approximately $1,915,000. Chevron accounts for about 2.3% of Royal Palms Capital LLC's holdings, making the stock its 22nd largest position.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Chevron by 17.9% during the 3rd quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company's stock worth $28,540,753,000 after buying an additional 27,961,463 shares during the period. State Street Corp grew its holdings in Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock worth $23,698,184,000 after acquiring an additional 12,789,399 shares in the last quarter. Northern Trust Corp grew its holdings in Chevron by 15.3% during the 3rd quarter. Northern Trust Corp now owns 22,724,515 shares of the oil and gas company's stock worth $3,528,890,000 after acquiring an additional 3,007,403 shares in the last quarter. Fisher Asset Management LLC grew its holdings in Chevron by 1.5% during the 4th quarter. Fisher Asset Management LLC now owns 21,471,919 shares of the oil and gas company's stock worth $3,272,535,000 after acquiring an additional 319,859 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Chevron by 27.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company's stock worth $3,047,900,000 after acquiring an additional 4,279,918 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Trading Down 3.5%

NYSE CVX opened at $184.69 on Wednesday. Chevron Corporation has a one year low of $135.21 and a one year high of $214.71. The company has a 50-day simple moving average of $193.18 and a 200-day simple moving average of $175.24. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The firm has a market capitalization of $367.83 billion, a PE ratio of 32.01, a price-to-earnings-growth ratio of 0.63 and a beta of 0.51.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $51.86 billion. During the same period in the previous year, the business posted $2.18 EPS. The company's quarterly revenue was up 2.1% on a year-over-year basis. On average, equities analysts forecast that Chevron Corporation will post 15.74 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be issued a $1.78 dividend. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.9%. Chevron's payout ratio is 123.40%.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Morgan Stanley raised its price target on Chevron, signaling improved analyst confidence in the stock’s outlook. Chevron (CVX) Price Target Raised by $2 at Morgan Stanley
• Positive Sentiment: Chevron expanded its Eastern Mediterranean gas strategy by drilling at Egypt’s Narges field and securing a 20-year gas supply deal through the Leviathan partnership in Israel, reinforcing longer-term production and cash-flow potential. Chevron’s Mediterranean Gas Push And What It Could Mean For CVX Valuation
• Positive Sentiment: Chevron’s inclusion among high-yield energy stocks highlights its dividend appeal and relatively stable earnings outlook, which can attract investors seeking defensive income. 5 Top-Ranked High-Yielding Energy Stocks to Buy for a Stable Portfolio
• Neutral Sentiment: Recent commentary noted Chevron’s valuation after a strong share-price run, suggesting the stock has momentum but may already reflect some of the good news. Chevron (CVX) Valuation Check After Strong Recent Share Price Performance
• Neutral Sentiment: Articles quoting Chevron’s CEO on tightening oil and gas supplies point to a potentially favorable pricing backdrop for producers, but they also reflect broader macro uncertainty tied to Middle East conflict. Gas Shortages Are Coming, and Chevron's CEO Says Economies Will Have to Slow. These Consumer Stocks Are Most at Risk.
• Negative Sentiment: Multiple insiders sold a sizable amount of Chevron stock, which can sometimes be interpreted as caution about near-term upside. Chevron Insiders Sell US$179m Of Stock, Possibly Signalling Caution

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. BNP Paribas Exane raised shares of Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price objective for the company in a report on Friday, April 17th. Barclays raised their price objective on shares of Chevron from $192.00 to $213.00 and gave the stock an "equal weight" rating in a report on Tuesday. Bank of America raised their price objective on shares of Chevron from $188.00 to $206.00 and gave the stock a "buy" rating in a report on Monday, March 2nd. Wells Fargo & Company raised their price objective on shares of Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a report on Thursday, April 9th. Finally, UBS Group raised their price objective on shares of Chevron from $218.00 to $220.00 and gave the stock a "buy" rating in a report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Chevron has an average rating of "Moderate Buy" and a consensus target price of $205.13.

Insiders Place Their Bets

In other news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction dated 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 completion of the transaction, the director directly owned 278,045 shares of the company's stock, valued at approximately $53,718,294. The trade was a 57.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Mark A. Nelson sold 139,600 shares of Chevron stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $187.92, for a total transaction of $26,233,632.00. Following the completion of the transaction, the insider directly owned 11,337 shares of the company's stock, valued at $2,130,449.04. This trade represents a 92.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 1,179,699 shares of company stock worth $224,675,517. Corporate insiders own 0.56% of the company's stock.

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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