85,325 Shares in Chevron Corporation $CVX Acquired by Entropy Technologies LP

Key Points

• Entropy Technologies LP disclosed a new first-quarter position in Chevron, buying 85,325 shares worth about $17.7 million. Chevron is now the fund’s 7th-largest holding and represents roughly 0.8% of its portfolio.
• Chevron has been benefiting from a recent oil price rally, with Brent crude briefly topping $100 a barrel, and Piper Sandler named it the only outperform-rated global oil major in its coverage.
• The company recently beat earnings expectations, reporting $1.41 EPS versus the $1.00 estimate, while also paying a quarterly dividend of $1.78 per share for a 3.7% annualized yield.

Entropy Technologies LP purchased a new position in Chevron Corporation (NYSE:CVX - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 85,325 shares of the oil and gas company's stock, valued at approximately $17,654,000. Chevron accounts for about 0.8% of Entropy Technologies LP's investment portfolio, making the stock its 7th largest position.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CVX. Midwest Capital Advisors LLC bought a new position in shares of Chevron in the first quarter worth approximately $25,000. Main Street Group LTD bought a new stake in Chevron during the 1st quarter valued at $28,000. Phillip James Consulting Co. purchased a new stake in Chevron during the 4th quarter valued at $26,000. Core Wealth Advisors LLC purchased a new stake in Chevron during the 4th quarter valued at $26,000. Finally, Karpus Management Inc. bought a new stake in Chevron in the 4th quarter worth $27,000. Institutional investors own 72.42% of the company's stock.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was highlighted as one of the biggest beneficiaries of the recent oil rally, with Brent briefly topping $100 a barrel and integrated oil majors gaining as investors price in tighter global supply. 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 also singled out as the only “outperform”-rated global oil major in Piper Sandler’s new coverage, reinforcing a relatively favorable analyst view versus peers. Chevron only outperform-rated name among global oil majors initiated at Piper Sandler
• Neutral Sentiment: Recent commentary says Chevron is rallying despite a classic bearish signal, suggesting momentum traders are still buying the stock even after the move in oil. Chevron ignored a classic bearish call: Here's why stock is rallying
• Neutral Sentiment: Several previews ahead of next week’s earnings note that Chevron is expected to report higher earnings, but one Zacks piece warns the company may not have the ideal setup for a clear beat. Chevron (CVX) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
• Negative Sentiment: Some analysis cautions that Chevron’s rally could face headwinds if Chinese crude demand weakens, which could limit upside even if oil prices remain elevated. Chevron’s Biggest Stock Rally Since 2022 Faces a China-Sized Problem

Chevron Trading Up 0.2%

Shares of CVX opened at $194.72 on Friday. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The firm's 50-day moving average price is $182.12 and its 200-day moving average price is $183.83. The firm has a market capitalization of $387.80 billion, a price-to-earnings ratio of 33.75, a PEG ratio of 0.69 and a beta of 0.50.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) 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 company had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. During the same period in the prior year, the firm earned $2.18 earnings per share. Chevron's revenue was up 2.1% on a year-over-year basis. Sell-side analysts anticipate that Chevron Corporation will post 14.75 EPS for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were given a $1.78 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.7%. Chevron's dividend payout ratio is currently 123.40%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Zacks Research cut shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. TD Cowen upped their price target on Chevron from $197.00 to $200.00 and gave the company a "hold" rating in a research report on Wednesday. Wells Fargo & Company increased their price objective on Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a report on Thursday, April 9th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. Finally, Scotiabank boosted their target price on Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. Nineteen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $205.17.

Insider Activity at Chevron

In other news, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction that occurred on 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 owned 278,045 shares in the company, valued at $53,718,294. This trade represents a 57.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.56% of the stock is currently owned by 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.

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.