ACR Alpine Capital Research LLC Buys 38,487 Shares of Chevron Corporation $CVX

Key Points

• ACR Alpine Capital Research increased its Chevron stake by 1.4% in the first quarter, buying 38,487 additional shares and bringing its total holding to 2,748,684 shares. Chevron is now the firm's second-largest position, worth about $568.7 million.
• Wall Street sentiment on Chevron remains constructive, with several analysts raising targets and the stock carrying a Moderate Buy consensus rating. Nineteen analysts currently rate it a Buy, with an average price target of $206.83.
• Chevron recently beat earnings expectations for the quarter, posting $1.41 EPS versus the $1.00 consensus, while also maintaining a 4.0% dividend yield. However, a company director also sold a large block of shares, and Chevron’s revenue came in below estimates.

ACR Alpine Capital Research LLC lifted its stake in Chevron Corporation (NYSE:CVX - Free Report) by 1.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,748,684 shares of the oil and gas company's stock after acquiring an additional 38,487 shares during the period. Chevron accounts for approximately 8.5% of ACR Alpine Capital Research LLC's holdings, making the stock its 2nd biggest position. ACR Alpine Capital Research LLC owned approximately 0.14% of Chevron worth $568,703,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Midwest Capital Advisors LLC bought a new stake in shares of Chevron in the 1st quarter worth $25,000. Core Wealth Advisors LLC bought a new position in Chevron during the fourth quarter valued at about $26,000. Phillip James Consulting Co. bought a new position in Chevron during the fourth quarter valued at about $26,000. Basso Capital Management L.P. acquired a new position in Chevron during the fourth quarter worth about $27,000. Finally, Karpus Management Inc. acquired a new position in Chevron during the fourth quarter worth about $27,000. 72.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of research analyst reports. HSBC raised shares of Chevron from a "hold" rating to a "buy" rating and set a $215.00 price target for the company in a report on Friday, March 20th. Wells Fargo & Company lifted their price objective on shares of Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a research note on Thursday, April 9th. Barclays boosted their target price on shares of Chevron from $192.00 to $213.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 26th. Tudor Pickering upgraded shares of Chevron from a "hold" rating to a "buy" rating and set a $225.00 target price for the company in a report on Thursday, April 9th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $220.00 price target on shares of Chevron in a research report on Tuesday, May 5th. Nineteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $206.83.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Rising Middle East tensions are pushing crude higher, which can improve Chevron’s upstream profits and make the stock look more attractive as a geopolitical hedge. With Iran Tensions Heating Up Again, Chevron Stock Looks Enticing
• Positive Sentiment: Bullish commentary from Bank of America and other analysts suggests Chevron is well positioned to benefit if Iran-related supply disruptions keep oil prices elevated. CVX Stock Has A New Bull Case
• Positive Sentiment: Chevron announced a five-year gas supply deal with Australia’s Alinta Energy, adding a stable long-term sales stream and reinforcing its gas business. Chevron Australia signs five-year gas supply agreement with Alinta Energy
• Positive Sentiment: Chevron also expanded its technology/licensing efforts and its Microsoft power partnership, which could support long-term growth beyond oil and gas pricing. Can Chevron's Microsoft Partnership Power the Next Leg of Growth?
• Neutral Sentiment: UBS reiterated a Buy rating, which may help sentiment but does not by itself change Chevron’s fundamentals. UBS Keeps Their Buy Rating on Chevron (CVX)
• Negative Sentiment: New U.S. Russia sanctions proposals could tighten global energy trade flows and add policy uncertainty, even if they may also support oil prices. Bipartisan Senators Reach Agreement With Trump Administration to Advance New Russia Sanctions Bill

Chevron Trading Up 1.3%

Shares of CVX opened at $176.29 on Friday. The business's 50-day moving average price is $181.92 and its 200 day moving average price is $181.29. The stock has a market capitalization of $351.10 billion, a P/E ratio of 30.55, a P/E/G ratio of 0.59 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 company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating 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 analyst estimates of $51.86 billion. During the same period in the prior year, the firm earned $2.18 earnings per share. The business's quarterly revenue was up 2.1% on a year-over-year basis. Analysts expect that Chevron Corporation will post 15.28 earnings per share for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were given a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 4.0%. The ex-dividend date was Tuesday, May 19th. Chevron's dividend payout ratio is 123.40%.

Insider Activity at Chevron

In related news, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the director 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 document filed with the SEC, which is accessible through this hyperlink. Company 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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