AIA Group Ltd Has $27.85 Million Stock Position in Chevron Corporation $CVX

Key Points

• AIA Group Ltd increased its Chevron stake by 16% in the first quarter, ending with 134,586 shares valued at about $27.85 million. Several other institutional investors also added to or initiated positions in CVX, and institutions now own 72.42% of the stock.
• Chevron shares were trading up 1.9% at $187.39, with the stock remaining near the middle of its 52-week range and supported by a market cap of roughly $373 billion. The company recently beat earnings expectations with $1.41 EPS, though revenue came in below estimates.
• Chevron continues to draw attention for its 3.8% dividend yield and positive analyst sentiment, with 19 Buy ratings and a consensus Moderate Buy rating. At the same time, insider selling and commentary that the stock may be fairly valued could temper upside expectations.

AIA Group Ltd boosted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 16.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 134,586 shares of the oil and gas company's stock after acquiring an additional 18,589 shares during the quarter. AIA Group Ltd's holdings in Chevron were worth $27,846,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Dakota Wealth Management raised its holdings in Chevron by 14.9% in the 4th quarter. Dakota Wealth Management now owns 83,265 shares of the oil and gas company's stock valued at $12,690,000 after acquiring an additional 10,822 shares in the last quarter. Clear Trail Advisors LLC acquired a new position in shares of Chevron in the 4th quarter worth approximately $10,167,000. Curtis Advisory Group LLC bought a new position in shares of Chevron during the 4th quarter worth approximately $1,381,000. Indivisible Partners bought a new stake in shares of Chevron in the 4th quarter worth about $1,923,000. Finally, Cypress Wealth Services LLC increased its holdings in shares of Chevron by 64.0% during the fourth quarter. Cypress Wealth Services LLC now owns 16,591 shares of the oil and gas company's stock worth $2,529,000 after buying an additional 6,475 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is expected to sign accords with Iraq to advance investments in major oil fields, including West Qurna 2 and Nassiriya, which could expand long-term production opportunities. Reuters article on Iraq oilfield MOUs
• Positive Sentiment: Reports that Chevron is exploring a pipeline alternative to the Strait of Hormuz suggest a potential way to boost Iraqi export capacity and lower shipping disruption risk, which investors may view as strategically important. The Motley Fool article on Hormuz bypass pipeline
• Positive Sentiment: Chevron is being highlighted as a relatively attractive long-term energy stock versus TotalEnergies because of its premium assets, strong balance sheet, and steadier earnings outlook. Yahoo Finance article comparing CVX and TTE
• Neutral Sentiment: Some commentary says Chevron stock looks closer to fairly valued after a strong five-year run, which may limit upside for investors expecting a clear bargain. Yahoo Finance article on valuation
• Neutral Sentiment: Chevron also benefited from broader energy-sector gains, with the sector rising even as the wider market was mixed. Yahoo Finance sector update

Chevron Trading Up 1.9%

Shares of CVX opened at $187.39 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71. The firm has a market capitalization of $373.21 billion, a PE ratio of 32.48, a price-to-earnings-growth ratio of 0.66 and a beta of 0.50. The stock's fifty day simple moving average is $181.54 and its 200-day simple moving average is $182.44.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $51.86 billion. During the same period last year, the company earned $2.18 earnings per share. The company's revenue was up 2.1% on a year-over-year basis. As a group, research analysts predict that Chevron Corporation will post 14.78 earnings per share for the current year.

Chevron Dividend Announcement

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 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Tuesday, May 19th. Chevron's dividend payout ratio (DPR) is currently 123.40%.

Insider Buying and Selling

In other Chevron 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 directly owned 278,045 shares in the company, valued at approximately $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.56% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on CVX shares. BNP Paribas Exane raised Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price objective on the stock in a research note on Friday, April 17th. Morgan Stanley cut their price target on Chevron from $214.00 to $210.00 and set an "overweight" rating for the company in a report on Monday, June 29th. Citigroup upped their price target on shares of Chevron from $210.00 to $235.00 and gave the stock a "buy" rating in a research report on Thursday, April 2nd. The Goldman Sachs Group reissued a "buy" rating and set a $216.00 price objective on shares of Chevron in a report on Wednesday, May 6th. Finally, Tudor Pickering upgraded shares of Chevron from a "hold" rating to a "buy" rating and set a $225.00 price objective for the company in a research report on Thursday, April 9th. Nineteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $206.83.

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.

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