Allspring Global Investments Holdings LLC Has $59.69 Million Holdings in Chevron Corporation $CVX

Key Points

• Allspring Global Investments boosted its Chevron stake by 35.4% in the first quarter, ending with 302,380 shares valued at about $59.7 million.
• Chevron has several positive strategic developments, including expected agreements with Iraq to expand oilfield investments and possible pipeline alternatives to bypass the Strait of Hormuz, which could support long-term production and export capacity.
• Analysts remain broadly constructive on Chevron, with a Moderate Buy consensus and an average price target of $206.83, while the stock recently traded around $187.39 and offered a 3.8% dividend yield.

Allspring Global Investments Holdings LLC increased its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 35.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 302,380 shares of the oil and gas company's stock after purchasing an additional 78,989 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Chevron were worth $59,693,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Midwest Capital Advisors LLC bought a new stake in Chevron in the 1st quarter valued at $25,000. Phillip James Consulting Co. bought a new position in Chevron during the fourth quarter worth $26,000. Core Wealth Advisors LLC acquired a new position in shares of Chevron in the fourth quarter valued at $26,000. Karpus Management Inc. acquired a new position in shares of Chevron in the fourth quarter valued at $27,000. Finally, Basso Capital Management L.P. bought a new position in shares of Chevron in the fourth quarter valued at about $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 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

Analyst Ratings Changes

CVX has been the topic of several research analyst reports. Jefferies Financial Group reissued a "buy" rating and issued a $216.00 price target on shares of Chevron in a report on Friday, July 10th. 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. Mizuho lifted their price target on Chevron from $225.00 to $230.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. Royal Bank Of Canada restated an "outperform" rating and issued a $220.00 price target on shares of Chevron in a research note on Tuesday, May 5th. Finally, Citigroup upped their price objective on Chevron from $210.00 to $235.00 and gave the company a "buy" rating in a report on Thursday, April 2nd. Nineteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $206.83.

Chevron Price Performance

Chevron stock opened at $187.39 on Friday. The firm has a market cap 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 company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. The stock's fifty day moving average price is $181.54 and its two-hundred day moving average price is $182.44. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results 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. The company had revenue of $47.56 billion for the quarter, compared to analysts' expectations of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.Chevron's revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the business earned $2.18 earnings per share. As a group, research analysts expect that Chevron Corporation will post 14.78 EPS for the current fiscal year.

Chevron Announces Dividend

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 was Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.8%. Chevron's payout ratio is presently 123.40%.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 380,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the sale, the director owned 278,045 shares in the company, 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.

About Chevron

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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