Assenagon Asset Management S.A. Cuts Stock Holdings in Chevron Corporation $CVX

Key Points

• Assenagon Asset Management cut its Chevron stake by 78.1% in the second quarter, selling 4.02 million shares and retaining 1.13 million shares worth approximately $187.1 million. Hedge funds and institutional investors collectively own 72.42% of Chevron.
• Chevron reported strong quarterly results, with earnings of $6.06 per share and revenue of $67.2 billion, exceeding analyst expectations and representing 57.4% year-over-year revenue growth.
• Analysts maintain a generally positive view, with 18 Buy ratings and an average price target of $207.48 versus a recent share price of $189.00. Chevron also declared a quarterly dividend of $1.78 per share, equivalent to a 3.8% annualized yield.

Assenagon Asset Management S.A. reduced its stake in Chevron Corporation (NYSE:CVX - Free Report) by 78.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,128,520 shares of the oil and gas company's stock after selling 4,020,236 shares during the period. Assenagon Asset Management S.A. owned approximately 0.06% of Chevron worth $187,063,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Midwest Capital Advisors LLC purchased a new stake in shares of Chevron during the 1st quarter worth approximately $25,000. Core Wealth Advisors LLC bought a new stake in Chevron in the fourth quarter worth $26,000. Phillip James Consulting Co. purchased a new stake in Chevron during the fourth quarter valued at $26,000. Quattro Advisors LLC bought a new position in Chevron during the fourth quarter valued at $27,000. Finally, Karpus Management Inc. bought a new position in Chevron during the fourth quarter valued at $27,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on CVX shares. Piper Sandler began coverage on shares of Chevron in a research note on Thursday, July 23rd. They issued an "overweight" rating and a $207.00 price objective for the company. UBS Group restated a "buy" rating on shares of Chevron in a research report on Tuesday, June 23rd. Weiss Ratings downgraded shares of Chevron from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, June 2nd. BNP Paribas Exane upgraded Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price target for the company in a research report on Friday, April 17th. Finally, The Goldman Sachs Group reissued a "buy" rating and set a $216.00 price objective on shares of Chevron in a research note on Wednesday, May 6th. Eighteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $207.48.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Major profit rebound: Chevron reported approximately $12.1 billion in quarterly net income, versus $2.5 billion a year earlier. Results benefited from higher energy prices and supply disruptions linked to the Iran conflict, highlighting the company’s ability to generate cash during periods of market volatility. Chevron Turned $3.1 Billion Loss Into A Gain In One Quarter Amid Heightened Volatility During Iran War
• Positive Sentiment: Operational and financial improvements: Recent coverage points to record production, billions of dollars in debt reduction and a 20-year power agreement with Microsoft for artificial-intelligence infrastructure. These developments strengthen Chevron’s long-term growth profile and balance sheet. Wall Street Is Bullish on Chevron Stock
• Positive Sentiment: TD Cowen raised its Chevron price target from $200 to $205 while maintaining a Hold rating. Chevron is also being highlighted as a cash-flow and dividend-focused energy investment, which may appeal to income-oriented investors. Beyond Oil Prices: The Case for 3 Dividend-Paying Energy Giants
• Neutral Sentiment: Chevron is expanding its North American base-oils distribution network through new partnerships, potentially improving downstream reach and product mix over time. Chevron Broadens North American Base Oils Distribution Network
• Negative Sentiment: Political criticism is increasing as President Trump accuses Chevron and other oil companies of profiting excessively while U.S. gasoline prices rise. This creates potential regulatory, reputational or windfall-tax risks. Trump Rips Exxon and Chevron for Making Too Much Money
• Negative Sentiment: Director John B. Hess sold roughly 810,665 shares worth about $157 million, substantially reducing his holdings. Although insider sales can be planned for personal reasons, the transaction may weigh on investor sentiment.

Insider Buying and Selling

In related news, Director John B. Hess sold 710,665 shares of the company's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the transaction, the director directly owned 363,711 shares in the company, valued at approximately $70,596,305.10. This represents a 66.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have sold 1,190,665 shares of company stock worth $230,782,076. Corporate insiders own 0.56% of the company's stock.

Chevron Stock Up 1.4%

Shares of CVX opened at $189.00 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. The business has a fifty day moving average of $182.29 and a 200 day moving average of $185.80. The company has a market cap of $376.40 billion, a PE ratio of 18.12, a P/E/G ratio of 0.57 and a beta of 0.49. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, beating analysts' consensus estimates of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.14%. The business had revenue of $67.20 billion for the quarter, compared to analysts' expectations of $62.72 billion. During the same quarter in the previous year, the business posted $1.77 earnings per share. The business's revenue was up 57.4% compared to the same quarter last year. On average, sell-side analysts expect that Chevron Corporation will post 15.88 EPS for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.8%. Chevron's payout ratio is currently 68.26%.

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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