Barings LLC Grows Stock Position in Chevron Corporation $CVX

Key Points

• Barings LLC increased its Chevron stake by 8.7% in the first quarter, adding 8,048 shares to bring its total holdings to 100,446 shares valued at about $20.8 million.
• Chevron’s latest earnings topped EPS expectations, reporting $1.41 per share versus the $1.00 consensus estimate, though revenue of $47.56 billion fell short of analyst expectations.
• The company continues to support shareholders with a large dividend, paying a quarterly dividend of $1.78 per share, equal to a 3.9% annualized yield.

Barings LLC grew its stake in Chevron Corporation (NYSE:CVX - Free Report) by 8.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 100,446 shares of the oil and gas company's stock after buying an additional 8,048 shares during the quarter. Barings LLC's holdings in Chevron were worth $20,782,000 as of its most recent SEC filing.

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

Chevron Stock Up 1.1%

NYSE CVX opened at $183.69 on Friday. The business has a fifty day moving average price of $181.42 and a 200 day moving average price of $182.41. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The company has a market cap of $365.83 billion, a P/E ratio of 31.83, a P/E/G ratio of 0.64 and a beta of 0.50.

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

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were paid a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron's dividend payout ratio (DPR) is currently 123.40%.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is expected to sign memorandums of understanding with Iraq to advance investment in the West Qurna 2 and Nassiriya oilfields, potentially expanding its long-term production base. Reuters article
• Positive Sentiment: The company is also exploring a pipeline alternative to the Strait of Hormuz, which could reduce export risk and support more reliable Iraqi oil shipments if geopolitical risk stays elevated. WSJ article
• Positive Sentiment: Chevron’s stock has also been helped by broader energy-sector strength, with energy shares rising even as the wider market softened. Yahoo Finance article
• Neutral Sentiment: Analysts and commentary suggest Chevron may be fairly valued after a strong five-year run, which supports the stock but also limits the upside from valuation alone. Yahoo Finance article
• Neutral Sentiment: Recent broker notes have been mixed, including hold ratings and modest price-target cuts, indicating Wall Street is constructive but not aggressively bullish. Yahoo Finance article

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 380,000 shares of the business's stock in a transaction dated 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 transaction, the director directly owned 278,045 shares in the company, valued at approximately $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.56% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CVX. Morgan Stanley decreased their price objective on shares of Chevron from $214.00 to $210.00 and set an "overweight" rating on the stock in a report on Monday, June 29th. The Goldman Sachs Group reiterated a "buy" rating and issued a $216.00 target price on shares of Chevron in a research report on Wednesday, May 6th. Royal Bank Of Canada reissued an "outperform" rating and set a $220.00 target price on shares of Chevron in a research note on Tuesday, May 5th. 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. Finally, Scotiabank raised their price target on shares of Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. Nineteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $206.83.

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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