Catalyst Funds Management Pty Ltd Buys 8,000 Shares of Chevron Corporation $CVX

Key Points

• Catalyst Funds Management Pty Ltd increased its Chevron stake by 166.7% in Q4, buying 8,000 additional shares to bring its total holdings to 12,800 shares worth about $1.95 million.
• Chevron reported better-than-expected earnings for the latest quarter, with EPS of $1.41 versus the $1.00 consensus, though revenue of $47.56 billion came in below estimates.
• Wall Street remains broadly constructive on Chevron, with analysts assigning an average “Moderate Buy” rating and an average target price of $204.22; the company also announced a quarterly dividend of $1.78 per share.

Catalyst Funds Management Pty Ltd lifted its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 166.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,800 shares of the oil and gas company's stock after buying an additional 8,000 shares during the quarter. Catalyst Funds Management Pty Ltd's holdings in Chevron were worth $1,951,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Strategic Wealth Advisors LLC purchased a new stake in Chevron during the 4th quarter valued at about $33,000. Daytona Street Capital LLC purchased a new stake in shares of Chevron during the 4th quarter valued at about $44,000. Turning Point Benefit Group Inc. purchased a new stake in shares of Chevron during the 3rd quarter valued at about $49,000. Maseco LLP bought a new position in shares of Chevron in the 4th quarter worth approximately $49,000. Finally, High Point Wealth Management LLC bought a new position in shares of Chevron in the 4th quarter worth approximately $53,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Mizuho increased their price objective on shares of Chevron from $206.00 to $217.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 17th. Barclays raised their target price on shares of Chevron from $180.00 to $192.00 and gave the stock an "equal weight" rating in a research note on Monday, May 4th. Royal Bank Of Canada restated an "outperform" rating and set a $220.00 target price on shares of Chevron in a research report on Tuesday, May 5th. TD Cowen raised their target price on shares of Chevron from $204.00 to $205.00 and gave the company a "hold" rating in a report on Friday, May 8th. Finally, Piper Sandler raised their target price on shares of Chevron from $179.00 to $242.00 and gave the company an "overweight" rating in a report on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $204.22.

Chevron Stock Up 0.3%

NYSE CVX opened at $191.51 on Friday. The firm has a market capitalization of $381.42 billion, a price-to-earnings ratio of 33.19, a PEG ratio of 0.64 and a beta of 0.51. Chevron Corporation has a 52 week low of $134.06 and a 52 week high of $214.71. 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 company has a fifty day moving average of $193.54 and a two-hundred day moving average of $174.60.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.41. The firm had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The business's revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.18 earnings per share. On average, analysts predict that Chevron Corporation will post 15.74 earnings per share for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be paid a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, May 19th. Chevron's payout ratio is currently 123.40%.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: WTI crude above $95 per barrel is lifting Permian oil and associated gas economics, which should be a tailwind for Chevron’s upstream earnings and cash flow. More Gas Per Barrel of Oil: A Growth Lever for Permian Operators
• Positive Sentiment: Morgan Stanley raised its price target on Chevron to $214 from $212 and reiterated an overweight rating, signaling continued Wall Street confidence in the stock’s upside. Benzinga / The Fly analyst update
• Positive Sentiment: Chevron’s planned participation in a Bernstein conference next week keeps investor attention on management commentary and strategic updates. Chevron to Participate in Fireside Q&A at Bernstein 42nd Annual Strategic Decisions Conference
• Positive Sentiment: Chevron’s new next-generation Techron gasoline additive may help support brand strength and retail fuel performance over time. Chevron Introduces Next-gen Techron in U.S. Chevron and Texaco Gasolines
• Positive Sentiment: Chevron stands to receive about $2.17 billion from the sale of several Asia Pacific refining and retail assets to Eneos, which supports balance-sheet flexibility and portfolio simplification. Chevron Corporation (CVX) Poised for $2.17B Boost from Asia Pacific Asset Sale

Insider Transactions at Chevron

In related news, Vice Chairman Mark A. Nelson sold 139,600 shares of Chevron stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $187.92, for a total value of $26,233,632.00. Following the completion of the sale, the insider directly owned 11,337 shares in the company, valued at $2,130,449.04. The trade was a 92.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider R. Hewitt Pate sold 40,200 shares of Chevron stock in a transaction dated Monday, March 30th. The shares were sold at an average price of $213.30, for a total value of $8,574,660.00. Following the completion of the sale, the insider owned 8,638 shares of the company's stock, valued at $1,842,485.40. The trade was a 82.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,179,699 shares of company stock valued at $224,675,517 over the last three months. 0.56% of the stock is currently owned by corporate insiders.

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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