Chevron Corporation $CVX Shares Acquired by Harel Insurance Investments & Financial Services Ltd.

Key Points

• Harel Insurance Investments & Financial Services boosted its Chevron stake by 19% in Q1, buying 6,663 more shares and bringing its position to 41,778 shares valued at about $8.64 million.
• Chevron received generally bullish analyst support, with firms including HSBC, UBS, and Goldman Sachs maintaining or raising positive ratings and the stock carrying a consensus “Moderate Buy” view with a $206.83 average price target.
• The company’s latest results topped expectations on earnings, reporting $1.41 EPS versus the $1.00 estimate, while Chevron also paid a $1.78 quarterly dividend, implying a 3.9% annual yield.

Harel Insurance Investments & Financial Services Ltd. increased its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 19.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 41,778 shares of the oil and gas company's stock after purchasing an additional 6,663 shares during the period. Harel Insurance Investments & Financial Services Ltd.'s holdings in Chevron were worth $8,644,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in CVX. Dakota Wealth Management grew its holdings 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 purchasing an additional 10,822 shares in the last quarter. Clear Trail Advisors LLC acquired a new stake in shares of Chevron in the 4th quarter valued at $10,167,000. Curtis Advisory Group LLC bought a new position in Chevron during the 4th quarter valued at about $1,381,000. Indivisible Partners acquired a new stake in shares of Chevron during the fourth quarter worth approximately $1,923,000. Finally, Cypress Wealth Services LLC boosted its holdings in shares of 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. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was highlighted as being “poised to beat earnings estimates again,” with articles pointing to its strong history of earnings surprises and favorable setup for the next quarterly report. Why Chevron (CVX) is Poised to Beat Earnings Estimates Again
• Positive Sentiment: Reuters-reported news that Chevron is offering its chemical technology to rival shale drillers could support future royalty, service, and technology-related revenue while reinforcing the company’s innovation story. Chevron (CVX) Offers Rival Drillers Chemical Technology to Increase Shale Oil Output, Reuters Reports
• Positive Sentiment: Several analyst and screening pieces continued to frame Chevron as an attractive dividend/blue-chip energy name, with BMO Capital reiterating a Buy rating and other commentary calling it a strong dividend aristocrat pick. BMO Capital Sticks to Its Buy Rating for Chevron (CVX)
• Positive Sentiment: Chevron is also being discussed as a beneficiary of stronger crude prices, which can improve upstream margins and earnings power if oil holds up. Shell, BP, and other energy stocks jump as crude oil prices rebound

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CVX shares. Barclays lifted their price target on Chevron from $192.00 to $213.00 and gave the company an "equal weight" rating in a report on Tuesday, May 26th. UBS Group restated a "buy" rating on shares of Chevron in a research report on Tuesday, June 23rd. Morgan Stanley decreased their price objective on shares of Chevron from $214.00 to $210.00 and set an "overweight" rating for the company in a report on Monday, June 29th. HSBC upgraded Chevron from a "hold" rating to a "buy" rating and set a $215.00 price target for the company in a report on Friday, March 20th. Finally, The Goldman Sachs Group restated a "buy" rating and set a $216.00 price objective on shares of Chevron in a report on Wednesday, May 6th. 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.com, the company has an average rating of "Moderate Buy" and a consensus price target of $206.83.

Chevron Stock Performance

Shares of CVX stock opened at $181.55 on Thursday. 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 company has a fifty day moving average price of $181.39 and a two-hundred day moving average price of $182.17. The stock has a market cap of $361.58 billion, a P/E ratio of 31.46, a P/E/G ratio of 0.64 and a beta of 0.50. 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 released its quarterly earnings data 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. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The company had revenue of $47.56 billion during the quarter, compared to analysts' expectations of $51.86 billion. During the same period last year, the firm posted $2.18 earnings per share. The business's revenue was up 2.1% on a year-over-year basis. As a group, equities analysts predict that Chevron Corporation will post 14.75 EPS for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were paid a $1.78 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.9%. Chevron's dividend payout ratio is 123.40%.

Insider Transactions at Chevron

In other news, Director John B. Hess sold 380,000 shares of the business's stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the sale, the director owned 278,045 shares in the company, valued at $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.56% of the stock is owned by company insiders.

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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