Chevron Corporation $CVX Shares Acquired by Healthcare of Ontario Pension Plan Trust Fund

Key Points

• Healthcare of Ontario Pension Plan Trust Fund increased its Chevron stake by 88.4% in the first quarter, acquiring 66,125 additional shares and bringing its total holdings to 140,947 shares valued at $29.2 million. Institutional investors and hedge funds collectively own 72.42% of CVX.
• Wall Street’s consensus view remains positive, with 19 analysts rating Chevron a Buy, six a Hold and one a Sell; MarketBeat reports a “Moderate Buy” average rating and a $205.17 consensus price target.
• Chevron reported quarterly EPS of $1.41, beating estimates of $1.00, while revenue reached $47.56 billion. The company maintains a quarterly dividend of $1.78 per share, equivalent to a 3.7% annualized yield, although its payout ratio is elevated at 123.4%.

Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 88.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 140,947 shares of the oil and gas company's stock after acquiring an additional 66,125 shares during the period. Healthcare of Ontario Pension Plan Trust Fund's holdings in Chevron were worth $29,162,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CVX. Curtis Advisory Group LLC acquired a new stake in Chevron during the 4th quarter worth $1,381,000. Indivisible Partners acquired a new position in Chevron in the fourth quarter valued at $1,923,000. Cypress Wealth Services LLC raised its holdings in shares of Chevron by 64.0% in the fourth quarter. Cypress Wealth Services LLC now owns 16,591 shares of the oil and gas company's stock valued at $2,529,000 after buying an additional 6,475 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Chevron by 6.8% during the first quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company's stock worth $258,853,000 after buying an additional 79,439 shares during the period. Finally, Nations Financial Group Inc. IA ADV grew its holdings in shares of Chevron by 35.0% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 42,882 shares of the oil and gas company's stock worth $6,536,000 after buying an additional 11,120 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CVX shares. Citigroup upped their target price 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. Barclays raised their price objective on Chevron from $192.00 to $213.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 26th. Zacks Research downgraded Chevron from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Sanford C. Bernstein lowered their target price on Chevron from $216.00 to $204.00 and set a "market perform" rating on the stock in a report on Monday, May 11th. Finally, Weiss Ratings cut Chevron from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, June 2nd. Nineteen investment 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. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $205.17.

Insider Buying and Selling

In related news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction dated 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 approximately $53,718,294. This trade represents a 57.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.56% of the company's stock.

Chevron Price Performance

CVX stock opened at $194.72 on Monday. Chevron Corporation has a 1 year low of $146.49 and a 1 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 stock's 50 day moving average price is $182.12 and its 200 day moving average price is $183.97. The firm has a market cap of $387.80 billion, a P/E ratio of 33.75, a PEG ratio of 0.65 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 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.41. The firm 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 quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.18 EPS. On average, sell-side analysts expect that Chevron Corporation will post 15.6 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were paid a dividend of $1.78 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.7%. Chevron's dividend payout ratio (DPR) is presently 123.40%.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was highlighted as one of the biggest beneficiaries of the recent oil rally, with Brent briefly topping $100 a barrel and integrated oil majors gaining as investors price in tighter global supply. BATL, CVX, XOM Stocks Rise As Brent Crude Tops $100 – Trump Threatens Iran With 'Major Military Punishment' After Houthi Attack On Saudi Ships
• Positive Sentiment: Chevron was also singled out as the only “outperform”-rated global oil major in Piper Sandler’s new coverage, reinforcing a relatively favorable analyst view versus peers. Chevron only outperform-rated name among global oil majors initiated at Piper Sandler
• Neutral Sentiment: Recent commentary says Chevron is rallying despite a classic bearish signal, suggesting momentum traders are still buying the stock even after the move in oil. Chevron ignored a classic bearish call: Here's why stock is rallying
• Neutral Sentiment: Several previews ahead of next week’s earnings note that Chevron is expected to report higher earnings, but one Zacks piece warns the company may not have the ideal setup for a clear beat. Chevron (CVX) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
• Negative Sentiment: Some analysis cautions that Chevron’s rally could face headwinds if Chinese crude demand weakens, which could limit upside even if oil prices remain elevated. Chevron’s Biggest Stock Rally Since 2022 Faces a China-Sized Problem

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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