Chevron Corporation $CVX Shares Bought by Amundi

Key Points

• Amundi increased its Chevron stake by 14.1% in the second quarter, adding 1.7 million shares to own 13.9 million shares valued at approximately $2.3 billion. Institutional investors and hedge funds collectively own 72.42% of Chevron.
• Chevron reported stronger-than-expected quarterly results, with EPS of $6.06 versus a $5.55 estimate and revenue of $67.2 billion. The company also declared a quarterly dividend of $1.78, equivalent to a 3.4% annual yield.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and a $211.35 target price, but investors face risks from high valuation, insider selling, oil-price sensitivity and the political and execution challenges surrounding Chevron’s planned Venezuela expansion.

Amundi raised its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 14.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,900,271 shares of the oil and gas company's stock after purchasing an additional 1,714,835 shares during the quarter. Chevron accounts for approximately 0.6% of Amundi's investment portfolio, making the stock its 28th biggest holding. Amundi owned 0.70% of Chevron worth $2,304,109,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. First PREMIER Bank grew its stake in shares of Chevron by 0.8% during the 2nd quarter. First PREMIER Bank now owns 6,450 shares of the oil and gas company's stock worth $1,070,000 after purchasing an additional 50 shares during the period. Vanguard Capital Wealth Advisors grew its position in Chevron by 1.8% during the second quarter. Vanguard Capital Wealth Advisors now owns 2,818 shares of the oil and gas company's stock valued at $467,000 after buying an additional 50 shares during the period. Cornerstone Advisory LLC grew its position in Chevron by 0.9% during the first quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company's stock valued at $1,164,000 after buying an additional 52 shares during the period. Compton Financial Group LLC increased its holdings in Chevron by 1.9% in the first quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company's stock valued at $609,000 after buying an additional 56 shares in the last quarter. Finally, Quantum Portfolio Management LLC increased its holdings in Chevron by 2.7% in the first quarter. Quantum Portfolio Management LLC now owns 2,101 shares of the oil and gas company's stock valued at $435,000 after buying an additional 56 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Down 0.1%

Shares of NYSE CVX opened at $208.48 on Monday. The firm has a market cap of $411.91 billion, a price-to-earnings ratio of 19.99, a price-to-earnings-growth ratio of 0.61 and a beta of 0.50. The company's 50-day simple moving average is $191.10 and its 200-day simple moving average is $189.82. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. 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 released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping the consensus estimate of $5.55 by $0.51. The firm had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company's revenue for the quarter was up 57.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.77 EPS. Equities analysts predict that Chevron Corporation will post 16.51 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron's dividend payout ratio is currently 68.26%.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s planned investment of more than $7 billion in Venezuela is expected to expand production to approximately 600,000 barrels per day over five years. Investors view the Orinoco Belt opportunity as a potential source of significant production growth and attractive economics. Chevron Commits $7 Billion to Venezuela to Double Production
• Positive Sentiment: Analysts and fund managers remain constructive on Chevron, citing its scale, strong fundamentals, production growth following the Hess acquisition, dividend record and long-term exposure to energy demand. Rising crude prices above $90 per barrel have also supported sentiment toward major oil companies. Why Gabelli Remains Bullish on Chevron
• Positive Sentiment: A preliminary agreement covering Ghana’s South Deepwater Tano Cape Three Points block could provide Chevron with another international growth option, although commercial terms and ownership details have not been finalized. Chevron and Shell Sign Preliminary Ghana Agreement
• Neutral Sentiment: Chevron’s dividend remains a key attraction, with 39 consecutive years of increases. However, its sustainability would be tested if oil prices fall materially from current elevated levels. Chevron’s Dividend and Oil Price Risk
• Negative Sentiment: Investors remain concerned that the Venezuela strategy will require substantial capital, face operational challenges and carry elevated political and execution risk. Critics also question whether the expansion can deliver its projected returns. Capital Requirements and Operational Challenges
• Negative Sentiment: Valuation concerns have become more important after the rally: Chevron is trading near the upper end of its recent range, while reported insider activity has consisted of sales rather than purchases. A decline in oil prices could further pressure earnings and the stock.

Insider Transactions at Chevron

In other news, insider R. Pate sold 2,470 shares of the company's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total transaction of $506,621.70. Following the completion of the sale, the insider owned 10,794 shares of the company's stock, valued at $2,213,957.34. This represents a 18.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew Walz sold 16,800 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the completion of the sale, the insider owned 14 shares of the company's stock, valued at $2,814.84. This trade represents a 99.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 1,152,582 shares of company stock worth $225,853,661. Company insiders own 0.56% of the company's stock.

Analyst Ratings Changes

CVX has been the topic of several recent analyst reports. BMO Capital Markets increased their target price on shares of Chevron from $210.00 to $235.00 and gave the stock an "outperform" rating in a research note on Thursday. Jefferies Financial Group restated a "buy" rating and issued a $216.00 price target on shares of Chevron in a research note on Friday, July 10th. Wells Fargo & Company upped their price target on Chevron from $226.00 to $230.00 and gave the stock an "overweight" rating in a report on Thursday. Wall Street Zen upgraded Chevron from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Finally, UBS Group reissued a "buy" rating on shares of Chevron in a report on Tuesday, June 23rd. Twenty investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $211.35.

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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