Chevron Corporation $CVX Shares Bought by Saudi Central Bank

Key Points

• Saudi Central Bank increased its Chevron stake by 83% in the second quarter, purchasing 58,597 additional shares and bringing its holdings to 129,202 shares valued at approximately $21.4 million.
• Institutional investors and hedge funds own 72.42% of Chevron, with major holders including BlackRock, State Street, Berkshire Hathaway, Geode Capital Management and Charles Schwab Investment Management.
• Chevron reported quarterly EPS of $6.06, exceeding estimates, while revenue rose 57.4% year over year to $67.2 billion. The company declared a $1.78 quarterly dividend, equivalent to a 3.4% yield, and analysts maintain a “Moderate Buy” consensus rating.

Saudi Central Bank lifted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 83.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 129,202 shares of the oil and gas company's stock after buying an additional 58,597 shares during the quarter. Saudi Central Bank's holdings in Chevron were worth $21,417,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Chevron in the 2nd quarter valued at about $25,663,729,000. State Street Corp increased its position in Chevron by 9.1% during the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock worth $23,698,184,000 after buying an additional 12,789,399 shares during the period. Berkshire Hathaway Inc lifted its stake in Chevron by 6.6% in the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock valued at $19,837,131,000 after buying an additional 8,091,570 shares during the last quarter. Geode Capital Management LLC lifted its stake in Chevron by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company's stock valued at $6,620,187,000 after buying an additional 134,890 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Chevron by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company's stock valued at $5,492,377,000 after acquiring an additional 961,341 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Price Performance

Chevron stock opened at $208.48 on Friday. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The business has a 50 day simple moving average of $191.10 and a 200-day simple moving average of $189.77. The stock has a market capitalization of $411.91 billion, a PE ratio of 19.99, a price-to-earnings-growth ratio of 0.62 and a beta of 0.50.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.55 by $0.51. The company had revenue of $67.20 billion for the quarter, compared to analysts' expectations of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. Chevron's revenue was up 57.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.77 EPS. Equities analysts predict that Chevron Corporation will post 16.51 earnings per share for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be issued a dividend of $1.78 per share. 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%.

Insider Activity

In other news, insider R. Pate sold 2,470 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total transaction of $506,621.70. Following the completion of the transaction, the insider directly owned 10,794 shares of the company's stock, valued at approximately $2,213,957.34. This represents a 18.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Andrew Walz sold 16,800 shares of Chevron stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the completion of the sale, the insider owned 14 shares in the company, valued at approximately $2,814.84. This trade represents a 99.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,152,582 shares of company stock worth $225,853,661 in the last three months. 0.56% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on CVX shares. Wall Street Zen raised shares of Chevron from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Wells Fargo & Company increased their price target on shares of Chevron from $226.00 to $230.00 and gave the stock an "overweight" rating in a research note on Thursday. Wolfe Research raised shares of Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 price objective on the stock in a research report on Thursday, July 2nd. BMO Capital Markets lifted their price objective on shares of Chevron from $210.00 to $235.00 and gave the company an "outperform" rating in a research note on Thursday. Finally, Weiss Ratings raised shares of Chevron from a "hold (c)" rating to a "buy (b)" rating in a report on Tuesday, August 11th. Twenty investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $211.35.

Trending Headlines about Chevron

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.

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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