Chevron Corporation $CVX Shares Purchased by Bessemer Group Inc.

Key Points

• Bessemer Group Inc. increased its Chevron stake by 16.2% in the first quarter, adding 483,185 shares and bringing its holdings to 3.47 million shares valued at about $718 million.
• Chevron reported Q1 earnings of $1.41 per share, topping Wall Street estimates, though revenue of $47.56 billion came in below expectations. The company also continues to pay a quarterly dividend of $1.78 per share, or $7.12 annually, for a 3.9% yield.
• Recent analyst activity has been mixed but generally constructive, with Chevron carrying a Moderate Buy consensus and a $206.83 average price target. Meanwhile, insider director John B. Hess sold 380,000 shares in May, reducing his position by more than 57%.

Bessemer Group Inc. raised its position in Chevron Corporation (NYSE:CVX - Free Report) by 16.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,471,036 shares of the oil and gas company's stock after purchasing an additional 483,185 shares during the period. Chevron comprises about 1.1% of Bessemer Group Inc.'s investment portfolio, making the stock its 12th largest position. Bessemer Group Inc. owned about 0.17% of Chevron worth $718,156,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Jag Capital Management LLC raised its position in shares of Chevron by 68.6% in the first quarter. Jag Capital Management LLC now owns 2,519 shares of the oil and gas company's stock valued at $521,000 after buying an additional 1,025 shares during the last quarter. Avalon Trust Co boosted its position in Chevron by 164.9% during the first quarter. Avalon Trust Co now owns 1,285 shares of the oil and gas company's stock worth $266,000 after acquiring an additional 800 shares during the last quarter. Gerald Baker Financial Group LLC purchased a new stake in Chevron in the 1st quarter worth approximately $5,130,000. Allspring Global Investments Holdings LLC grew its stake in Chevron by 35.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 302,380 shares of the oil and gas company's stock worth $59,693,000 after acquiring an additional 78,989 shares during the period. Finally, Frisch Financial Group Inc. raised its holdings in Chevron by 9.6% in the 1st quarter. Frisch Financial Group Inc. now owns 4,263 shares of the oil and gas company's stock valued at $882,000 after acquiring an additional 375 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Trading Up 1.1%

CVX stock opened at $183.69 on Friday. 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 market cap of $365.83 billion, a price-to-earnings ratio of 31.83, a PEG ratio of 0.64 and a beta of 0.50. The business has a fifty day simple moving average of $181.42 and a 200-day simple moving average of $182.41. 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 issued its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share 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 firm had revenue of $47.56 billion for the quarter, compared to analysts' expectations of $51.86 billion. During the same quarter last year, the firm earned $2.18 earnings per share. The firm's revenue for the quarter was up 2.1% compared to the same quarter last year. On average, equities research analysts expect that Chevron Corporation will post 14.75 EPS for the current year.

Chevron Dividend Announcement

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

Insider Activity

In related news, Director John B. Hess sold 380,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were 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 of the company's stock, valued at approximately $53,718,294. This represents a 57.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.56% of the company's stock.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is expected to sign memorandums of understanding with Iraq to advance investment in the West Qurna 2 and Nassiriya oilfields, potentially expanding its long-term production base. Reuters article
• Positive Sentiment: The company is also exploring a pipeline alternative to the Strait of Hormuz, which could reduce export risk and support more reliable Iraqi oil shipments if geopolitical risk stays elevated. WSJ article
• Positive Sentiment: Chevron’s stock has also been helped by broader energy-sector strength, with energy shares rising even as the wider market softened. Yahoo Finance article
• Neutral Sentiment: Analysts and commentary suggest Chevron may be fairly valued after a strong five-year run, which supports the stock but also limits the upside from valuation alone. Yahoo Finance article
• Neutral Sentiment: Recent broker notes have been mixed, including hold ratings and modest price-target cuts, indicating Wall Street is constructive but not aggressively bullish. Yahoo Finance article

Analysts Set New Price Targets

Several research firms have recently issued reports on CVX. Zacks Research cut Chevron from a "strong-buy" rating to a "hold" rating in a report on Monday, June 8th. BNP Paribas Exane upgraded Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 target price for the company in a research note on Friday, April 17th. Tudor Pickering upgraded Chevron from a "hold" rating to a "buy" rating and set a $225.00 target price on the stock in a research report on Thursday, April 9th. Weiss Ratings lowered Chevron from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, June 2nd. Finally, UBS Group restated a "buy" rating on shares of Chevron in a report on Tuesday, June 23rd. Nineteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $206.83.

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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