Chevron Corporation $CVX Shares Purchased by Gibbs Wealth Management

Key Points

• Gibbs Wealth Management more than doubled its Chevron stake in the first quarter, increasing holdings by 112.9% to 17,068 shares worth about $3.53 million.
• Wall Street sentiment on Chevron remains constructive, with several firms issuing or reiterating buy/outperform ratings and a consensus price target of about $205.17.
• Chevron reported quarterly EPS of $1.41, beating expectations, and it continues to pay a sizable dividend of $1.78 per share quarterly, or a 3.7% annualized yield.

Gibbs Wealth Management raised its stake in Chevron Corporation (NYSE:CVX - Free Report) by 112.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,068 shares of the oil and gas company's stock after purchasing an additional 9,052 shares during the quarter. Gibbs Wealth Management's holdings in Chevron were worth $3,531,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Chevron in the fourth quarter valued at $3,727,586,000. State Street Corp increased its stake in Chevron by 9.1% during the 3rd 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 holdings in Chevron by 6.6% in the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock worth $19,837,131,000 after buying an additional 8,091,570 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Chevron by 822.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company's stock worth $946,658,000 after buying an additional 5,537,580 shares in the last quarter. Finally, Amundi boosted its position in Chevron by 41.8% in the 3rd quarter. Amundi now owns 11,760,376 shares of the oil and gas company's stock valued at $1,811,333,000 after buying an additional 3,464,058 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Piper Sandler assumed coverage on Chevron in a research report on Thursday. They set an "overweight" rating and a $207.00 target price on the stock. Jefferies Financial Group reissued a "buy" rating and issued a $216.00 price target on shares of Chevron in a report on Friday, July 10th. BNP Paribas Exane upgraded Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price objective for the company in a research note on Friday, April 17th. Mizuho upped their target price on Chevron from $225.00 to $230.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Finally, Wolfe Research upgraded Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 target price for the company in a research note on Thursday, July 2nd. Nineteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Chevron has a consensus rating of "Moderate Buy" and a consensus target price of $205.17.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the transaction, the director directly 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 filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.56% of the company's stock.

Chevron Trading Up 0.7%

Shares of NYSE CVX opened at $194.39 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 stock's 50 day moving average price is $182.04 and its two-hundred day moving average price is $183.75. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71. The stock has a market capitalization of $387.15 billion, a P/E ratio of 33.69, a PEG ratio of 0.68 and a beta of 0.50.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly 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. The business had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business's quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.18 EPS. On average, analysts anticipate that Chevron Corporation will post 14.75 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Piper Sandler initiated coverage on Chevron as the only global oil major with an outperform rating, a constructive signal versus peers. Chevron only outperform-rated name among global oil majors initiated at Piper Sandler
• Positive Sentiment: Oil prices surged above $100 a barrel intraday amid geopolitical tensions, which should improve Chevron’s realized prices and near-term earnings prospects. 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 highlighted as an outperformer among dividend and integrated energy names, reinforcing its appeal as a defensive income stock in a stronger oil market. Chevron Leads 3 Dividend Aristocrats Paying Up to 4% and Beating the S&P 500
• Neutral Sentiment: Chevron shut production at a U.S. Gulf platform ahead of a tropical storm, a precautionary move that may temporarily limit output but is not necessarily a long-term issue. Chevron shuts production at U.S. Gulf platform ahead of tropical storm
• Neutral Sentiment: TD Cowen raised Chevron’s price target to $200 from $197 while keeping a hold rating, suggesting modest upside but not a major change in sentiment. Chevron price target raised by TD Cowen
• Negative Sentiment: One warning sign is that some strategists see a possible China demand slowdown and falling crude imports as a threat to the recent oil-driven rally later this year. Chevron’s Biggest Stock Rally Since 2022 Faces a China-Sized Problem

Chevron 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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