Chevron Corporation $CVX Shares Purchased by World Equity Group Inc.

Key Points

• World Equity Group Inc. increased its Chevron stake by 88.1% in the first quarter, buying 9,618 additional shares to bring its total to 20,536 shares worth about $4.25 million.
• Chevron reported better-than-expected earnings for the latest quarter, posting $1.41 EPS versus the $1.00 consensus estimate, even though revenue came in below expectations.
• The company recently paid a $1.78 quarterly dividend, equal to an annualized yield of 3.8%, while analysts remain generally constructive with a consensus rating of Moderate Buy and an average price target of $206.83.

World Equity Group Inc. grew its position in Chevron Corporation (NYSE:CVX - Free Report) by 88.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,536 shares of the oil and gas company's stock after buying an additional 9,618 shares during the quarter. Chevron accounts for approximately 1.1% of World Equity Group Inc.'s holdings, making the stock its 17th biggest holding. World Equity Group Inc.'s holdings in Chevron were worth $4,249,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in CVX. State Street Corp lifted its holdings in shares of Chevron by 9.1% in the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock valued at $23,698,184,000 after purchasing an additional 12,789,399 shares in the last quarter. Berkshire Hathaway Inc increased its stake in shares of Chevron by 6.6% during 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 purchasing an additional 8,091,570 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Chevron by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company's stock worth $6,620,187,000 after purchasing an additional 134,890 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Chevron by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company's stock worth $5,492,377,000 after purchasing an additional 961,341 shares during the last quarter. Finally, Norges Bank purchased a new stake in Chevron in the 4th quarter valued at approximately $3,727,586,000. Institutional investors and hedge funds own 72.42% of the company's stock.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is expected to sign accords with Iraq to advance investments in major oil fields, including West Qurna 2 and Nassiriya, which could expand long-term production opportunities. Reuters article on Iraq oilfield MOUs
• Positive Sentiment: Reports that Chevron is exploring a pipeline alternative to the Strait of Hormuz suggest a potential way to boost Iraqi export capacity and lower shipping disruption risk, which investors may view as strategically important. The Motley Fool article on Hormuz bypass pipeline
• Positive Sentiment: Chevron is being highlighted as a relatively attractive long-term energy stock versus TotalEnergies because of its premium assets, strong balance sheet, and steadier earnings outlook. Yahoo Finance article comparing CVX and TTE
• Neutral Sentiment: Some commentary says Chevron stock looks closer to fairly valued after a strong five-year run, which may limit upside for investors expecting a clear bargain. Yahoo Finance article on valuation
• Neutral Sentiment: Chevron also benefited from broader energy-sector gains, with the sector rising even as the wider market was mixed. Yahoo Finance sector update

Chevron Stock Performance

NYSE CVX opened at $187.39 on Friday. The firm has a market capitalization of $373.21 billion, a P/E ratio of 32.48, a P/E/G ratio of 0.66 and a beta of 0.50. 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 current ratio of 1.09 and a quick ratio of 0.84. The business's 50-day simple moving average is $181.54 and its 200-day simple moving average is $182.44.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.00 by $0.41. The firm had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. Chevron's revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter last year, the firm posted $2.18 earnings per share. Equities analysts predict that Chevron Corporation will post 14.78 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were paid a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron's dividend payout ratio (DPR) is currently 123.40%.

Insider Activity at Chevron

In related news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction 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 transaction, the director owned 278,045 shares in the company, valued at approximately $53,718,294. The trade was a 57.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.56% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on CVX shares. Wells Fargo & Company increased their price objective on Chevron from $204.00 to $222.00 and gave the company an "overweight" rating in a research note on Thursday, April 9th. Barclays boosted their target price on shares of Chevron from $192.00 to $213.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 26th. Morgan Stanley reduced their target price on shares of Chevron from $214.00 to $210.00 and set an "overweight" rating on the stock in a report on Monday, June 29th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $216.00 price target on shares of Chevron in a research note on Wednesday, May 6th. Finally, Citigroup lifted their price target on shares of Chevron from $210.00 to $235.00 and gave the stock a "buy" rating in a report on Thursday, April 2nd. Nineteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $206.83.

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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