Chevron Corporation (NYSE:CVX) Shares Purchased by Banco Santander S.A.

Key Points

• Banco Santander S.A. increased its stake in Chevron Corporation by 24.4% during the first quarter, owning 131,412 shares valued at approximately $21.98 million.
• Chevron reported $1.77 earnings per share for the latest quarter, exceeding expectations by $0.19, although revenue was down 12.4% year-over-year.
• Brokerage ratings for Chevron are mixed, with a current average rating of "Hold" and an average price target of $163.18, reflecting investor uncertainty.

Banco Santander S.A. lifted its position in Chevron Corporation (NYSE:CVX - Free Report) by 24.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 131,412 shares of the oil and gas company's stock after acquiring an additional 25,790 shares during the period. Banco Santander S.A.'s holdings in Chevron were worth $21,984,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in CVX. CoreCap Advisors LLC raised its stake in Chevron by 0.3% during the fourth quarter. CoreCap Advisors LLC now owns 28,248 shares of the oil and gas company's stock worth $4,091,000 after purchasing an additional 71 shares during the period. Clayton Financial Group LLC raised its stake in Chevron by 4.6% during the first quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company's stock worth $285,000 after purchasing an additional 75 shares during the period. Cordatus Wealth Management LLC raised its stake in Chevron by 0.4% during the first quarter. Cordatus Wealth Management LLC now owns 19,723 shares of the oil and gas company's stock worth $3,299,000 after purchasing an additional 76 shares during the period. Requisite Capital Management LLC raised its stake in Chevron by 1.2% during the first quarter. Requisite Capital Management LLC now owns 6,362 shares of the oil and gas company's stock worth $1,064,000 after purchasing an additional 77 shares during the period. Finally, Silverlake Wealth Management LLC raised its stake in Chevron by 0.7% during the first quarter. Silverlake Wealth Management LLC now owns 10,929 shares of the oil and gas company's stock worth $1,828,000 after purchasing an additional 78 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Down 0.2%

CVX stock traded down $0.31 during mid-day trading on Friday, hitting $151.33. 10,704,924 shares of the company were exchanged, compared to its average volume of 12,271,876. The company has a market capitalization of $264.28 billion, a PE ratio of 19.48, a price-to-earnings-growth ratio of 2.39 and a beta of 0.87. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The firm has a fifty day simple moving average of $146.86 and a 200 day simple moving average of $148.80.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The business had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same period in the previous year, the business posted $2.55 EPS. The company's quarterly revenue was down 12.4% on a year-over-year basis. On average, research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Analyst Ratings Changes

CVX has been the topic of a number of recent analyst reports. BNP Paribas downgraded shares of Chevron to a "cautious" rating in a research note on Tuesday, April 15th. Piper Sandler reissued an "overweight" rating on shares of Chevron in a research report on Tuesday, July 15th. HSBC lowered shares of Chevron from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Redburn Atlantic reissued a "sell" rating and issued a $124.00 price objective (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Finally, Barclays reissued an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Chevron currently has an average rating of "Hold" and an average price target of $163.18.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.