Chevron Corporation (NYSE:CVX) Shares Purchased by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. increased its stake in Chevron Corporation by 8.2%, owning over 3.1 million shares valued at approximately $524.9 million as of its latest SEC filing.
• Chevron's quarterly earnings report revealed $2.18 EPS, exceeding expectations, but company revenue declined 2.3% year-over-year to $47.61 billion.
• The stock currently holds a consensus rating of "Hold" among analysts, with an average price target of $162.13, reflecting mixed sentiment in the market.

Federated Hermes Inc. raised its position in Chevron Corporation (NYSE:CVX - Free Report) by 8.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,137,937 shares of the oil and gas company's stock after buying an additional 238,735 shares during the period. Chevron accounts for about 1.1% of Federated Hermes Inc.'s investment portfolio, making the stock its 10th biggest position. Federated Hermes Inc. owned 0.18% of Chevron worth $524,946,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in Chevron by 21,191.5% in the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock valued at $904,746,000 after purchasing an additional 5,382,847 shares in the last quarter. Capital World Investors lifted its stake in Chevron by 11.4% in the fourth quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company's stock valued at $2,039,288,000 after acquiring an additional 1,440,808 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Chevron by 7.3% during the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock worth $2,965,135,000 after buying an additional 1,394,091 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Chevron by 6.9% during the 4th quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company's stock worth $2,176,579,000 after buying an additional 964,426 shares during the last quarter. Finally, Janus Henderson Group PLC raised its stake in Chevron by 27.3% in the 4th quarter. Janus Henderson Group PLC now owns 3,897,183 shares of the oil and gas company's stock worth $564,503,000 after purchasing an additional 835,990 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on CVX. Evercore ISI reissued an "outperform" rating and issued a $180.00 target price on shares of Chevron in a report on Thursday. Redburn Atlantic restated a "sell" rating and set a $124.00 price objective (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. UBS Group cut their target price on shares of Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $178.00 target price on shares of Chevron in a research report on Friday. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Chevron presently has an average rating of "Hold" and an average price target of $163.18.

Chevron Trading Down 0.1%

NYSE CVX traded down $0.14 on Friday, reaching $151.50. 7,760,854 shares of the company were exchanged, compared to its average volume of 9,476,183. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The business's fifty day moving average price is $146.57 and its 200 day moving average price is $148.90. The stock has a market capitalization of $264.58 billion, a P/E ratio of 17.35, a price-to-earnings-growth ratio of 2.42 and a beta of 0.83. 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 (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. The company had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. Chevron's revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.55 EPS. Analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Profile

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.