Diamond Hill Capital Management Inc. Acquires 137,505 Shares of Chevron Corporation $CVX

Key Points

• Diamond Hill Capital Management increased its Chevron stake by 90.1% in the fourth quarter, buying 137,505 additional shares and bringing its total holding to 290,149 shares worth about $44.2 million.
• Chevron’s latest earnings beat expectations, with Q1 EPS of $1.41 versus the $1.00 consensus, though revenue came in below estimates at $47.56 billion.
• Insider selling was notable last quarter, including large share sales by CEO Michael K. Wirth and Director John B. Hess, while analysts still view the stock as a Moderate Buy with an average target price of $204.13.

Diamond Hill Capital Management Inc. boosted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 90.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 290,149 shares of the oil and gas company's stock after acquiring an additional 137,505 shares during the quarter. Diamond Hill Capital Management Inc.'s holdings in Chevron were worth $44,222,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Chevron by 17.9% during the third quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company's stock valued at $28,540,753,000 after acquiring an additional 27,961,463 shares in the last quarter. State Street Corp raised its position 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 during the period. Northern Trust Corp lifted its stake in shares of Chevron by 15.3% in the third quarter. Northern Trust Corp now owns 22,724,515 shares of the oil and gas company's stock worth $3,528,890,000 after buying an additional 3,007,403 shares during the last quarter. Fisher Asset Management LLC lifted its stake in shares of Chevron by 1.6% in the third quarter. Fisher Asset Management LLC now owns 21,152,060 shares of the oil and gas company's stock worth $3,284,704,000 after buying an additional 325,255 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Chevron by 27.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company's stock worth $3,047,900,000 after buying an additional 4,279,918 shares during the period. Institutional investors own 72.42% of the company's stock.

Insider Buying and Selling at Chevron

In other Chevron news, CEO Michael K. Wirth sold 272,624 shares of the firm's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $189.35, for a total value of $51,621,354.40. Following the completion of the sale, the chief executive officer owned 31,266 shares in the company, valued at approximately $5,920,217.10. This trade represents a 89.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Hess sold 195,000 shares of Chevron stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $184.78, for a total value of $36,032,100.00. Following the sale, the director directly owned 658,045 shares in the company, valued at $121,593,555.10. The trade was a 22.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 799,699 shares of company stock valued at $151,259,517 over the last quarter. Company insiders own 0.56% of the company's stock.

Chevron Price Performance

NYSE:CVX opened at $191.23 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. Chevron Corporation has a one year low of $133.77 and a one year high of $214.71. The company has a fifty day moving average price of $193.55 and a 200 day moving average price of $174.48. The stock has a market cap of $380.84 billion, a P/E ratio of 33.14, a PEG ratio of 0.64 and a beta of 0.51.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. During the same period last year, the business posted $2.18 EPS. The business's quarterly revenue was up 2.1% on a year-over-year basis. Analysts anticipate that Chevron Corporation will post 15.43 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be paid a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Tuesday, May 19th. Chevron's dividend payout ratio (DPR) is presently 123.40%.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s planned sale of Asia Pacific refining and retail assets to Eneos for about $2.17 billion supports its portfolio-streamlining strategy and may strengthen the balance sheet. Chevron Corporation (CVX) Poised for $2.17B Boost from Asia Pacific Asset Sale
• Positive Sentiment: Management will participate in a fireside chat at Bernstein’s annual conference next week, which could provide fresh guidance on operations, capital spending, and shareholder returns. Advisory: Chevron to Participate in Fireside Q&A at Bernstein 42nd Annual Strategic Decisions Conference
• Positive Sentiment: Chevron introduced next-generation Techron in the U.S., a product update that may help support branded fuel demand and reinforce its consumer fuel business. Chevron Introduces Next-gen Techron in U.S. Chevron and Texaco Gasolines
• Neutral Sentiment: Several recent pieces compared Chevron favorably with other integrated oil majors and highlighted ongoing investor interest in energy stocks, but these were mostly commentary rather than new company-specific catalysts. Shell vs. Chevron: Which Integrated Oil Major Has the Upper Hand?
• Negative Sentiment: Chevron remains under scrutiny ahead of its annual meeting, as an activist-led ESG/Israel-related proposal is drawing controversy and could create headline risk for the stock. Chevron Israel Activism Puts ESG Risks And Valuation In Focus

Analyst Ratings Changes

CVX has been the topic of a number of research analyst reports. UBS Group raised their target price on shares of Chevron from $218.00 to $220.00 and gave the company a "buy" rating in a research note on Monday, May 4th. Bank of America raised their target price on shares of Chevron from $188.00 to $206.00 and gave the company a "buy" rating in a research note on Monday, March 2nd. Wall Street Zen upgraded shares of Chevron from a "sell" rating to a "hold" rating in a research note on Saturday, January 31st. Scotiabank raised their target price on shares of Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. Finally, Wells Fargo & Company raised their target price on shares of Chevron from $204.00 to $222.00 and gave the company an "overweight" rating in a research note on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $204.13.

About Chevron

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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