Engineers Gate Manager LP Has $19.81 Million Stake in Chevron Corporation $CVX

Key Points

• Engineers Gate Manager LP increased its Chevron stake by 233.3% in the second quarter, purchasing 83,671 additional shares and bringing its holdings to 119,529 shares valued at approximately $19.81 million.
• Chevron reported quarterly earnings of $6.06 per share, exceeding estimates of $5.55, while revenue rose 57.4% year over year to $67.20 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $211.35.
• Chevron declared a quarterly dividend of $1.78 per share, equal to an annualized $7.12 dividend and a 3.3% yield. However, company insiders sold more than 1.15 million shares worth approximately $225.9 million over the preceding three months.

Engineers Gate Manager LP raised its position in Chevron Corporation (NYSE:CVX - Free Report) by 233.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 119,529 shares of the oil and gas company's stock after buying an additional 83,671 shares during the quarter. Engineers Gate Manager LP's holdings in Chevron were worth $19,813,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. California State Teachers Retirement System increased its stake in shares of Chevron by 19,425.5% in the 2nd quarter. California State Teachers Retirement System now owns 432,663,934 shares of the oil and gas company's stock valued at $71,718,374,000 after purchasing an additional 430,448,040 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Chevron during the 2nd quarter worth $25,663,729,000. Norges Bank acquired a new stake in Chevron in the fourth quarter valued at about $3,727,586,000. Bank of New York Mellon Corp acquired a new stake in Chevron in the second quarter valued at about $2,378,114,000. Finally, State Street Corp grew its position in 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 acquiring an additional 12,789,399 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have commented on CVX shares. Sanford C. Bernstein boosted their target price on Chevron from $204.00 to $209.00 and gave the stock a "market perform" rating in a research note on Monday, August 3rd. Wall Street Zen upgraded shares of Chevron from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Bank of America lifted their price target on shares of Chevron from $210.00 to $227.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. TD Cowen upped their price objective on shares of Chevron from $200.00 to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, August 5th. Finally, UBS Group reissued a "buy" rating on shares of Chevron in a research note on Tuesday, June 23rd. Twenty equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $211.35.

Chevron Price Performance

Shares of NYSE:CVX opened at $213.69 on Thursday. The firm has a market cap of $422.20 billion, a PE ratio of 20.49, a price-to-earnings-growth ratio of 0.62 and a beta of 0.50. The firm's fifty day moving average is $193.75 and its 200-day moving average is $190.40. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $215.28.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, beating analysts' consensus estimates of $5.55 by $0.51. The business had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.Chevron's quarterly revenue was up 57.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.77 earnings per share. Sell-side analysts predict that Chevron Corporation will post 16.51 earnings per share for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be given a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Wednesday, August 19th. Chevron's dividend payout ratio (DPR) is 68.26%.

Insider Buying and Selling

In related news, Director John Hess sold 710,665 shares of Chevron stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.10, for a total value of $137,940,076.50. Following the transaction, the director directly owned 363,711 shares of the company's stock, valued at $70,596,305.10. The trade was a 66.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Wirth sold 317,100 shares of the company's stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $200.46, for a total value of $63,565,866.00. Following the completion of the sale, the chief executive officer owned 26,308 shares in the company, valued at $5,273,701.68. The trade was a 92.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,152,582 shares of company stock valued at $225,853,661 over the last three months. 0.56% of the stock is owned by insiders.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Brent crude rose above $100 per barrel and WTI topped $95 amid escalating Middle East tensions. Higher oil prices can support Chevron’s upstream revenue, earnings and cash flow. Comparing Energy ETFs: Positioning Portfolios as Oil Hits $100
• Positive Sentiment: Chevron plans to double its Venezuelan oil rigs as part of a five-year, roughly $7 billion investment program, targeting production of up to 600,000 barrels per day by 2031. The expansion offers significant long-term volume growth if political, regulatory and operating conditions cooperate. Chevron to double oil rigs in Venezuela as part of growth plan
• Positive Sentiment: Chief Financial Officer Eimear Bonner emphasized Chevron’s scale, cost-efficiency efforts in U.S. shale and global expansion. Investors may view these initiatives, along with Hess-related synergies and strong free cash flow, as evidence of greater financial flexibility. Chevron CFO Says Oil Giant Is Bigger, Better and Stronger Than We’ve Ever Been
• Positive Sentiment: Chevron remains attractive to income-oriented investors because of its scale, balance-sheet strength and shareholder returns, particularly while energy prices are elevated. Oil Prices Are Climbing, Yet These 3 Energy Stocks Yield 3%+

Chevron Company Profile

Chevron Corporation is an integrated energy company engaged in the exploration, production, transportation and sale of crude oil and natural gas. The company also manufactures and markets transportation fuels, lubricants, petrochemicals and additives through operations and brands that include Chevron, Texaco and Caltex.

Chevron's upstream activities include oil and natural gas exploration and production, while its downstream business includes refining, fuel marketing, transportation and related energy services.

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