Eurizon Capital SGR S.p.A. Takes $72.12 Million Position in Chevron Corporation $CVX

Key Points

• Eurizon Capital SGR initiated a new Chevron position in Q4, buying 473,288 shares worth about $72.1 million.
• Institutional ownership in Chevron remains heavy, with large holders like Vanguard and State Street also adding shares; 72.42% of the stock is held by hedge funds and other institutional investors.
• Chevron reported Q1 EPS of $1.41, beating estimates, and it also declared a quarterly dividend of $1.78 per share for a 3.9% yield.

Eurizon Capital SGR S.p.A. purchased a new stake in Chevron Corporation (NYSE:CVX - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 473,288 shares of the oil and gas company's stock, valued at approximately $72,121,000.

Several other hedge funds also recently made changes to their positions in CVX. Vanguard Group Inc. grew its position in shares of Chevron by 17.9% in 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 purchasing an additional 27,961,463 shares in the last quarter. State Street Corp grew 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 in the last quarter. Primecap Management Co. CA purchased a new position in shares of Chevron in the third quarter valued at $988,083,000. Northwestern Mutual Wealth Management Co. grew its position in Chevron by 822.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company's stock worth $946,658,000 after buying an additional 5,537,580 shares in the last quarter. Finally, Amundi grew its position in Chevron by 41.8% during the third quarter. Amundi now owns 11,760,376 shares of the oil and gas company's stock worth $1,811,333,000 after buying an additional 3,464,058 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Trading Down 0.3%

Shares of CVX stock opened at $182.44 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. The business has a 50-day moving average price of $192.27 and a two-hundred day moving average price of $175.69. Chevron Corporation has a 12-month low of $135.21 and a 12-month high of $214.71. The firm has a market cap of $363.34 billion, a P/E ratio of 31.62, a price-to-earnings-growth ratio of 0.60 and a beta of 0.51.

Chevron (NYSE:CVX - Get Free Report) last issued 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 return on equity of 6.90% and a net margin of 5.79%.The firm had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. During the same quarter in the previous year, the company posted $2.18 earnings per share. The company's revenue was up 2.1% compared to the same quarter last year. Equities analysts anticipate that Chevron Corporation will post 15.74 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be paid a dividend of $1.78 per share. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $7.12 annualized dividend and a yield of 3.9%. Chevron's payout ratio is 123.40%.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron CEO Mike Wirth warned that attacks on ships in the Strait of Hormuz highlight “very real” supply risks, reinforcing the case for tighter oil markets and potentially higher prices for Chevron’s production. Ships Attacked in Strait of Hormuz This Week, Chevron Says
• Positive Sentiment: Chevron and Exxon executives also warned that falling inventories could push oil higher, which would likely support Chevron’s cash flow and earnings if crude prices continue rising. Exxon, Chevron heads warn of higher oil prices amid falling inventories
• Positive Sentiment: Chevron filed to take a 70% stake in a Greek offshore gas block, signaling continued international expansion and a larger long-term resource base. Chevron files request to acquire offshore Greek block, energy ministry says
• Positive Sentiment: Chevron said it will not pay a toll to move ships through Hormuz, showing it is holding firm on operational and geopolitical terms while the region remains volatile. Chevron won't pay toll to move ships through Hormuz, CEO tells Bloomberg TV
• Neutral Sentiment: Chevron announced Scott A. Keller will become general counsel, while current chief legal officer R. Hewitt Pate’s retirement is expected later, a routine leadership transition with limited near-term operating impact. Chevron Names New General Counsel
• Neutral Sentiment: Market commentary and investor-interest pieces suggest Chevron remains on traders’ radar, but these items do not add major new fundamentals by themselves. Chevron Corporation (CVX) is Attracting Investor Attention: Here is What You Should Know
• Negative Sentiment: Oil prices softened on hopes for a U.S.-Iran truce extension, which could ease supply fears and weigh on Chevron shares if crude remains under pressure. Oil Prices Soften as Traders Bet on Renewal of US-Iran Truce
• Negative Sentiment: Draft ceasefire and shipping-normalization talks around the Strait of Hormuz could reduce the geopolitical risk premium embedded in oil prices, which may cap near-term upside for CVX. U.S. and Iran Reach Draft 60-Day Ceasefire and Nuclear Talks Framework Pending Trump Approval

Insider Activity

In other Chevron news, insider R. Hewitt Pate sold 40,200 shares of Chevron stock in a transaction dated Monday, March 30th. The stock was sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the completion of the sale, the insider owned 8,638 shares of the company's stock, valued at $1,842,485.40. The trade was a 82.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Andrew Benjamin Walz sold 11,600 shares of Chevron stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $188.58, for a total value of $2,187,528.00. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 1,144,224 shares of company stock valued at $218,075,038. 0.56% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms recently commented on CVX. Barclays boosted their target price on Chevron from $192.00 to $213.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Morgan Stanley boosted their target price on Chevron from $212.00 to $214.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. Royal Bank Of Canada restated an "outperform" rating and set a $220.00 target price on shares of Chevron in a research report on Tuesday, May 5th. Sanford C. Bernstein reduced their target price on Chevron from $216.00 to $204.00 and set a "market perform" rating for the company in a research report on Monday, May 11th. Finally, UBS Group boosted their target price on Chevron from $218.00 to $220.00 and gave the stock a "buy" rating in a research report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $205.70.

Chevron Company 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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