Fideuram Intesa Sanpaolo Private Banking S.P.A. Acquires Shares of 84,156 Chevron Corporation $CVX

Key Points

• Fideuram Intesa Sanpaolo Private Banking disclosed a new fourth-quarter stake in Chevron, buying 84,156 shares valued at about $12.8 million.
• Institutional ownership remains strong, with hedge funds and other investors holding 72.42% of Chevron’s stock, even as some institutions added small new positions.
• Analysts have turned more positive on Chevron, with several firms raising ratings and price targets; the consensus rating is now Moderate Buy with an average target price of $204.13.

Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 84,156 shares of the oil and gas company's stock, valued at approximately $12,826,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Strategic Wealth Advisors LLC purchased a new position in Chevron during the fourth quarter valued at $33,000. Daytona Street Capital LLC purchased a new position in Chevron during the fourth quarter valued at $44,000. Maseco LLP purchased a new position in Chevron during the fourth quarter valued at $49,000. Turning Point Benefit Group Inc. purchased a new position in Chevron during the third quarter valued at $49,000. Finally, High Point Wealth Management LLC purchased a new position in Chevron during the fourth quarter valued at $53,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Buying and Selling

In related news, Director John B. Hess sold 195,000 shares of Chevron stock in a transaction dated 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 completion of the sale, the director directly owned 658,045 shares in the company, valued at approximately $121,593,555.10. This trade represents a 22.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Mark A. Nelson sold 139,600 shares of Chevron stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $187.92, for a total value of $26,233,632.00. Following the completion of the sale, the insider owned 11,337 shares of the company's stock, valued at $2,130,449.04. The trade was a 92.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 799,699 shares of company stock worth $151,259,517 in the last three months. 0.56% of the stock is currently owned by company insiders.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Wall Street commentary has turned more upbeat on Chevron, with Zacks noting rising earnings estimate revisions and arguing that CVX could keep moving higher in the near term. Article Title
• Positive Sentiment: Chevron was highlighted as a long-term blue-chip idea, reinforcing the view that the company remains attractive for dividend and energy investors. Article Title
• Positive Sentiment: Chevron also drew unusually heavy call-option buying, suggesting traders are positioning for more upside in the near term. Article Title
• Positive Sentiment: Chevron agreed to sell a stake in its Asia-Pacific refining business to Japan’s Eneos for $2.2 billion, a move that can help streamline operations and raise cash. Article Title
• Neutral Sentiment: Several articles framed Chevron as a stock to watch or a “hold” at current levels, which does not point to a major fundamental surprise but helps explain continued investor focus. Article Title
• Neutral Sentiment: Coverage around Berkshire Hathaway trimming its Chevron stake created headlines, but the broader message was that Berkshire still appears committed to the company despite the sale. Article Title
• Negative Sentiment: Buffett-related reports that Berkshire Hathaway sold the largest chunk of Chevron in its Q1 stock trimming campaign may create some pressure, since investors often read Berkshire’s moves as a cautionary signal. Article Title

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CVX shares. BNP Paribas Exane upgraded Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price target for the company in a report on Friday, April 17th. JPMorgan Chase & Co. upgraded Chevron from a "neutral" rating to an "overweight" rating and set a $176.00 price target for the company in a report on Tuesday, January 20th. Bank of America raised their price target on Chevron from $188.00 to $206.00 and gave the company a "buy" rating in a report on Monday, March 2nd. The Goldman Sachs Group restated a "buy" rating and set a $216.00 price target on shares of Chevron in a report on Wednesday, May 6th. Finally, Morgan Stanley raised their price target on Chevron from $174.00 to $212.00 and gave the company an "overweight" rating in a report on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $204.13.

Chevron Price Performance

Shares of NYSE:CVX opened at $197.38 on Wednesday. Chevron Corporation has a 1-year low of $133.77 and a 1-year high of $214.71. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. The business has a fifty day moving average price of $193.41 and a 200-day moving average price of $173.98. The company has a market capitalization of $393.11 billion, a PE ratio of 34.21, a PEG ratio of 0.66 and a beta of 0.51.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 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 company had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. During the same period last year, the company earned $2.18 EPS. Chevron's revenue for the quarter was up 2.1% on a year-over-year basis. As a group, equities analysts expect that Chevron Corporation will post 15.43 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be issued a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, May 19th. Chevron's dividend payout ratio (DPR) is presently 123.40%.

Chevron 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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