First Horizon Corp Boosts Holdings in Chevron Corporation $CVX

Key Points

• First Horizon Corp increased its Chevron stake by 27.2% in the first quarter, ending with 90,956 shares valued at about $18.8 million.
• Chevron continues to attract attention from other institutional investors, with several firms boosting holdings, and institutions now owning 72.42% of the stock.
• Analysts remain broadly constructive on Chevron: the stock has a Moderate Buy consensus rating, even as recent commentary highlights both upside from higher oil prices and risks from regulatory and geopolitical issues.

First Horizon Corp raised its position in Chevron Corporation (NYSE:CVX - Free Report) by 27.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 90,956 shares of the oil and gas company's stock after purchasing an additional 19,437 shares during the period. First Horizon Corp's holdings in Chevron were worth $18,819,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. United Bank raised its holdings in shares of Chevron by 7.7% in the 2nd quarter. United Bank now owns 11,079 shares of the oil and gas company's stock valued at $1,586,000 after acquiring an additional 796 shares in the last quarter. Schnieders Capital Management LLC. grew its holdings in shares of Chevron by 9.0% during the second quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company's stock worth $7,280,000 after purchasing an additional 4,214 shares in the last quarter. BNP Paribas increased its position in shares of Chevron by 76.4% in the second quarter. BNP Paribas now owns 441 shares of the oil and gas company's stock worth $63,000 after purchasing an additional 191 shares during the last quarter. Osterweis Capital Management Inc. increased its position in shares of Chevron by 678.9% in the second quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company's stock worth $195,000 after purchasing an additional 1,188 shares during the last quarter. Finally, Main Street Financial Solutions LLC raised its stake in Chevron by 3.6% in the second quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company's stock valued at $2,299,000 after purchasing an additional 553 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Bank of America reportedly sees Chevron as a preferred way to play a potential crude price surge if tensions around the Strait of Hormuz keep oil prices elevated. CVX Stock Has A New Bull Case — Why Bank Of America Favors Chevron Over Exxon As Hormuz Risks Push Oil Prices Higher
• Positive Sentiment: Chevron announced a licensing agreement for its enhanced oil recovery technology, which could boost shale production, improve recovery rates, and create a new commercialization avenue. Chevron offers rival drillers its chemical technology to boost shale oil output
• Positive Sentiment: Media coverage highlighted Chevron’s exposure to higher crude prices as geopolitical risk in the Middle East increased, improving the earnings outlook for integrated oil producers. Ceasefire Cracks, Oil Bounces: Why Exxon, Chevron Stocks Are Hot Again
• Neutral Sentiment: Several articles frame Chevron as a long-term dividend and blue-chip energy holding, but these are mostly opinion pieces rather than new catalysts. ExxonMobil vs. Chevron: Which Oil Dividend Stock is the Better Buy for a Lifetime of Passive Income
• Neutral Sentiment: Coverage around Chevron’s inclusion in the Dow and broader energy-sector technical signals may support investor interest, but they do not appear to be immediate stock-moving events. What Keeps Chevron NYSE: CVX in the Dow Jones Industrial Average?
• Negative Sentiment: Chevron was also mentioned in connection with a DOJ probe tied to allegations of oil-price gouging, which could add regulatory overhang even as higher oil prices improve profit potential. Chevron (CVX) Faces DOJ Probe As Iran Tensions Raise Record Profit Stakes
• Negative Sentiment: Chevron’s tanker used for CPC oil shipments was reportedly hit by a drone in the Black Sea, underscoring geopolitical and operational risk. Chevron tanker used for CPC oil hit by drone in Black Sea

Insider Activity at Chevron

In other news, Director John B. Hess sold 380,000 shares of the business's stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total value of $73,416,000.00. Following the completion of the sale, the director owned 278,045 shares of the company's stock, valued at approximately $53,718,294. The trade was a 57.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.56% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Wells Fargo & Company lifted their target price on shares of Chevron from $204.00 to $222.00 and gave the company an "overweight" rating in a research report on Thursday, April 9th. Citigroup raised their price objective on shares of Chevron from $210.00 to $235.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. Morgan Stanley dropped their price objective on shares of Chevron from $214.00 to $210.00 and set an "overweight" rating for the company in a report on Monday, June 29th. Sanford C. Bernstein cut their target price on shares of 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, Zacks Research cut Chevron from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 8th. Nineteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $205.71.

Chevron Trading Down 1.1%

Shares of CVX opened at $174.05 on Friday. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $214.71. The firm has a market cap of $346.64 billion, a price-to-earnings ratio of 30.16, a PEG ratio of 0.60 and a beta of 0.50. The firm has a 50 day moving average price of $182.23 and a 200-day moving average price of $181.32. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.41. The company had revenue of $47.56 billion for the quarter, compared to analysts' expectations of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm's revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.18 EPS. As a group, equities research analysts forecast that Chevron Corporation will post 15.28 earnings per share for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were issued a $1.78 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 4.1%. Chevron's payout ratio is currently 123.40%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.