Freemont Management S.A. Makes New $5.63 Million Investment in Chevron Corporation $CVX

Key Points

• Freemont Management S.A. disclosed a new stake in Chevron, buying 27,200 shares worth about $5.63 million in the first quarter.
• Chevron continues to draw significant institutional and analyst support: institutional investors own 72.42% of the stock, and Wall Street currently rates it Moderate Buy with a consensus target price of $206.83.
• The company recently beat earnings expectations with $1.41 EPS versus the expected $1.00 and also paid a quarterly dividend of $1.78 per share, implying an annualized yield of 3.8%.

Freemont Management S.A. bought a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 27,200 shares of the oil and gas company's stock, valued at approximately $5,628,000.

Other large investors also recently made changes to their positions in the company. Midwest Capital Advisors LLC acquired a new position in Chevron in the first quarter valued at about $25,000. Core Wealth Advisors LLC acquired a new position in shares of Chevron during the 4th quarter worth about $26,000. Phillip James Consulting Co. acquired a new position in shares of Chevron during the 4th quarter worth about $26,000. Basso Capital Management L.P. bought a new stake in shares of Chevron in the 4th quarter valued at about $27,000. Finally, Karpus Management Inc. bought a new stake in shares of Chevron in the 4th quarter valued at about $27,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Wall Street Analyst Weigh In

CVX has been the topic of several recent analyst reports. Wolfe Research raised shares of Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 price objective on the stock in a research note on Thursday, July 2nd. Citigroup upped their target price on shares of Chevron from $210.00 to $235.00 and gave the company a "buy" rating in a research note on Thursday, April 2nd. Jefferies Financial Group reiterated a "buy" rating and issued a $216.00 target price on shares of Chevron in a report on Friday, July 10th. Royal Bank Of Canada reissued an "outperform" rating and set a $220.00 price target on shares of Chevron in a research report on Tuesday, May 5th. Finally, Tudor Pickering raised shares of Chevron from a "hold" rating to a "buy" rating and set a $225.00 price target for the company in a report on Thursday, April 9th. Nineteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $206.83.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is expected to sign accords with Iraq to advance investments in major oil fields, including West Qurna 2 and Nassiriya, which could expand long-term production opportunities. Reuters article on Iraq oilfield MOUs
• Positive Sentiment: Reports that Chevron is exploring a pipeline alternative to the Strait of Hormuz suggest a potential way to boost Iraqi export capacity and lower shipping disruption risk, which investors may view as strategically important. The Motley Fool article on Hormuz bypass pipeline
• Positive Sentiment: Chevron is being highlighted as a relatively attractive long-term energy stock versus TotalEnergies because of its premium assets, strong balance sheet, and steadier earnings outlook. Yahoo Finance article comparing CVX and TTE
• Neutral Sentiment: Some commentary says Chevron stock looks closer to fairly valued after a strong five-year run, which may limit upside for investors expecting a clear bargain. Yahoo Finance article on valuation
• Neutral Sentiment: Chevron also benefited from broader energy-sector gains, with the sector rising even as the wider market was mixed. Yahoo Finance sector update

Chevron Stock Up 1.9%

Shares of Chevron stock opened at $187.39 on Friday. The firm has a market cap of $373.21 billion, a PE ratio of 32.48, a P/E/G ratio of 0.66 and a beta of 0.50. The business's 50 day simple moving average is $181.54 and its 200 day simple moving average is $182.44. 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 Corporation has a 52-week low of $146.49 and a 52-week high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.41. The firm had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business's revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.18 EPS. On average, analysts predict that Chevron Corporation will post 14.78 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were given a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron's payout ratio is currently 123.40%.

Insider Activity at Chevron

In related news, Director John B. Hess sold 380,000 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the transaction, the director owned 278,045 shares in the company, valued at approximately $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.56% of the stock is currently owned by corporate insiders.

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.

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.