HighTower Advisors LLC Purchases 605,414 Shares of Chevron Corporation $CVX

Key Points

• HighTower Advisors LLC increased its Chevron stake by 25.4% in Q4, buying 605,414 additional shares and bringing its total holding to 2,988,115 shares worth about $455.4 million.
• Chevron reported better-than-expected earnings for the quarter, posting $1.41 EPS versus the $1.00 consensus, though revenue of $47.56 billion came in below estimates.
• The company declared a quarterly dividend of $1.78 per share payable June 10, implying a 3.6% annualized yield, while analysts currently rate the stock a Moderate Buy with a consensus target of $204.13.

HighTower Advisors LLC boosted its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 25.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,988,115 shares of the oil and gas company's stock after purchasing an additional 605,414 shares during the quarter. HighTower Advisors LLC owned about 0.15% of Chevron worth $455,419,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Strategic Wealth Advisors LLC acquired a new position in Chevron in the fourth quarter valued at approximately $33,000. Daytona Street Capital LLC acquired a new stake in Chevron during the 4th quarter worth $44,000. Turning Point Benefit Group Inc. bought a new stake in shares of Chevron during the 3rd quarter valued at $49,000. Maseco LLP bought a new stake in shares of Chevron during the 4th quarter valued at $49,000. Finally, High Point Wealth Management LLC acquired a new position in shares of Chevron in the 4th quarter valued at $53,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron agreed to sell some Asia-Pacific downstream assets and its SRC stake to Japan’s ENEOS for about $2.2 billion, a move that should help streamline the portfolio and unlock cash for higher-return uses. Article Title
• Positive Sentiment: Chevron’s CEO warning about possible physical oil shortages added to the bullish backdrop for energy prices, which can support upstream earnings and cash flow. Article Title
• Positive Sentiment: Unusually heavy call-option buying suggests traders are positioning for more upside in Chevron shares, often a sign of growing short-term optimism.
• Positive Sentiment: Recent commentary also highlighted Chevron as a trending and potentially attractive dividend stock, reinforcing the view that investors see it as a defensive income name with upside potential. Article Title
• Neutral Sentiment: Brokerage optimism and “buy” discussions from analysts may be supporting interest in the stock, but the article itself did not point to a new rating change or specific catalyst. Article Title

Chevron Stock Up 2.6%

Chevron stock opened at $196.08 on Tuesday. 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 company's 50-day moving average is $193.26 and its 200-day moving average is $173.68. The firm has a market capitalization of $390.52 billion, a PE ratio of 33.98, a P/E/G ratio of 0.64 and a beta of 0.51. Chevron Corporation has a fifty-two week low of $133.77 and a fifty-two week high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating 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 business had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. During the same quarter last year, the firm posted $2.18 EPS. The company's quarterly revenue was up 2.1% on a year-over-year basis. Sell-side analysts anticipate that Chevron Corporation will post 15.43 earnings per share for the current year.

Chevron Dividend Announcement

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

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 195,000 shares of Chevron stock in a transaction dated Wednesday, May 6th. The shares were 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 owned 658,045 shares in the company, valued at $121,593,555.10. The trade was a 22.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew Benjamin Walz sold 11,600 shares of the firm's stock in a transaction on 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. Insiders sold a total of 803,570 shares of company stock worth $151,969,798 over the last three months. 0.56% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CVX shares. Tudor Pickering raised Chevron from a "hold" rating to a "buy" rating and set a $225.00 target price for the company in a research note on Thursday, April 9th. Barclays raised their target price on shares of Chevron from $180.00 to $192.00 and gave the stock an "equal weight" rating in a report on Monday, May 4th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $190.00 price target on shares of Chevron in a research note on Monday, February 2nd. Zacks Research raised shares of Chevron from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 3rd. Finally, Piper Sandler lifted their price target on Chevron from $179.00 to $242.00 and gave the company an "overweight" rating in a research note on Thursday, March 12th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $204.13.

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.

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX - Free Report).

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.