Hilltop Holdings Inc. Lowers Stake in Chevron Corporation $CVX

Key Points

• Hilltop Holdings cut its Chevron stake by 64.6% in the first quarter, leaving it with 30,703 shares valued at about $6.35 million.
• Chevron reported Q1 EPS of $1.41, beating analyst expectations, though revenue of $47.56 billion came in below estimates. The company also posted year-over-year revenue growth of 2.1%.
• Chevron paid a quarterly dividend of $1.78 per share, implying an annualized dividend of $7.12 and a yield of about 3.7%. Meanwhile, analysts remain broadly positive, with an average rating of Moderate Buy and a target price near $205.17.

Hilltop Holdings Inc. lessened its stake in Chevron Corporation (NYSE:CVX - Free Report) by 64.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 30,703 shares of the oil and gas company's stock after selling 55,927 shares during the period. Hilltop Holdings Inc.'s holdings in Chevron were worth $6,352,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Midwest Capital Advisors LLC purchased a new position in shares of Chevron during the first quarter worth $25,000. Main Street Group LTD purchased a new stake in shares of Chevron in the 1st quarter valued at $28,000. Phillip James Consulting Co. purchased a new stake in shares of Chevron in the 4th quarter valued at $26,000. Core Wealth Advisors LLC purchased a new stake in shares of Chevron in the 4th quarter valued at $26,000. Finally, Karpus Management Inc. acquired a new position in Chevron during the 4th quarter worth about $27,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Trading Up 0.2%

NYSE:CVX opened at $194.72 on Friday. The firm has a market cap of $387.80 billion, a PE ratio of 33.75, a price-to-earnings-growth ratio of 0.69 and a beta of 0.50. The stock has a fifty day moving average price of $182.12 and a 200 day moving average price of $183.83. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results 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 firm had revenue of $47.56 billion during the quarter, compared to analysts' expectations of $51.86 billion. During the same period in the previous year, the firm posted $2.18 EPS. Chevron's revenue for the quarter was up 2.1% on a year-over-year basis. Sell-side analysts anticipate that Chevron Corporation will post 14.75 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were paid a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Tuesday, May 19th. Chevron's dividend payout ratio (DPR) is presently 123.40%.

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 transaction of $73,416,000.00. Following the completion of the transaction, the director directly owned 278,045 shares of the company's stock, valued at approximately $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.56% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on CVX. Tudor Pickering upgraded Chevron from a "hold" rating to a "buy" rating and set a $225.00 target price for the company in a report on Thursday, April 9th. UBS Group reiterated a "buy" rating on shares of Chevron in a research note on Tuesday, June 23rd. Jefferies Financial Group reissued a "buy" rating and set a $216.00 price target on shares of Chevron in a research report on Friday, July 10th. TD Cowen raised their price objective on shares of Chevron from $197.00 to $200.00 and gave the company a "hold" rating in a research note on Wednesday. Finally, The Goldman Sachs Group restated a "buy" rating and issued a $216.00 price objective on shares of Chevron in a report on Wednesday, May 6th. Nineteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Chevron currently has an average rating of "Moderate Buy" and an average target price of $205.17.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was highlighted as one of the biggest beneficiaries of the recent oil rally, with Brent briefly topping $100 a barrel and integrated oil majors gaining as investors price in tighter global supply. BATL, CVX, XOM Stocks Rise As Brent Crude Tops $100 – Trump Threatens Iran With 'Major Military Punishment' After Houthi Attack On Saudi Ships
• Positive Sentiment: Chevron was also singled out as the only “outperform”-rated global oil major in Piper Sandler’s new coverage, reinforcing a relatively favorable analyst view versus peers. Chevron only outperform-rated name among global oil majors initiated at Piper Sandler
• Neutral Sentiment: Recent commentary says Chevron is rallying despite a classic bearish signal, suggesting momentum traders are still buying the stock even after the move in oil. Chevron ignored a classic bearish call: Here's why stock is rallying
• Neutral Sentiment: Several previews ahead of next week’s earnings note that Chevron is expected to report higher earnings, but one Zacks piece warns the company may not have the ideal setup for a clear beat. Chevron (CVX) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
• Negative Sentiment: Some analysis cautions that Chevron’s rally could face headwinds if Chinese crude demand weakens, which could limit upside even if oil prices remain elevated. Chevron’s Biggest Stock Rally Since 2022 Faces a China-Sized Problem

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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