Hilton Head Capital Partners LLC Takes Position in Chevron Corporation $CVX

Key Points

• Hilton Head Capital Partners disclosed a new fourth-quarter stake in Chevron, buying 6,320 shares worth about $963,000.
• Institutional ownership in Chevron remains very high, with hedge funds and other investors holding 72.42% of the stock. Several large firms, including Vanguard and State Street, also increased their positions recently.
• Chevron’s latest earnings beat expectations, posting $1.41 EPS versus the $1.00 consensus, while the company also reaffirmed its shareholder returns with a $1.78 quarterly dividend yielding about 3.8%.

Hilton Head Capital Partners LLC acquired a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 6,320 shares of the oil and gas company's stock, valued at approximately $963,000.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Chevron by 17.9% during the third quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company's stock worth $28,540,753,000 after purchasing an additional 27,961,463 shares during the last quarter. State Street Corp boosted its stake in Chevron by 9.1% in the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock valued at $23,698,184,000 after acquiring an additional 12,789,399 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Chevron by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company's stock worth $6,620,187,000 after purchasing an additional 134,890 shares during the period. Norges Bank bought a new stake in shares of Chevron in the 4th quarter worth approximately $3,727,586,000. Finally, Northern Trust Corp raised its holdings in shares of Chevron by 15.3% in the 3rd quarter. Northern Trust Corp now owns 22,724,515 shares of the oil and gas company's stock worth $3,528,890,000 after purchasing an additional 3,007,403 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Several recent articles highlight Chevron as a durable, low-beta energy name with resilient assets, strong cash flow, and a dependable dividend, which can attract buyers during volatile markets. 4 Best Low-Beta Stocks to Buy Right Away: LQDA, CVX, OXY & VLO
• Positive Sentiment: Chevron has outperformed its industry and sector over the past month, with commentary pointing to dividend growth and 2030 cash flow targets as reasons investors remain constructive. CVX Stock Outpaces Industry in a Month: Should Investors Stay Bullish?
• Positive Sentiment: Oil-stock forecasts remain supportive as conflict-related supply worries keep crude in focus, which tends to benefit Chevron through improved upstream pricing and sector rotation into energy. CVX, XOM and SHEL Forecasts – Oil Stocks in Focus as Conflict Continues
• Positive Sentiment: Street commentary also suggests Chevron is still a long-term hold, with articles calling it an “ultra-safe” dividend stock and saying its long-term prospects remain rosy. Got $3,000? 1 Ultra-Safe Dow Dividend Stock to Buy and Hold Forever
• Neutral Sentiment: Analyst notes show a mixed valuation picture: some targets were lifted modestly, but others say Chevron looks fully valued if oil prices ease, leaving the stock sensitive to commodity assumptions. How The Chevron (CVX) Story Is Shifting With New Analyst Targets And Oil Market Risks
• Negative Sentiment: One recent downgrade argued Chevron could be pressured if an Iran deal or easing geopolitical risk sends oil prices lower, which would reduce the stock’s near-term upside. Chevron Looks Fully Valued As An Iran Deal Could Send Oil Lower (Rating Downgrade)

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CVX. Scotiabank lifted their price target on shares of Chevron from $168.00 to $187.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 22nd. TD Cowen lifted their price target on shares of Chevron from $204.00 to $205.00 and gave the stock a "hold" rating in a report on Friday, May 8th. UBS Group lifted their price target on shares of Chevron from $218.00 to $220.00 and gave the stock a "buy" rating in a report on Monday, May 4th. HSBC raised shares of Chevron from a "hold" rating to a "buy" rating and set a $215.00 price target on the stock in a report on Friday, March 20th. Finally, BNP Paribas Exane upgraded shares of Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price target on the stock in a research note on Friday, April 17th. One investment 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 given a Sell rating to the company's stock. According to MarketBeat, Chevron presently has an average rating of "Moderate Buy" and a consensus target price of $205.70.

Insider Buying and Selling

In related news, insider R. Hewitt Pate sold 40,200 shares of the company's stock in a transaction that occurred on Monday, March 30th. The shares were sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the sale, the insider owned 8,638 shares of the company's stock, valued at approximately $1,842,485.40. This represents a 82.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John B. Hess sold 380,000 shares of the company's stock in a transaction that occurred on 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 sale, the director directly owned 278,045 shares in the company, valued at $53,718,294. This trade represents a 57.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 615,200 shares of company stock worth $118,022,760 in the last ninety days. 0.56% of the stock is currently owned by insiders.

Chevron Stock Performance

Chevron stock opened at $187.46 on Monday. The firm's 50 day simple moving average is $190.66 and its 200 day simple moving average is $176.97. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $373.35 billion, a PE ratio of 32.49, a price-to-earnings-growth ratio of 0.62 and a beta of 0.48. Chevron Corporation has a 1-year low of $138.09 and a 1-year high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last posted its 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 business had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. Chevron'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. As a group, analysts expect that Chevron Corporation will post 15.74 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Tuesday, May 19th. Chevron's dividend payout ratio is 123.40%.

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.

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.