Independent Financial Group LLC Buys Shares of 31,999 Chevron Corporation $CVX

Key Points

• Independent Financial Group LLC bought a new Chevron stake in the first quarter, purchasing 31,999 shares valued at about $6.62 million.
• Other institutional investors also increased their holdings, and hedge funds now own 72.42% of Chevron’s stock, indicating continued strong institutional interest.
• Chevron remains active on several fronts: it pays a $1.78 quarterly dividend yielding about 3.9%, has mixed but generally favorable analyst sentiment, and is gaining attention from energy-sector strength and potential expansion opportunities in Iraq.

Independent Financial Group LLC purchased a new stake in Chevron Corporation (NYSE:CVX - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 31,999 shares of the oil and gas company's stock, valued at approximately $6,621,000.

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

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is expected to sign memorandums of understanding with Iraq to advance investment in the West Qurna 2 and Nassiriya oilfields, potentially expanding its long-term production base. Reuters article
• Positive Sentiment: The company is also exploring a pipeline alternative to the Strait of Hormuz, which could reduce export risk and support more reliable Iraqi oil shipments if geopolitical risk stays elevated. WSJ article
• Positive Sentiment: Chevron’s stock has also been helped by broader energy-sector strength, with energy shares rising even as the wider market softened. Yahoo Finance article
• Neutral Sentiment: Analysts and commentary suggest Chevron may be fairly valued after a strong five-year run, which supports the stock but also limits the upside from valuation alone. Yahoo Finance article
• Neutral Sentiment: Recent broker notes have been mixed, including hold ratings and modest price-target cuts, indicating Wall Street is constructive but not aggressively bullish. Yahoo Finance article

Chevron Trading Up 1.1%

CVX opened at $183.69 on Friday. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. The business has a fifty day simple moving average of $181.42 and a 200-day simple moving average of $182.41. The firm has a market cap of $365.83 billion, a P/E ratio of 31.83, a P/E/G ratio of 0.64 and a beta of 0.50.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $47.56 billion for 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 company's quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.18 EPS. On average, equities analysts expect that Chevron Corporation will post 14.75 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were given a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron's payout ratio is currently 123.40%.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 380,000 shares of the business's stock in a transaction dated 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 sale, the director directly owned 278,045 shares in the company, valued at $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 Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Wells Fargo & Company raised their price objective on Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a research report on Thursday, April 9th. Scotiabank upped their target price on shares of Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. BNP Paribas Exane raised shares of Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 target price for the company in a research note on Friday, April 17th. Mizuho lifted their price target on shares of Chevron from $225.00 to $230.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $220.00 price target on shares of Chevron in a research report on Tuesday, May 5th. Nineteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Chevron currently has a consensus rating of "Moderate Buy" and a consensus target price of $206.83.

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.

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