Jericho Financial LLP Cuts Stake in Chevron Corporation $CVX

Key Points

• Jericho Financial LLP trimmed its Chevron stake by 23.8% in the first quarter, selling 7,490 shares and leaving it with 24,043 shares worth about $4.97 million. Chevron still made up roughly 3.1% of the firm’s portfolio.
• Chevron reported stronger-than-expected quarterly earnings of $1.41 per share, beating analyst estimates, even though revenue came in below expectations. Analysts now expect the company to earn 15.28 EPS for the full year.
• The company continues to offer a sizable dividend and has positive industry momentum, with a quarterly payout of $1.78 per share and a 4.0% annualized yield. Recent headlines also point to support from higher oil prices and geopolitical tensions, even as operational risks remain.

Jericho Financial LLP reduced its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 23.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,043 shares of the oil and gas company's stock after selling 7,490 shares during the period. Chevron comprises approximately 3.1% of Jericho Financial LLP's portfolio, making the stock its 16th biggest holding. Jericho Financial LLP's holdings in Chevron were worth $4,974,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in CVX. Norges Bank bought a new stake in Chevron in the fourth quarter worth $3,727,586,000. State Street Corp boosted its position in Chevron by 9.1% during 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 buying an additional 12,789,399 shares during the period. Berkshire Hathaway Inc grew its stake in shares of Chevron by 6.6% during the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock valued at $19,837,131,000 after buying an additional 8,091,570 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Chevron by 822.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company's stock valued at $946,658,000 after buying an additional 5,537,580 shares during the last quarter. Finally, Amundi increased its holdings in shares of Chevron by 41.8% in the third quarter. Amundi now owns 11,760,376 shares of the oil and gas company's stock worth $1,811,333,000 after buying an additional 3,464,058 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

Chevron stock opened at $175.89 on Thursday. 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 cap of $350.31 billion, a P/E ratio of 30.48, a P/E/G ratio of 0.59 and a beta of 0.50. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71. The firm has a 50-day moving average of $182.51 and a 200-day moving average of $181.14.

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 analysts' consensus estimates of $1.00 by $0.41. The company 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%.Chevron's 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. Sell-side analysts expect that Chevron Corporation will post 15.28 EPS for the current 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 4.0%. The ex-dividend date was Tuesday, May 19th. Chevron's dividend payout ratio (DPR) is currently 123.40%.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron stock is benefiting from a jump in oil prices, which boosts expected upstream earnings and improves sentiment across the energy sector. Why Is Chevron Stock Gaining Wednesday?
• Positive Sentiment: Rising geopolitical tensions and the unraveling of the U.S.–Iran ceasefire have pushed crude and risk premiums higher, giving integrated oil names like Chevron a lift. Ceasefire Cracks, Oil Bounces: Why Exxon, Chevron Stocks Are Hot Again
• Positive Sentiment: Chevron announced it will offer rival drillers access to its chemical technology to help boost shale output, reinforcing its role in U.S. energy production and potentially creating a new commercialization opportunity. Chevron offers rival drillers its chemical technology to boost shale oil output
• Positive Sentiment: Chevron remains in focus for investors seeking dependable income, with articles highlighting its attractive dividend yield and its status as a preferred blue-chip energy holding. Chevron (CVX) – Among the 14 Best Blue Chip Dividend Stocks to Buy According to Hedge Funds
• Neutral Sentiment: Market commentary also notes Chevron’s stock has held up despite recent index removal and continuing debate over valuation, Guyana growth, and cash-flow durability. Chevron (CVX) Following Index Removal And Guyana Upgrades, Is The Valuation Case Intact?
• Neutral Sentiment: Coverage around Chevron’s AI-related energy demand exposure and a new technology licensing agreement with ZL Chemicals adds longer-term strategic interest, but these headlines are less likely to drive near-term trading than oil prices. Chevron NYSE: CVX Powers AI Demand Across Energy Markets Chevron, ZL Chemicals sign technology licensing agreement
• Negative Sentiment: Chevron also faced a negative operational headline after one of its tankers used for CPC shipments was reportedly hit by a drone in the Black Sea, which could raise transportation and geopolitical risk concerns. Chevron tanker used for CPC oil hit by drone in Black Sea

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CVX shares. Royal Bank Of Canada reissued an "outperform" rating and issued a $220.00 target price on shares of Chevron in a research note on Tuesday, May 5th. Piper Sandler raised their price target on Chevron from $179.00 to $242.00 and gave the stock an "overweight" rating in a research report on Thursday, March 12th. Barclays lifted their price target on Chevron from $192.00 to $213.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 26th. HSBC upgraded Chevron from a "hold" rating to a "buy" rating and set a $215.00 price objective for the company in a research report on Friday, March 20th. Finally, UBS Group reissued a "buy" rating on shares of Chevron in a research note on Tuesday, June 23rd. Nineteen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Chevron has an average rating of "Moderate Buy" and a consensus target price of $205.71.

Insider Activity

In other news, Director John B. Hess sold 380,000 shares of the business'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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.56% of the company's stock.

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.

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