Mediolanum International Funds Ltd Has $22.97 Million Stock Holdings in Chevron Corporation $CVX

Key Points

• Mediolanum International Funds Ltd increased its Chevron stake by 11.5% in the first quarter, ending with 109,018 shares valued at about $22.97 million.
• Chevron also saw broader institutional buying, with several funds adding to positions, and institutional investors now own 72.42% of the company.
• Recent news around Chevron has been mostly positive, including expected oilfield investment agreements in Iraq and talk of a pipeline route to bypass the Strait of Hormuz, while analysts maintain a Moderate Buy consensus with an average price target of $206.83.

Mediolanum International Funds Ltd lifted its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 11.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 109,018 shares of the oil and gas company's stock after purchasing an additional 11,268 shares during the quarter. Mediolanum International Funds Ltd's holdings in Chevron were worth $22,971,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Spartan Wealth Advisory Services LLC acquired a new position in Chevron in the first quarter valued at about $1,047,000. WealthTrust Asset Management LLC raised its position in shares of Chevron by 18.1% during the first quarter. WealthTrust Asset Management LLC now owns 2,907 shares of the oil and gas company's stock worth $602,000 after purchasing an additional 446 shares during the period. ANB Bank lifted its holdings in shares of Chevron by 17.7% during the 1st quarter. ANB Bank now owns 20,056 shares of the oil and gas company's stock valued at $4,150,000 after purchasing an additional 3,015 shares in the last quarter. Ascent Wealth Partners LLC lifted its holdings in shares of Chevron by 4.7% during the 1st quarter. Ascent Wealth Partners LLC now owns 6,120 shares of the oil and gas company's stock valued at $1,266,000 after purchasing an additional 273 shares in the last quarter. Finally, Kinsale Capital Group Inc. grew its position in shares of Chevron by 6.0% in the 1st quarter. Kinsale Capital Group Inc. now owns 53,155 shares of the oil and gas company's stock valued at $10,998,000 after purchasing an additional 2,995 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is expected to sign accords with Iraq to advance investments in major oil fields, including West Qurna 2 and Nassiriya, which could expand long-term production opportunities. Reuters article on Iraq oilfield MOUs
• Positive Sentiment: Reports that Chevron is exploring a pipeline alternative to the Strait of Hormuz suggest a potential way to boost Iraqi export capacity and lower shipping disruption risk, which investors may view as strategically important. The Motley Fool article on Hormuz bypass pipeline
• Positive Sentiment: Chevron is being highlighted as a relatively attractive long-term energy stock versus TotalEnergies because of its premium assets, strong balance sheet, and steadier earnings outlook. Yahoo Finance article comparing CVX and TTE
• Neutral Sentiment: Some commentary says Chevron stock looks closer to fairly valued after a strong five-year run, which may limit upside for investors expecting a clear bargain. Yahoo Finance article on valuation
• Neutral Sentiment: Chevron also benefited from broader energy-sector gains, with the sector rising even as the wider market was mixed. Yahoo Finance sector update

Chevron Stock Up 1.9%

Shares of Chevron stock opened at $187.39 on Friday. The business's 50 day simple moving average is $181.54 and its 200 day simple moving average is $182.44. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71. The firm has a market cap of $373.21 billion, a PE ratio of 32.48, a P/E/G ratio of 0.66 and a beta of 0.50. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly 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 firm had revenue of $47.56 billion during 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 business'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. On average, analysts predict that Chevron Corporation will post 14.78 earnings per share for the current fiscal 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 3.8%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron's payout ratio is currently 123.40%.

Insider Activity at Chevron

In related news, Director John B. Hess sold 380,000 shares of the stock in a transaction on 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 completion of the transaction, the director owned 278,045 shares in the company, valued at approximately $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 SEC, which can be accessed through this hyperlink. 0.56% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on CVX shares. Royal Bank Of Canada reissued an "outperform" rating and set a $220.00 target price on shares of Chevron in a research note on Tuesday, May 5th. Barclays upped their price target on shares of Chevron from $192.00 to $213.00 and gave the company an "equal weight" rating in a report on Tuesday, May 26th. Zacks Research downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Wells Fargo & Company raised their price objective on shares of Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a report on Thursday, April 9th. Finally, Wolfe Research raised shares of Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 price objective on the stock in a research report on Thursday, July 2nd. Nineteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target 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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