Meeder Asset Management Inc. Acquires 106,895 Shares of Chevron Corporation $CVX

Key Points

• Meeder Asset Management massively increased its Chevron stake in the first quarter, buying 106,895 shares and lifting its holdings to 107,675 shares valued at about $22.3 million.
• Chevron reported better-than-expected EPS of $1.41 versus estimates of $1.00, though quarterly revenue of $47.56 billion came in below Wall Street expectations.
• The company continued rewarding shareholders with a quarterly dividend of $1.78 per share, equal to an annualized yield of about 3.8%, while analysts maintained a Moderate Buy consensus rating.

Meeder Asset Management Inc. grew its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 13,704.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 107,675 shares of the oil and gas company's stock after buying an additional 106,895 shares during the period. Chevron accounts for 1.3% of Meeder Asset Management Inc.'s portfolio, making the stock its 15th biggest position. Meeder Asset Management Inc.'s holdings in Chevron were worth $22,278,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CVX. Midwest Capital Advisors LLC bought a new stake in Chevron in the first quarter valued at $25,000. Core Wealth Advisors LLC bought a new position in Chevron in the 4th quarter worth $26,000. Phillip James Consulting Co. purchased a new stake in shares of Chevron in the 4th quarter worth about $26,000. Basso Capital Management L.P. purchased a new stake in shares of Chevron in the 4th quarter worth about $27,000. Finally, Karpus Management Inc. purchased a new stake in shares of Chevron in the 4th quarter worth about $27,000. Institutional investors own 72.42% of the company's stock.

Chevron Stock Up 0.0%

NYSE:CVX opened at $187.39 on Monday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. The firm's 50-day moving average price is $181.54 and its 200-day moving average price is $182.66. The company has a market capitalization of $373.21 billion, a PE ratio of 32.48, a P/E/G ratio of 0.66 and a beta of 0.50. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last issued 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. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company had revenue of $47.56 billion during the quarter, compared to analysts' expectations of $51.86 billion. During the same period last year, the company posted $2.18 EPS. Chevron's revenue was up 2.1% on a year-over-year basis. On average, equities analysts predict that Chevron Corporation will post 14.78 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Tuesday, May 19th. Chevron's dividend payout ratio (DPR) is presently 123.40%.

Chevron News Summary

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

Insider Activity at Chevron

In related news, 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 value of $73,416,000.00. Following the sale, the director owned 278,045 shares in the company, valued at $53,718,294. This represents a 57.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.56% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CVX. Sanford C. Bernstein reduced their price target on shares of Chevron from $216.00 to $204.00 and set a "market perform" rating on the stock in a research report on Monday, May 11th. Jefferies Financial Group restated a "buy" rating and issued a $216.00 price objective on shares of Chevron in a report on Friday, July 10th. BNP Paribas Exane raised Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price objective on the stock in a research report on Friday, April 17th. Wells Fargo & Company upped their target price on Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a report on Thursday, April 9th. Finally, Tudor Pickering raised Chevron from a "hold" rating to a "buy" rating and set a $225.00 target price for the company in a research report on Thursday, April 9th. 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 company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $206.83.

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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