Nomura Asset Management Co. Ltd. Increases Stock Position in Chevron Corporation $CVX

Key Points

• Nomura Asset Management increased its Chevron stake by 4.5% in Q4, buying 45,495 more shares and bringing its total holding to 1,065,434 shares valued at about $162.4 million.
• Chevron reported first-quarter EPS of $1.41, topping analyst expectations, though revenue of $47.56 billion came in below estimates. The company also posted 2.1% revenue growth year over year.
• Chevron declared a quarterly dividend of $1.78 per share, or $7.12 annualized, yielding about 3.9%; meanwhile, analysts maintain a consensus Moderate Buy rating with an average price target of $205.70.

Nomura Asset Management Co. Ltd. boosted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 4.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,065,434 shares of the oil and gas company's stock after buying an additional 45,495 shares during the quarter. Nomura Asset Management Co. Ltd. owned 0.05% of Chevron worth $162,383,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of CVX. Core Wealth Advisors LLC purchased a new position in Chevron during the fourth quarter worth about $26,000. Strategic Wealth Advisors LLC purchased a new position in Chevron during the fourth quarter worth about $33,000. Daytona Street Capital LLC purchased a new position in Chevron during the fourth quarter worth about $44,000. Maseco LLP purchased a new position in Chevron during the fourth quarter worth about $49,000. Finally, Turning Point Benefit Group Inc. purchased a new position in Chevron during the third quarter worth about $49,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Down 0.3%

Shares of NYSE:CVX opened at $182.44 on Friday. The firm's 50 day moving average price is $192.27 and its 200 day moving average price is $175.69. The stock has a market cap of $363.34 billion, a price-to-earnings ratio of 31.62, a price-to-earnings-growth ratio of 0.60 and a beta of 0.51. Chevron Corporation has a fifty-two week low of $135.21 and a fifty-two 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.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share 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 analysts' expectations of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm's revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.18 earnings per share. As a group, equities research analysts predict 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 $1.78 dividend. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $7.12 annualized dividend and a yield of 3.9%. Chevron's dividend payout ratio (DPR) is 123.40%.

Insider Transactions at Chevron

In related news, insider Andrew Benjamin Walz sold 11,600 shares of the firm's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $188.58, for a total value of $2,187,528.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Michael K. Wirth sold 272,624 shares of the firm's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $189.35, for a total transaction of $51,621,354.40. Following the completion of the sale, the chief executive officer directly owned 31,266 shares in the company, valued at approximately $5,920,217.10. This trade represents a 89.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,144,224 shares of company stock valued at $218,075,038 over the last quarter. Insiders own 0.56% of the company's stock.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron CEO Mike Wirth warned that attacks on ships in the Strait of Hormuz highlight “very real” supply risks, reinforcing the case for tighter oil markets and potentially higher prices for Chevron’s production. Ships Attacked in Strait of Hormuz This Week, Chevron Says
• Positive Sentiment: Chevron and Exxon executives also warned that falling inventories could push oil higher, which would likely support Chevron’s cash flow and earnings if crude prices continue rising. Exxon, Chevron heads warn of higher oil prices amid falling inventories
• Positive Sentiment: Chevron filed to take a 70% stake in a Greek offshore gas block, signaling continued international expansion and a larger long-term resource base. Chevron files request to acquire offshore Greek block, energy ministry says
• Positive Sentiment: Chevron said it will not pay a toll to move ships through Hormuz, showing it is holding firm on operational and geopolitical terms while the region remains volatile. Chevron won't pay toll to move ships through Hormuz, CEO tells Bloomberg TV
• Neutral Sentiment: Chevron announced Scott A. Keller will become general counsel, while current chief legal officer R. Hewitt Pate’s retirement is expected later, a routine leadership transition with limited near-term operating impact. Chevron Names New General Counsel
• Neutral Sentiment: Market commentary and investor-interest pieces suggest Chevron remains on traders’ radar, but these items do not add major new fundamentals by themselves. Chevron Corporation (CVX) is Attracting Investor Attention: Here is What You Should Know
• Negative Sentiment: Oil prices softened on hopes for a U.S.-Iran truce extension, which could ease supply fears and weigh on Chevron shares if crude remains under pressure. Oil Prices Soften as Traders Bet on Renewal of US-Iran Truce
• Negative Sentiment: Draft ceasefire and shipping-normalization talks around the Strait of Hormuz could reduce the geopolitical risk premium embedded in oil prices, which may cap near-term upside for CVX. U.S. and Iran Reach Draft 60-Day Ceasefire and Nuclear Talks Framework Pending Trump Approval

Analyst Upgrades and Downgrades

CVX has been the subject of several research analyst reports. Barclays increased their target price on shares of Chevron from $192.00 to $213.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Bank of America increased their price target on shares of Chevron from $188.00 to $206.00 and gave the stock a "buy" rating in a research report on Monday, March 2nd. BMO Capital Markets reissued an "outperform" rating and set a $190.00 price target on shares of Chevron in a research report on Monday, February 2nd. Citigroup increased their price target on shares of Chevron from $210.00 to $235.00 and gave the stock a "buy" rating in a research report on Thursday, April 2nd. Finally, Zacks Research raised shares of Chevron from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 3rd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $205.70.

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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