Pacific Heights Asset Management LLC Raises Position in Chevron Corporation $CVX

Key Points

• Pacific Heights Asset Management increased its Chevron stake by 31% in the fourth quarter, adding 65,000 shares to bring its total to 275,000 shares valued at about $41.9 million.
• Chevron posted mixed quarterly results: adjusted EPS of $1.41 beat estimates, but revenue of $47.56 billion came in below forecasts even as sales rose 2.1% year over year.
• The company declared a quarterly dividend of $1.78 per share payable June 10, implying an annualized yield of about 3.7%; meanwhile, analysts still rate the stock Moderate Buy with an average target price of $204.13.

Pacific Heights Asset Management LLC raised its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 31.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 275,000 shares of the oil and gas company's stock after acquiring an additional 65,000 shares during the quarter. Chevron makes up approximately 1.6% of Pacific Heights Asset Management LLC's holdings, making the stock its 14th largest position. Pacific Heights Asset Management LLC's holdings in Chevron were worth $41,913,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Strategic Wealth Advisors LLC bought a new stake in shares of Chevron during the fourth quarter valued at approximately $33,000. Daytona Street Capital LLC purchased a new position in Chevron during the fourth quarter valued at $44,000. Turning Point Benefit Group Inc. purchased a new position in Chevron during the third quarter valued at $49,000. Maseco LLP bought a new stake in shares of Chevron during the 4th quarter valued at $49,000. Finally, High Point Wealth Management LLC bought a new stake in shares of Chevron during the 4th quarter valued at $53,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Activity

In other Chevron news, insider Andrew Benjamin Walz sold 11,600 shares of the business's stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $188.58, for a total value of $2,187,528.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John B. Hess sold 195,000 shares of the firm's stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $184.78, for a total transaction of $36,032,100.00. Following the sale, the director directly owned 658,045 shares in the company, valued at approximately $121,593,555.10. The trade was a 22.86% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 803,570 shares of company stock valued at $151,969,798. Corporate insiders own 0.56% of the company's stock.

Chevron Trading Down 0.1%

NYSE:CVX opened at $190.91 on Monday. The stock has a market cap of $380.22 billion, a price-to-earnings ratio of 33.09, a PEG ratio of 0.64 and a beta of 0.51. 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 company's 50 day moving average price is $193.14 and its 200-day moving average price is $173.38. Chevron Corporation has a 52 week low of $133.77 and a 52 week high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm's revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.18 EPS. On average, equities research analysts forecast that Chevron Corporation will post 15.43 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be paid a $1.78 dividend. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.7%. Chevron's payout ratio is currently 123.40%.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron agreed to sell its Singapore refining stake and other Asia-Pacific downstream assets to ENEOS for roughly $2.17 billion, reinforcing its strategy to streamline the portfolio and potentially improve returns. Reuters article on ENEOS buying Chevron assets
• Positive Sentiment: Another report framed Chevron’s recent earnings as less weak than the headline numbers suggested, noting that the company’s share price did not fall sharply after the results, which may indicate investors are focusing on underlying cash generation and strategic actions rather than the revenue miss. Yahoo Finance article on Chevron earnings
• Neutral Sentiment: Market commentary this week also compared Chevron with TotalEnergies and discussed broader oil-sector themes, but those pieces were more about sector positioning than a direct new fundamental change for Chevron. Motley Fool comparison article
• Negative Sentiment: Chevron’s latest quarter was mixed, with earnings per share beating estimates but revenue coming in below expectations, which could temper enthusiasm if investors refocus on operating performance rather than asset sales. Chevron stock background

Analysts Set New Price Targets

Several brokerages recently issued reports on CVX. The Goldman Sachs Group reiterated a "buy" rating and issued a $216.00 price target on shares of Chevron in a research note on Wednesday, May 6th. Melius Research raised Chevron from a "hold" rating to a "buy" rating and set a $205.00 price target on the stock in a research report on Tuesday, February 17th. Sanford C. Bernstein reduced their price objective on Chevron from $216.00 to $204.00 and set a "market perform" rating for the company in a research report on Monday, May 11th. Tudor Pickering upgraded Chevron from a "hold" rating to a "buy" rating and set a $225.00 price objective for the company in a research note on Thursday, April 9th. Finally, BNP Paribas Exane raised Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 target price on the stock in a report on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $204.13.

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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