Quantitative Investment Management LLC Invests $8.17 Million in Chevron Corporation $CVX

Key Points

• Quantitative Investment Management LLC initiated an $8.17 million Chevron position by purchasing 49,303 shares during the second quarter. Institutional investors collectively own 72.42% of Chevron’s outstanding shares.
• Analysts maintain a generally positive view, with 20 Buy ratings, five Holds and one Sell; the consensus rating is Moderate Buy with an average price target of $207.48.
• Chevron reported quarterly EPS of $6.06, beating estimates, while revenue rose 57.4% year over year to $67.20 billion. The company also declared a quarterly dividend of $1.78 per share, equivalent to a 3.5% yield.

Quantitative Investment Management LLC purchased a new position in Chevron Corporation (NYSE:CVX - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 49,303 shares of the oil and gas company's stock, valued at approximately $8,172,000. Chevron makes up 0.9% of Quantitative Investment Management LLC's investment portfolio, making the stock its 23rd largest holding.

Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Chevron in the second quarter worth approximately $25,663,729,000. Norges Bank bought a new stake in shares of Chevron during the fourth quarter valued at approximately $3,727,586,000. Bank of New York Mellon Corp bought a new stake in shares of Chevron during the second quarter valued at approximately $2,378,114,000. State Street Corp lifted its position in Chevron by 9.1% in the 3rd 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 acquiring an additional 12,789,399 shares in the last quarter. Finally, Legal & General Group Plc bought a new position in Chevron in the 2nd quarter valued at approximately $1,462,412,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CVX has been the subject of a number of research analyst reports. The Goldman Sachs Group reissued a "buy" rating and issued a $216.00 target price on shares of Chevron in a report on Wednesday, May 6th. Barclays dropped their price objective on Chevron from $216.00 to $208.00 and set an "equal weight" rating on the stock in a research report on Monday, August 17th. Weiss Ratings upgraded Chevron from a "hold (c)" rating to a "buy (b)" rating in a report on Tuesday, August 11th. Zacks Research lowered Chevron from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $220.00 target price on shares of Chevron in a research note on Tuesday, May 5th. Twenty investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $207.48.

Chevron Price Performance

NYSE CVX opened at $202.04 on Monday. The stock has a market capitalization of $399.18 billion, a price-to-earnings ratio of 19.37, a PEG ratio of 0.60 and a beta of 0.49. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The business's fifty day moving average price is $187.44 and its 200-day moving average price is $188.90.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping the consensus estimate of $5.55 by $0.51. The company had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.Chevron's revenue was up 57.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.77 earnings per share. On average, equities analysts predict that Chevron Corporation will post 16.24 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron's payout ratio is currently 68.26%.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is reportedly nearing a deal to migrate all of its Venezuelan joint ventures into a new energy framework, potentially allowing greater operational control and key oilfield expansions. The company already accounts for roughly one-quarter of Venezuela’s oil production. Reuters: Chevron to complete deal in Venezuela to migrate, expand oil projects
• Positive Sentiment: Reports indicate Chevron and oil-services company Halliburton are close to agreements to invest billions of dollars in Venezuelan fields. For Chevron, the opportunity could create a long-term production-growth platform and strengthen its position if Venezuela moves further away from OPEC restrictions. Wall Street Journal: Chevron, Other U.S. Firms Near Deal to Invest Billions in Venezuelan Oil Fields
• Neutral Sentiment: Analyst-oriented coverage is comparing Chevron’s performance with TotalEnergies, while other reports highlight Chevron’s investments in nuclear-fusion technology. Fusion could eventually diversify the company beyond hydrocarbons, but the projects remain experimental and are unlikely to materially affect near-term earnings. Yahoo Finance: What Does Chevron Want From Its Nuclear Fusion Push?
• Negative Sentiment: Venezuelan opposition groups have criticized reports that U.S. companies could receive a large stake in the country’s energy industry. Political resistance, sanctions or regulatory uncertainty could delay the agreement, raise investment costs or limit the expected benefits. The Guardian: Venezuelan opposition reacts to potential U.S. oil stake
• Negative Sentiment: Dividend-focused coverage notes that Chevron’s payout remains exposed to commodity-price cycles. Although the dividend is supported by the company’s scale and balance sheet, weaker oil prices or heavy Venezuelan investment requirements could pressure future cash-flow flexibility. 247WallSt: Chevron or PepsiCo: Whose Dividend Is Standing on Thinner Ice?

Insider Transactions at Chevron

In other news, CEO Michael K. Wirth sold 317,100 shares of the company's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the completion of the sale, the chief executive officer owned 26,308 shares of the company's stock, valued at $5,273,701.68. This represents a 92.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider R. Hewitt Pate sold 2,470 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total transaction of $506,621.70. Following the completion of the transaction, the insider owned 10,794 shares in the company, valued at $2,213,957.34. This trade represents a 18.62% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 1,152,582 shares of company stock valued at $225,853,661. 0.56% of the stock is owned by company insiders.

Chevron Company 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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