Resona Asset Management Co. Ltd. Has $129.77 Million Position in Chevron Corporation $CVX

Key Points

• Resona Asset Management increased its Chevron stake by 1.1% in the first quarter, bringing its holdings to 625,008 shares worth about $129.8 million. Chevron is now its 20th-largest position and accounts for roughly 0.6% of its portfolio.
• Wall Street remains broadly positive on Chevron, with analysts giving it an average “Moderate Buy” rating and an average price target of $205.71. Recent upgrades and price-target increases came from firms including RBC, BNP Paribas Exane, Scotiabank, and Wells Fargo.
• Chevron reported better-than-expected EPS of $1.41 in its latest quarter and is paying a quarterly dividend of $1.78 per share, equal to a 4.1% yield. The company also faces a mix of tailwinds and risks, including support from higher oil prices and geopolitical tensions, but also a DOJ probe and a drone attack on a tanker linked to its operations.

Resona Asset Management Co. Ltd. boosted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 1.1% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 625,008 shares of the oil and gas company's stock after purchasing an additional 6,851 shares during the period. Chevron comprises approximately 0.6% of Resona Asset Management Co. Ltd.'s holdings, making the stock its 20th largest position. Resona Asset Management Co. Ltd.'s holdings in Chevron were worth $129,771,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in CVX. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. purchased a new stake in Chevron in the 1st quarter worth approximately $187,000. Demars Financial Group LLC grew its holdings in shares of Chevron by 1.5% during the 1st quarter. Demars Financial Group LLC now owns 8,381 shares of the oil and gas company's stock valued at $1,734,000 after acquiring an additional 125 shares in the last quarter. SwitchPoint Financial Planning LLC acquired a new position in shares of Chevron in the first quarter worth $215,000. CFS Investment Advisory Services LLC increased its stake in shares of Chevron by 3.3% in the first quarter. CFS Investment Advisory Services LLC now owns 6,932 shares of the oil and gas company's stock worth $1,434,000 after acquiring an additional 219 shares during the last quarter. Finally, Cahaba Wealth Management Inc. raised its holdings in shares of Chevron by 18.3% during the first quarter. Cahaba Wealth Management Inc. now owns 2,324 shares of the oil and gas company's stock worth $481,000 after acquiring an additional 359 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CVX. Royal Bank Of Canada reissued an "outperform" rating and set a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. Sanford C. Bernstein cut their price target on Chevron from $216.00 to $204.00 and set a "market perform" rating for the company in a research note on Monday, May 11th. BNP Paribas Exane raised Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price target for the company in a research note on Friday, April 17th. Scotiabank lifted their price target on Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Finally, Wells Fargo & Company boosted their price target on Chevron from $204.00 to $222.00 and gave the company an "overweight" rating in a research note on Thursday, April 9th. Nineteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Chevron has an average rating of "Moderate Buy" and an average target price of $205.71.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Bank of America reportedly sees Chevron as a preferred way to play a potential crude price surge if tensions around the Strait of Hormuz keep oil prices elevated. CVX Stock Has A New Bull Case — Why Bank Of America Favors Chevron Over Exxon As Hormuz Risks Push Oil Prices Higher
• Positive Sentiment: Chevron announced a licensing agreement for its enhanced oil recovery technology, which could boost shale production, improve recovery rates, and create a new commercialization avenue. Chevron offers rival drillers its chemical technology to boost shale oil output
• Positive Sentiment: Media coverage highlighted Chevron’s exposure to higher crude prices as geopolitical risk in the Middle East increased, improving the earnings outlook for integrated oil producers. Ceasefire Cracks, Oil Bounces: Why Exxon, Chevron Stocks Are Hot Again
• Neutral Sentiment: Several articles frame Chevron as a long-term dividend and blue-chip energy holding, but these are mostly opinion pieces rather than new catalysts. ExxonMobil vs. Chevron: Which Oil Dividend Stock is the Better Buy for a Lifetime of Passive Income
• Neutral Sentiment: Coverage around Chevron’s inclusion in the Dow and broader energy-sector technical signals may support investor interest, but they do not appear to be immediate stock-moving events. What Keeps Chevron NYSE: CVX in the Dow Jones Industrial Average?
• Negative Sentiment: Chevron was also mentioned in connection with a DOJ probe tied to allegations of oil-price gouging, which could add regulatory overhang even as higher oil prices improve profit potential. Chevron (CVX) Faces DOJ Probe As Iran Tensions Raise Record Profit Stakes
• Negative Sentiment: Chevron’s tanker used for CPC oil shipments was reportedly hit by a drone in the Black Sea, underscoring geopolitical and operational risk. Chevron tanker used for CPC oil hit by drone in Black Sea

Insider Transactions at Chevron

In related news, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the transaction, the director directly owned 278,045 shares in the company, valued at approximately $53,718,294. This trade represents a 57.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.56% of the company's stock.

Chevron Stock Down 1.1%

CVX opened at $174.05 on Friday. The firm has a market cap of $346.64 billion, a P/E ratio of 30.16, a price-to-earnings-growth ratio of 0.60 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. The business has a 50 day moving average price of $182.23 and a 200 day moving average price of $181.32. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The company had revenue of $47.56 billion for the quarter, compared to the consensus estimate of $51.86 billion. During the same quarter last year, the company posted $2.18 earnings per share. The company's revenue for the quarter was up 2.1% compared to the same quarter last year. Research analysts forecast that Chevron Corporation will post 15.28 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Investors 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 4.1%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron's dividend payout ratio is currently 123.40%.

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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