Sage Investment Advisers LLC Acquires Shares of 23,973 Chevron Corporation $CVX

Key Points

• Sage Investment Advisers opened a new position in Chevron in Q4, buying 23,973 shares worth about $3.65 million. Chevron now makes up 2.7% of the firm’s portfolio and is its 10th-largest holding.
• Chevron continues to attract heavy institutional interest, with firms like Vanguard, State Street, Geode, and Norges Bank also adding shares. Overall, institutional investors own 72.42% of the company.
• The company reported Q1 earnings of $1.41 per share, beating estimates, and it also declared a $1.78 quarterly dividend for a 3.9% annualized yield. However, insiders have sold significant stock recently, and some analysts still rate the shares a moderate buy with an average target near $205.70.

Sage Investment Advisers LLC purchased a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 23,973 shares of the oil and gas company's stock, valued at approximately $3,654,000. Chevron comprises 2.7% of Sage Investment Advisers LLC's investment portfolio, making the stock its 10th largest holding.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Chevron by 17.9% during the 3rd quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company's stock worth $28,540,753,000 after purchasing an additional 27,961,463 shares during the last quarter. State Street Corp increased its stake in shares of Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock worth $23,698,184,000 after purchasing an additional 12,789,399 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Chevron by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company's stock worth $6,620,187,000 after purchasing an additional 134,890 shares during the last quarter. Norges Bank purchased a new stake in shares of Chevron during the 4th quarter worth approximately $3,727,586,000. Finally, Northern Trust Corp increased its stake in shares of Chevron by 15.3% during the 3rd quarter. Northern Trust Corp now owns 22,724,515 shares of the oil and gas company's stock worth $3,528,890,000 after purchasing an additional 3,007,403 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron News Roundup

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

Chevron Stock Performance

NYSE CVX opened at $182.44 on Monday. Chevron Corporation has a 1 year low of $135.21 and a 1 year high of $214.71. 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 stock has a market capitalization of $363.34 billion, a PE ratio of 31.62, a P/E/G ratio of 0.60 and a beta of 0.48. The company's 50 day simple moving average is $192.27 and its two-hundred day simple moving average is $175.83.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The business had revenue of $47.56 billion for the quarter, compared to analysts' expectations of $51.86 billion. During the same period in the prior year, the company posted $2.18 EPS. The business's revenue for the quarter was up 2.1% compared to the same quarter last year. Analysts predict that Chevron Corporation will post 15.74 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be given a dividend of $1.78 per share. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.9%. Chevron's dividend payout ratio (DPR) is 123.40%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CVX shares. Tudor Pickering upgraded shares of Chevron from a "hold" rating to a "buy" rating and set a $225.00 price target for the company in a research note on Thursday, April 9th. The Goldman Sachs Group restated a "buy" rating and set a $216.00 price target on shares of Chevron in a research note on Wednesday, May 6th. Mizuho raised their price target on shares of Chevron from $225.00 to $230.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Argus set a $203.00 price target on shares of Chevron in a research note on Tuesday, February 3rd. Finally, Bank of America raised their price target on shares of Chevron from $188.00 to $206.00 and gave the stock a "buy" rating in a research note on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Chevron presently has an average rating of "Moderate Buy" and an average target price of $205.70.

Insider Buying and Selling at Chevron

In other news, insider R. Hewitt Pate sold 40,200 shares of the firm's stock in a transaction on Monday, March 30th. The shares were sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the sale, the insider owned 8,638 shares in the company, valued at approximately $1,842,485.40. This trade represents a 82.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 transaction of $73,416,000.00. Following the sale, the director owned 278,045 shares in the company, valued at approximately $53,718,294. This trade represents a 57.75% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 662,400 shares of company stock worth $127,090,824. Corporate insiders own 0.56% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.