Smithbridge Asset Management Inc. DE Acquires 8,383 Shares of Chevron Corporation $CVX

Key Points

• Smithbridge Asset Management boosted its Chevron stake by 145.7% in the fourth quarter, buying 8,383 additional shares and ending with 14,138 shares valued at about $2.16 million.
• Chevron reported Q1 earnings of $1.41 per share, topping analyst expectations, though revenue came in below estimates at $47.56 billion. The company also posted year-over-year revenue growth of 2.1%.
• The company remains supported by income-focused investors, with a quarterly dividend of $1.78 per share and a 3.7% yield, while analysts overall keep a Moderate Buy rating and an average price target of $205.70.

Smithbridge Asset Management Inc. DE increased its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 145.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,138 shares of the oil and gas company's stock after buying an additional 8,383 shares during the quarter. Smithbridge Asset Management Inc. DE's holdings in Chevron were worth $2,155,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of CVX. Vanguard Group Inc. lifted its position 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 buying an additional 27,961,463 shares during the period. Norges Bank bought a new position in shares of Chevron during the 4th quarter worth approximately $3,727,586,000. State Street Corp lifted its position 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 buying an additional 12,789,399 shares during the period. Primecap Management Co. CA bought a new position in shares of Chevron during the 3rd quarter worth approximately $988,083,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Chevron by 822.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company's stock valued at $946,658,000 after purchasing an additional 5,537,580 shares during the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Trading Up 1.7%

Shares of NYSE CVX opened at $189.89 on Thursday. Chevron Corporation has a 1-year low of $142.40 and a 1-year high of $214.71. The company has a market cap of $378.19 billion, a PE ratio of 32.91, a P/E/G ratio of 0.62 and a beta of 0.48. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The company has a 50-day moving average of $189.38 and a two-hundred day moving average of $177.75.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results 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. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. During the same period in the previous year, the firm posted $2.18 earnings per share. The company's revenue was up 2.1% on a year-over-year basis. As a group, equities analysts expect that Chevron Corporation will post 15.74 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were given a dividend of $1.78 per share. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.7%. Chevron's payout ratio is presently 123.40%.

Analysts Set New Price Targets

Several brokerages recently issued reports on CVX. Tudor Pickering raised shares of Chevron from a "hold" rating to a "buy" rating and set a $225.00 price target for the company in a report on Thursday, April 9th. The Goldman Sachs Group reissued a "buy" rating and set a $216.00 price target on shares of Chevron in a report on Wednesday, May 6th. TD Cowen lifted their price target on shares of Chevron from $204.00 to $205.00 and gave the company a "hold" rating in a report on Friday, May 8th. HSBC raised shares of Chevron from a "hold" rating to a "buy" rating and set a $215.00 price target for the company in a report on Friday, March 20th. Finally, UBS Group lifted their price objective on Chevron from $218.00 to $220.00 and gave the company a "buy" rating in a research report on Monday, May 4th. Eighteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $205.70.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was highlighted as one of the top oil stocks to buy as energy investors look for resilient names, with articles emphasizing its defensive cash flows and income appeal. Article Title
• Positive Sentiment: Market commentary on Chevron’s Guyana assets pointed to a combined $7.6 billion profit for ExxonMobil and Chevron last year, reinforcing the value of its low-cost production base amid geopolitical tensions. Article Title
• Positive Sentiment: Chevron was also featured in a bullish technical forecast saying momentum is improving and buyers may be regaining control as the stock approaches a breakout level. Article Title
• Positive Sentiment: Reports that Chevron is advancing a major shale project in Argentina’s Vaca Muerta basin and moving closer to approval for a $13.8 billion investment could support future production growth. Article Title
• Neutral Sentiment: Chevron continues to attract attention as a dividend stock for retirement portfolios, which supports the investment case but does not represent a new catalyst. Article Title
• Negative Sentiment: Zacks Research downgraded Chevron from strong-buy to hold, which could temper enthusiasm despite the stock’s otherwise constructive news flow. Article Title

Insiders Place Their Bets

In other news, insider R. Hewitt Pate sold 40,200 shares of the business's stock in a transaction on Monday, March 30th. The stock was sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the completion of the sale, the insider owned 8,638 shares in the company, valued at $1,842,485.40. The trade was a 82.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John B. Hess sold 380,000 shares of the business's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total value of $73,416,000.00. Following the sale, the director owned 278,045 shares of the company's stock, valued at approximately $53,718,294. The trade was a 57.75% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 615,200 shares of company stock valued at $118,022,760. 0.56% of the stock is currently owned by corporate insiders.

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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