Stephens Inc. AR Boosts Stake in Chevron Corporation $CVX

Key Points

• Stephens Inc. AR increased its Chevron stake by 2.9% in the first quarter, adding 7,568 shares to reach 268,036 shares valued at about $55.5 million. Chevron is now the firm’s 26th-largest holding and makes up roughly 0.7% of its portfolio.
• Chevron delivered mixed quarterly results, reporting adjusted EPS of $1.41, which beat estimates, while revenue of $47.56 billion came in below expectations. Analysts still expect the company to post 15.52 EPS for the full year.
• Investor sentiment remains supportive but divided: hedge funds own 72.42% of Chevron, and analysts currently rate the stock a “Moderate Buy” with an average price target of $205.71. However, one insider, director John B. Hess, recently sold 380,000 shares.

Stephens Inc. AR lifted its position in Chevron Corporation (NYSE:CVX - Free Report) by 2.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 268,036 shares of the oil and gas company's stock after acquiring an additional 7,568 shares during the period. Chevron accounts for approximately 0.7% of Stephens Inc. AR's investment portfolio, making the stock its 26th biggest holding. Stephens Inc. AR's holdings in Chevron were worth $55,516,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CVX. United Bank increased its stake in shares of Chevron by 7.7% in the second quarter. United Bank now owns 11,079 shares of the oil and gas company's stock worth $1,586,000 after acquiring an additional 796 shares during the period. Schnieders Capital Management LLC. boosted its holdings in Chevron by 9.0% in the second quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company's stock valued at $7,280,000 after purchasing an additional 4,214 shares during the last quarter. BNP Paribas grew its position in Chevron by 76.4% during the 2nd quarter. BNP Paribas now owns 441 shares of the oil and gas company's stock worth $63,000 after purchasing an additional 191 shares during the period. Osterweis Capital Management Inc. raised its stake in shares of Chevron by 678.9% during the 2nd quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company's stock valued at $195,000 after buying an additional 1,188 shares during the last quarter. Finally, Main Street Financial Solutions LLC lifted its holdings in shares of Chevron by 3.6% in the 2nd quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company's stock valued at $2,299,000 after buying an additional 553 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Price Performance

Chevron stock traded up $4.33 during midday trading on Tuesday, reaching $172.43. The company had a trading volume of 1,394,530 shares, compared to its average volume of 11,591,144. The company has a market capitalization of $343.41 billion, a P/E ratio of 29.90, a P/E/G ratio of 0.57 and a beta of 0.50. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71. The firm's fifty day simple moving average is $183.31 and its 200-day simple moving average is $180.61. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping the consensus estimate 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 return on equity of 6.90% and a net margin of 5.79%.Chevron's quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.18 EPS. As a group, equities analysts anticipate that Chevron Corporation will post 15.52 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 paid a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron's dividend payout ratio is currently 123.40%.

Analysts Set New Price Targets

Several brokerages recently weighed in on CVX. Zacks Research cut Chevron from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Wells Fargo & Company lifted their target price on shares of Chevron from $204.00 to $222.00 and gave the company an "overweight" rating in a report on Thursday, April 9th. Barclays boosted their target price on shares of Chevron from $192.00 to $213.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 26th. Piper Sandler upped their price objective on shares of Chevron from $179.00 to $242.00 and gave the stock an "overweight" rating in a research report on Thursday, March 12th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $220.00 target price on shares of Chevron in a research report on Tuesday, May 5th. Nineteen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Chevron has a consensus rating of "Moderate Buy" and an average target price of $205.71.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 380,000 shares of the firm'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 transaction, 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.56% of the company's stock.

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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