Summitry LLC Buys 130,485 Shares of Chevron Corporation $CVX

Key Points

• Summitry LLC significantly increased its Chevron stake by purchasing 130,485 shares in the first quarter, bringing its holdings to 134,125 shares valued at approximately $27.75 million. Institutional investors collectively own 72.42% of Chevron.
• Chevron reported a strong quarter, with earnings of $6.06 per share and revenue of $67.2 billion, beating analyst expectations and representing 57.4% year-over-year revenue growth.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a $207.17 price target, while Chevron announced a quarterly dividend of $1.78 per share. Director John B. Hess also sold 380,000 shares worth $73.4 million.

Summitry LLC lifted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 3,584.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 134,125 shares of the oil and gas company's stock after purchasing an additional 130,485 shares during the quarter. Summitry LLC's holdings in Chevron were worth $27,750,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Cornerstone Advisory LLC lifted its position in Chevron by 0.9% during the first quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company's stock worth $1,164,000 after purchasing an additional 52 shares during the period. Compton Financial Group LLC increased its holdings in Chevron by 1.9% in the 1st quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company's stock valued at $609,000 after buying an additional 56 shares during the period. Quantum Portfolio Management LLC increased its holdings in Chevron by 2.7% in the 1st quarter. Quantum Portfolio Management LLC now owns 2,101 shares of the oil and gas company's stock valued at $435,000 after buying an additional 56 shares during the period. Wealthspire Retirement LLC raised its position in shares of Chevron by 0.9% in the 1st quarter. Wealthspire Retirement LLC now owns 6,530 shares of the oil and gas company's stock valued at $1,351,000 after buying an additional 56 shares in the last quarter. Finally, D.B. Root & Company LLC lifted its holdings in shares of Chevron by 1.0% during the 4th quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company's stock worth $846,000 after acquiring an additional 57 shares during the period. Institutional investors own 72.42% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Zacks Research lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Weiss Ratings downgraded shares of Chevron from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, June 2nd. The Goldman Sachs Group restated a "buy" rating and set a $216.00 target price on shares of Chevron in a research note on Wednesday, May 6th. Barclays raised their target price on Chevron from $192.00 to $213.00 and gave the company an "equal weight" rating in a report on Tuesday, May 26th. Finally, Wells Fargo & Company lifted 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. Eighteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $207.17.

Insider Activity

In other news, Director John B. Hess sold 380,000 shares of the company'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 completion of the transaction, the director directly owned 278,045 shares in the company, valued at approximately $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.56% of the company's stock.

Chevron Trading Up 2.5%

CVX opened at $197.10 on Friday. The company has a market cap of $392.55 billion, a P/E ratio of 34.16, a PEG ratio of 0.60 and a beta of 0.50. 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's 50 day moving average is $181.95 and its 200-day moving average is $184.96. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.55 by $0.51. The business had revenue of $67.20 billion during the quarter, compared to analysts' expectations of $62.72 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm's quarterly revenue was up 57.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.77 EPS. Equities research analysts predict that Chevron Corporation will post 15.64 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced 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 3.6%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron's payout ratio is presently 123.40%.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Strong earnings beat: Chevron reported adjusted earnings of $12.0 billion, or $6.06 per diluted share, versus analysts’ expectation of $5.55. Reported earnings reached $12.1 billion, the company’s highest quarterly profit in at least six years, while revenue rose 57.4% year over year to $67.2 billion. Chevron records highest quarterly profit in six years, tops estimates
• Positive Sentiment: Higher production and refining performance: Global oil-equivalent production increased 20% to 4.07 million barrels per day, supported by Hess-related assets, the Permian Basin and the Gulf of America. Record U.S. production, strong refining margins and near-full-capacity operations boosted results. CVX Q2 Earnings Beat on Higher Output and Strong Refining Margins
• Positive Sentiment: Excellent cash generation and growth opportunities: Operating cash flow was $22.6 billion, and Chevron maintained its $1.78 quarterly dividend. Management also highlighted expansion plans involving Iraq, Venezuela, Argentina and a 20-year power agreement to supply a Microsoft data center. Chevron CFO on second-quarter earnings, growth plan and Iraq accord
• Neutral Sentiment: Energy-sector tailwind: Rising crude, gasoline and diesel prices, driven by Middle East supply disruptions, lifted Chevron and other integrated oil companies and supported broader energy ETFs. Supermajor Earnings: Exxon and Chevron’s Impact on ETF Market
• Negative Sentiment: Geopolitical and valuation risks remain: Chevron said the conflict reduced output in the Saudi Arabia–Kuwait Partitioned Zone. Executives also warned of escalating supply risks, while potential gasoline-price interventions or windfall taxes could pressure future profits. Analysts noted that some of the earnings improvement may already be reflected in the stock price. Chevron’s Strong Quarter Shows Why It Still Leads the Energy Sector

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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