Tairen Capital Ltd Purchases New Holdings in Chevron Corporation $CVX

Key Points

• Tairen Capital Ltd. purchased 317,400 Chevron shares worth approximately $52.6 million, making Chevron its eighth-largest holding and representing 4.6% of its portfolio. Institutional investors collectively own 72.42% of Chevron.
• Chevron reported quarterly EPS of $6.06, exceeding the $5.55 analyst consensus, while revenue rose 57.4% year over year to $67.2 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $207.48.
• Chevron declared a quarterly dividend of $1.78, equivalent to $7.12 annually and a roughly 3.5% yield; however, recent insider share sales and potential future oil-supply growth present risks for investor sentiment.

Tairen Capital Ltd purchased a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 317,400 shares of the oil and gas company's stock, valued at approximately $52,612,000. Chevron makes up 4.6% of Tairen Capital Ltd's holdings, making the stock its 8th biggest holding.

Other hedge funds have also recently added to or reduced their stakes in the company. Infrastructure Capital Advisors LLC bought a new position in Chevron during the 2nd quarter worth $2,229,000. Cibc World Market Inc. bought a new stake in shares of Chevron during the 2nd quarter valued at $145,818,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Chevron during the 2nd quarter worth $57,809,000. Leigh Baldwin & CO. LLC bought a new position in shares of Chevron in the second quarter worth $531,000. Finally, Osmosis Investment Management UK Ltd bought a new position in shares of Chevron in the second quarter worth $5,853,000. Institutional investors own 72.42% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Zacks Research cut shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Sanford C. Bernstein boosted their target price on shares of Chevron from $204.00 to $209.00 and gave the company a "market perform" rating in a research report on Monday, August 3rd. Morgan Stanley upped their price target on shares of Chevron from $210.00 to $218.00 and gave the stock an "overweight" rating in a report on Wednesday. Piper Sandler began coverage on shares of Chevron in a report on Thursday, July 23rd. They set an "overweight" rating and a $207.00 price target for the company. Finally, Bank of America increased their price target on shares of Chevron from $210.00 to $227.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Twenty equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Chevron presently has a consensus rating of "Moderate Buy" and an average target price of $207.48.

Chevron Stock Performance

Chevron stock opened at $205.25 on Monday. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The stock has a market cap of $405.53 billion, a PE ratio of 19.68, a P/E/G ratio of 0.61 and a beta of 0.49. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71. The business's 50-day moving average price is $185.03 and its two-hundred day moving average price is $188.17.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping analysts' consensus estimates of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The firm had revenue of $67.20 billion during the quarter, compared to analysts' expectations of $62.72 billion. During the same quarter in the prior year, the business earned $1.77 earnings per share. The business's revenue for the quarter was up 57.4% compared to the same quarter last year. As a group, analysts expect that Chevron Corporation will post 16.17 earnings per share for the current fiscal year.

Chevron Announces Dividend

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 given a $1.78 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.5%. Chevron's dividend payout ratio (DPR) is currently 68.26%.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Brent crude recently approached $94–$95 per barrel amid renewed Middle East tensions and concerns about Strait of Hormuz disruptions. Sustained higher oil prices typically benefit Chevron’s upstream revenue, margins and cash flow. Chevron jumps as Brent crude approaches $94
• Positive Sentiment: Chevron confirmed an oil and gas condensate discovery at the 105-4X well in offshore Angola. Its proximity to existing facilities could allow a lower-cost tie-back, creating a potential source of future production. Chevron Angola discovery analysis
• Positive Sentiment: Chevron’s $1.78 quarterly dividend, equal to $7.12 annually and an approximately 3.5% yield, reinforces its appeal to income investors. The company also recently exceeded quarterly earnings and revenue expectations. Chevron raises dividend
• Neutral Sentiment: Analysis comparing Chevron with Exxon Mobil highlights differing long-term strategies, including Chevron’s continued emphasis on oil and gas. The approach could benefit from strong commodity prices but leaves CVX more exposed to future oil-demand and price cycles. Chevron versus Exxon Mobil analysis
• Negative Sentiment: Iraq plans to more than double its oil output over the next six years. If achieved, the added supply could pressure global crude prices and reduce the earnings benefit Chevron receives from today’s elevated prices. Iraq oil output and Chevron
• Negative Sentiment: Two Chevron insiders sold shares recently: Andrew Benjamin Walz sold 16,800 shares, while R. Hewitt Pate sold 2,470 shares. Although such transactions may reflect personal financial planning, they can create a modest sentiment overhang. Chevron insider sale report
• Negative Sentiment: A separate analysis says concerns remain centered on Chevron, including issues surrounding its Hess Midstream exposure and broader execution risks. The report may temper enthusiasm after CVX’s recent advance. Hess Midstream: The Issue Remains With Chevron

Insider Activity at Chevron

In related news, insider Andrew Benjamin Walz sold 16,800 shares of the firm's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the sale, the insider owned 14 shares of the company's stock, valued at $2,814.84. This trade represents a 99.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider R. Hewitt Pate sold 2,470 shares of the business's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total value of $506,621.70. Following the sale, the insider owned 10,794 shares in the company, valued at $2,213,957.34. This represents a 18.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,152,582 shares of company stock valued at $225,853,661 over the last three months. 0.56% of the stock is currently owned by corporate insiders.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source