The Manufacturers Life Insurance Company Boosts Position in Chevron Corporation $CVX

Key Points

• The Manufacturers Life Insurance Company increased its Chevron stake by 2.3% in the first quarter, adding 33,117 shares to reach 1.49 million shares valued at approximately $307.8 million. Institutional investors collectively own 72.42% of Chevron.
• Chevron director John B. Hess sold 380,000 shares for approximately $73.4 million, reducing his direct ownership by 57.75%. Insiders now own about 0.56% of the company.
• Analysts maintain a generally positive outlook, with 19 Buy, six Hold and one Sell rating, producing a consensus “Moderate Buy” and average price target of $205.17 versus the stock’s $189.84 opening price.

The Manufacturers Life Insurance Company raised its position in Chevron Corporation (NYSE:CVX - Free Report) by 2.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,487,550 shares of the oil and gas company's stock after acquiring an additional 33,117 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.07% of Chevron worth $307,774,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Curtis Advisory Group LLC bought a new stake in shares of Chevron in the 4th quarter worth about $1,381,000. Indivisible Partners acquired a new stake in shares of Chevron during the 4th quarter worth approximately $1,923,000. Janney Montgomery Scott LLC raised its position in shares of Chevron by 6.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company's stock valued at $258,853,000 after acquiring an additional 79,439 shares during the last quarter. Galaxy Digital Inc. bought a new position in Chevron during the first quarter worth about $2,028,000. Finally, Nations Financial Group Inc. IA ADV increased its stake in Chevron by 35.0% in the fourth quarter. Nations Financial Group Inc. IA ADV now owns 42,882 shares of the oil and gas company's stock valued at $6,536,000 after purchasing an additional 11,120 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron raised its quarterly dividend, extending its decades-long streak of dividend increases and reinforcing its appeal to income-focused investors. Chevron lifts quarterly dividend
• Positive Sentiment: A Chevron subsidiary awarded Velesto a multiyear, $51 million drilling contract for the North Malay Basin gas development in Malaysia. The agreement supports Chevron’s offshore growth plans, although its direct financial impact is likely modest relative to the company’s overall scale. Chevron North Malay Basin contract
• Neutral Sentiment: CEO Mike Wirth reportedly met with U.S. officials about protecting Chevron’s Kazakhstan oil assets from becoming entangled in the Russia-Ukraine war. The discussions highlight the strategic importance of the assets but also underscore geopolitical and regulatory risks. Chevron Kazakhstan assets discussions
• Negative Sentiment: Brent crude settled 12% lower at $86.49 per barrel, while West Texas Intermediate fell 7.5% to $82.61, after President Trump suggested a potential breakthrough with Iran. Lower oil prices can pressure Chevron’s upstream revenue, cash flow and earnings expectations. Oil prices slide on Iran negotiations
• Negative Sentiment: The broader energy sector also declined as crude prices weakened, while investors favored technology and AI-related stocks ahead of major earnings reports. This sector rotation added to selling pressure on Chevron. Energy sector update

Insider Activity

In other news, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the director directly owned 278,045 shares of the company's stock, valued at $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.56% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on CVX. Tudor Pickering upgraded Chevron from a "hold" rating to a "buy" rating and set a $225.00 price objective for the company in a research report on Thursday, April 9th. Morgan Stanley cut their price target on Chevron from $214.00 to $210.00 and set an "overweight" rating on the stock in a report on Monday, June 29th. Mizuho upped their price target on Chevron from $225.00 to $230.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. Wolfe Research raised shares of Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 price target for the company in a research note on Thursday, July 2nd. Finally, The Goldman Sachs Group reiterated a "buy" rating and issued a $216.00 price objective on shares of Chevron in a report on Wednesday, May 6th. Nineteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $205.17.

Chevron Price Performance

NYSE:CVX opened at $189.84 on Tuesday. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71. The company has a market cap of $378.09 billion, a P/E ratio of 32.90, a P/E/G ratio of 0.65 and a beta of 0.50. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The stock's 50-day simple moving average is $181.99 and its 200 day simple moving average is $184.20.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The firm had revenue of $47.56 billion during the quarter, compared to analysts' expectations of $51.86 billion. During the same period in the prior year, the firm posted $2.18 earnings per share. The business's quarterly revenue was up 2.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Chevron Corporation will post 15.6 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were paid a $1.78 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 annualized dividend and a yield of 3.8%. Chevron's dividend payout ratio is currently 123.40%.

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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