UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Grows Stock Holdings in Chevron Corporation $CVX

Key Points

• UBS Asset Management increased its Chevron stake by 18% in the second quarter, adding 1.14 million shares to own approximately 7.5 million shares valued at $1.24 billion. Hedge funds and institutional investors collectively own 72.42% of CVX.
• Analyst sentiment remains favorable, with 20 Buy ratings, five Holds and one Sell; Chevron has a “Moderate Buy” consensus rating and an average price target of $207.48.
• Chevron reported quarterly EPS of $6.06 and revenue of $67.2 billion, both above expectations, while maintaining a quarterly dividend of $1.78 per share, equivalent to a 3.5% annual yield. Potential expansion in Venezuela could support future production but faces political, regulatory and commodity-price risks.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 18.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,504,409 shares of the oil and gas company's stock after acquiring an additional 1,143,362 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.38% of Chevron worth $1,243,931,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Midwest Capital Advisors LLC purchased a new stake in shares of Chevron during the 1st quarter valued at about $25,000. Core Wealth Advisors LLC acquired a new stake in Chevron in the fourth quarter valued at approximately $26,000. Phillip James Consulting Co. acquired a new stake in Chevron in the fourth quarter valued at approximately $26,000. Basso Capital Management L.P. purchased a new position in shares of Chevron in the fourth quarter valued at $27,000. Finally, Karpus Management Inc. purchased a new position in shares of Chevron in the fourth quarter valued at $27,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on CVX. Morgan Stanley raised their target price on Chevron from $210.00 to $218.00 and gave the company an "overweight" rating in a research note on Wednesday, August 19th. Piper Sandler began coverage on Chevron in a research note on Thursday, July 23rd. They issued an "overweight" rating and a $207.00 price target on the stock. The Goldman Sachs Group restated a "buy" rating and set a $216.00 price objective on shares of Chevron in a report on Wednesday, May 6th. TD Cowen upped their target price on Chevron from $200.00 to $205.00 and gave the company a "hold" rating in a research report on Wednesday, August 5th. Finally, Weiss Ratings upgraded Chevron from a "hold (c)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Twenty equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Chevron currently has an average rating of "Moderate Buy" and a consensus price target of $207.48.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is reportedly nearing a deal to migrate all of its Venezuelan joint ventures into a new energy framework, potentially allowing greater operational control and key oilfield expansions. The company already accounts for roughly one-quarter of Venezuela’s oil production. Reuters: Chevron to complete deal in Venezuela to migrate, expand oil projects
• Positive Sentiment: Reports indicate Chevron and oil-services company Halliburton are close to agreements to invest billions of dollars in Venezuelan fields. For Chevron, the opportunity could create a long-term production-growth platform and strengthen its position if Venezuela moves further away from OPEC restrictions. Wall Street Journal: Chevron, Other U.S. Firms Near Deal to Invest Billions in Venezuelan Oil Fields
• Neutral Sentiment: Analyst-oriented coverage is comparing Chevron’s performance with TotalEnergies, while other reports highlight Chevron’s investments in nuclear-fusion technology. Fusion could eventually diversify the company beyond hydrocarbons, but the projects remain experimental and are unlikely to materially affect near-term earnings. Yahoo Finance: What Does Chevron Want From Its Nuclear Fusion Push?
• Negative Sentiment: Venezuelan opposition groups have criticized reports that U.S. companies could receive a large stake in the country’s energy industry. Political resistance, sanctions or regulatory uncertainty could delay the agreement, raise investment costs or limit the expected benefits. The Guardian: Venezuelan opposition reacts to potential U.S. oil stake
• Negative Sentiment: Dividend-focused coverage notes that Chevron’s payout remains exposed to commodity-price cycles. Although the dividend is supported by the company’s scale and balance sheet, weaker oil prices or heavy Venezuelan investment requirements could pressure future cash-flow flexibility. 247WallSt: Chevron or PepsiCo: Whose Dividend Is Standing on Thinner Ice?

Insider Transactions at Chevron

In other Chevron news, insider Andrew Benjamin Walz sold 16,800 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the sale, the insider directly owned 14 shares of the company's stock, valued at approximately $2,814.84. This represents a 99.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John B. Hess sold 100,000 shares of the firm's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the completion of the transaction, the director owned 178,045 shares in the company, valued at approximately $34,587,021.70. The trade was a 35.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 1,152,582 shares of company stock valued at $225,853,661. 0.56% of the stock is currently owned by insiders.

Chevron Stock Performance

Shares of Chevron stock opened at $202.04 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $214.71. The firm's 50-day simple moving average is $187.44 and its 200-day simple moving average is $188.85. The firm has a market cap of $399.18 billion, a PE ratio of 19.37, a price-to-earnings-growth ratio of 0.60 and a beta of 0.49.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly 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. The business had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The company's revenue for the quarter was up 57.4% compared to the same quarter last year. During the same period last year, the firm earned $1.77 earnings per share. Equities analysts forecast that Chevron Corporation will post 16.24 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron's payout ratio is 68.26%.

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.

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX - Free Report).

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