Chevron Corporation $CVX Shares Sold by CI Investments Inc.

CI Investments Inc. lowered its holdings in Chevron Corporation (NYSE:CVX) by 28.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 124,365 shares of the oil and gas company’s stock after selling 48,308 shares during the quarter. CI Investments Inc.’s holdings in Chevron were worth $25,731,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in CVX. Midwest Capital Advisors LLC purchased a new position in Chevron during the 1st quarter valued at about $25,000. Core Wealth Advisors LLC acquired a new stake in shares of Chevron in the fourth quarter valued at approximately $26,000. Phillip James Consulting Co. purchased a new position in shares of Chevron during the 4th quarter worth approximately $26,000. Basso Capital Management L.P. purchased a new stake in Chevron in the 4th quarter valued at approximately $27,000. Finally, Karpus Management Inc. acquired a new stake in Chevron during the 4th quarter valued at $27,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Chevron

In other news, Director John B. Hess sold 380,000 shares of the stock in a transaction on Wednesday, May 20th. The shares were 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 owned 278,045 shares of the company’s stock, valued at $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.56% of the company’s stock.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: TD Cowen lifted its price target on Chevron to $200 from $197, signaling continued analyst confidence despite keeping a hold rating. TD Cowen price target update
• Positive Sentiment: Chevron is being highlighted in dividend-focused articles as a steady income name, which may support demand from long-term investors. Dividend Aristocrats article
• Positive Sentiment: Rising oil prices amid geopolitical uncertainty are favorable for Chevron’s upstream business and could improve near-term earnings. Oil prices jump article
• Neutral Sentiment: Chevron shut production at a U.S. Gulf platform ahead of a tropical storm, a precautionary move that could limit output temporarily but is not necessarily a lasting operational issue. Production shutdown article
• Neutral Sentiment: Investors are awaiting Chevron’s second-quarter earnings, with expectations for a strong profit rebound; the report could become a major stock catalyst. Earnings preview article

Chevron Stock Up 1.0%

Shares of CVX opened at $193.04 on Thursday. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $214.71. The company’s fifty day moving average is $181.88 and its two-hundred day moving average is $183.48. The firm has a market cap of $384.45 billion, a PE ratio of 33.46, a price-to-earnings-growth ratio of 0.67 and a beta of 0.50. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX) last issued its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping 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 business had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. During the same period last year, the company posted $2.18 EPS. The business’s quarterly revenue was up 2.1% on a year-over-year basis. Analysts forecast that Chevron Corporation will post 14.78 earnings per share for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were issued a dividend of $1.78 per share. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.7%. Chevron’s payout ratio is presently 123.40%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CVX. Wolfe Research raised Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a report on Thursday, July 2nd. TD Cowen raised their price target on shares of Chevron from $197.00 to $200.00 and gave the stock a “hold” rating in a research note on Wednesday. Mizuho lifted their price target on shares of Chevron from $225.00 to $230.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Morgan Stanley cut their price objective on shares of Chevron from $214.00 to $210.00 and set an “overweight” rating for the company in a research report on Monday, June 29th. Finally, Scotiabank upped their price objective on shares of Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Nineteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and a consensus price target of $206.62.

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.