Chevron Corporation $CVX Stock Position Lessened by Renaissance Technologies LLC

Renaissance Technologies LLC trimmed its holdings in shares of Chevron Corporation (NYSE:CVX) by 8.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,015,396 shares of the oil and gas company’s stock after selling 175,918 shares during the period. Chevron makes up approximately 0.7% of Renaissance Technologies LLC’s investment portfolio, making the stock its 11th largest holding. Renaissance Technologies LLC owned 0.10% of Chevron worth $416,984,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Bollard Group LLC lifted its holdings in Chevron by 3.5% in the first quarter. Bollard Group LLC now owns 135,446 shares of the oil and gas company’s stock worth $28,024,000 after purchasing an additional 4,626 shares during the period. Rockbridge Investment Management LCC bought a new position in Chevron in the 1st quarter valued at about $326,000. Pennington Partners & CO. LLC increased its stake in Chevron by 20.6% during the 1st quarter. Pennington Partners & CO. LLC now owns 2,855 shares of the oil and gas company’s stock valued at $591,000 after buying an additional 487 shares during the period. Compound Planning Inc. increased its stake in Chevron by 7.4% during the 1st quarter. Compound Planning Inc. now owns 44,996 shares of the oil and gas company’s stock valued at $9,310,000 after buying an additional 3,087 shares during the period. Finally, Klingman & Associates LLC raised its position in shares of Chevron by 5.9% during the 1st quarter. Klingman & Associates LLC now owns 6,668 shares of the oil and gas company’s stock worth $1,380,000 after buying an additional 371 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was highlighted as one of the biggest beneficiaries of the recent oil rally, with Brent briefly topping $100 a barrel and integrated oil majors gaining as investors price in tighter global supply. BATL, CVX, XOM Stocks Rise As Brent Crude Tops $100 – Trump Threatens Iran With ‘Major Military Punishment’ After Houthi Attack On Saudi Ships
• Positive Sentiment: Chevron was also singled out as the only “outperform”-rated global oil major in Piper Sandler’s new coverage, reinforcing a relatively favorable analyst view versus peers. Chevron only outperform-rated name among global oil majors initiated at Piper Sandler
• Neutral Sentiment: Recent commentary says Chevron is rallying despite a classic bearish signal, suggesting momentum traders are still buying the stock even after the move in oil. Chevron ignored a classic bearish call: Here’s why stock is rallying
• Neutral Sentiment: Several previews ahead of next week’s earnings note that Chevron is expected to report higher earnings, but one Zacks piece warns the company may not have the ideal setup for a clear beat. Chevron (CVX) Earnings Expected to Grow: What to Know Ahead of Next Week’s Release
• Negative Sentiment: Some analysis cautions that Chevron’s rally could face headwinds if Chinese crude demand weakens, which could limit upside even if oil prices remain elevated. Chevron’s Biggest Stock Rally Since 2022 Faces a China-Sized Problem

Analyst Upgrades and Downgrades

CVX has been the subject of a number of research analyst reports. Citigroup upped their price target on shares of Chevron from $210.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. TD Cowen raised their price objective on shares of Chevron from $197.00 to $200.00 and gave the company a “hold” rating in a research note on Wednesday. Morgan Stanley dropped their target price on Chevron from $214.00 to $210.00 and set an “overweight” rating on the stock in a report on Monday, June 29th. Royal Bank Of Canada restated an “outperform” rating and issued a $220.00 target price on shares of Chevron in a research report on Tuesday, May 5th. Finally, Barclays increased their price target on Chevron from $192.00 to $213.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 26th. Nineteen investment 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, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $205.17.

Chevron Stock Performance

CVX opened at $194.72 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. The firm has a market cap of $387.80 billion, a PE ratio of 33.75, a P/E/G ratio of 0.69 and a beta of 0.50. The business has a fifty day simple moving average of $182.12 and a 200-day simple moving average of $183.83. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $214.71.

Chevron (NYSE:CVX) last announced its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.41. The company had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.Chevron’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.18 earnings per share. As a group, equities analysts predict that Chevron Corporation will post 14.75 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were paid a $1.78 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.7%. Chevron’s dividend payout ratio (DPR) is currently 123.40%.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 380,000 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the sale, the director owned 278,045 shares in the company, valued at approximately $53,718,294. The trade was a 57.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.56% of the company’s stock.

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.