Korea Investment CORP Makes New $187.82 Million Investment in Chevron Corporation $CVX

Korea Investment CORP purchased a new stake in shares of Chevron Corporation (NYSE:CVX) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,133,083 shares of the oil and gas company’s stock, valued at approximately $187,820,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Chevron during the second quarter valued at approximately $25,663,729,000. Norges Bank bought a new position in Chevron in the fourth quarter worth approximately $3,727,586,000. Bank of New York Mellon Corp purchased a new position in shares of Chevron during the 2nd quarter worth $2,378,114,000. State Street Corp boosted its stake in shares of Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock worth $23,698,184,000 after acquiring an additional 12,789,399 shares during the last quarter. Finally, Berkshire Hathaway Inc grew its position in shares of Chevron by 6.6% during the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock valued at $19,837,131,000 after acquiring an additional 8,091,570 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of several analyst reports. Barclays reduced their price objective on Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a research note on Monday. Royal Bank Of Canada reissued an “outperform” rating and set a $220.00 price target on shares of Chevron in a report on Tuesday, May 5th. Bank of America upped their price target on Chevron from $210.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $216.00 price objective on shares of Chevron in a research note on Friday, July 10th. Finally, TD Cowen lifted their price objective on Chevron from $200.00 to $205.00 and gave the company a “hold” rating in a research report on Wednesday, August 5th. Twenty 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 MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $207.48.

Trending Headlines about 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

Insiders Place Their Bets

In related news, Director John B. Hess sold 100,000 shares of Chevron stock in a transaction that occurred on 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 sale, the director owned 178,045 shares of the company’s stock, valued at approximately $34,587,021.70. This trade represents a 35.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew Benjamin Walz sold 16,800 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $201.06, for a total value of $3,377,808.00. Following the completion of the transaction, the insider directly owned 14 shares in the company, valued at approximately $2,814.84. This represents a 99.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 1,152,582 shares of company stock worth $225,853,661. Company insiders own 0.56% of the company’s stock.

Chevron Stock Down 0.3%

CVX opened at $205.25 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 fifty-two week low of $146.49 and a fifty-two week high of $214.71. The firm’s fifty day moving average is $185.03 and its 200 day moving average is $188.07. The stock has a market cap of $405.53 billion, a price-to-earnings ratio of 19.68, a price-to-earnings-growth ratio of 0.62 and a beta of 0.49.

Chevron (NYSE:CVX) last issued its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the prior year, the firm posted $1.77 EPS. Chevron’s quarterly revenue was up 57.4% compared to the same quarter last year. On average, sell-side analysts forecast that Chevron Corporation will post 16.17 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be given a dividend of $1.78 per share. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.5%. Chevron’s dividend payout ratio (DPR) is currently 68.26%.

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.