Cibc World Market Inc. Makes New Investment in Chevron Corporation $CVX

Cibc World Market Inc. bought a new stake in shares of Chevron Corporation (NYSE:CVX) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 879,695 shares of the oil and gas company’s stock, valued at approximately $145,818,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Blue Capital Inc. purchased a new stake in Chevron in the 2nd quarter worth approximately $786,000. OneAscent Wealth Management LLC purchased a new position in shares of Chevron during the 2nd quarter valued at $973,000. Global Retirement Partners LLC purchased a new position in shares of Chevron in the second quarter valued at about $14,276,000. Indivisible Partners bought a new position in Chevron in the 4th quarter worth approximately $1,923,000. Finally, Janney Montgomery Scott LLC grew its stake in Chevron by 6.8% during the first 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 in the last quarter. 72.42% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director John B. Hess sold 100,000 shares of Chevron stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total value of $19,426,000.00. Following the transaction, the director directly owned 178,045 shares in the company, valued at approximately $34,587,021.70. This trade represents a 35.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael K. Wirth sold 317,100 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $200.46, for a total value of $63,565,866.00. Following the sale, the chief executive officer owned 26,308 shares of the company’s stock, valued at $5,273,701.68. This trade represents a 92.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,152,582 shares of company stock worth $225,853,661 in the last three months. Corporate insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CVX shares. Jefferies Financial Group reissued a “buy” rating and issued a $216.00 target price on shares of Chevron in a report on Friday, July 10th. Sanford C. Bernstein lifted their price objective on shares of Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. Bank of America boosted their price objective on shares of Chevron from $210.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Wolfe Research upgraded shares of Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 target price for the company in a report on Thursday, July 2nd. Finally, Zacks Research downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a report on Monday, June 8th. Twenty research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $207.48.

Chevron Stock Down 0.0%

Shares of Chevron stock opened at $205.25 on Monday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The stock has a market cap of $405.53 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 0.61 and a beta of 0.49. The firm’s 50-day moving average is $185.03 and its two-hundred day moving average is $188.17. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $214.71.

Chevron (NYSE:CVX) last announced its quarterly 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 firm had revenue of $67.20 billion during the quarter, compared to analysts’ expectations of $62.72 billion. During the same quarter in the prior year, the company earned $1.77 EPS. The company’s revenue was up 57.4% compared to the same quarter last year. As a group, research analysts expect that Chevron Corporation will post 16.17 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

Chevron News Roundup

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

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.