Sage Investment Advisers LLC Takes $3.65 Million Position in Chevron Corporation $CVX

Sage Investment Advisers LLC acquired a new stake in shares of Chevron Corporation (NYSE:CVX) during the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 23,973 shares of the oil and gas company’s stock, valued at approximately $3,654,000. Chevron makes up approximately 2.7% of Sage Investment Advisers LLC’s holdings, making the stock its 10th largest position.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Brentview Investment Management LLC raised its position in Chevron by 0.3% in the 4th quarter. Brentview Investment Management LLC now owns 41,694 shares of the oil and gas company’s stock worth $6,355,000 after purchasing an additional 127 shares during the period. New Mexico Educational Retirement Board raised its position in Chevron by 1.0% in the 4th quarter. New Mexico Educational Retirement Board now owns 87,592 shares of the oil and gas company’s stock worth $13,350,000 after purchasing an additional 900 shares during the period. Thompson Siegel & Walmsley LLC raised its position in Chevron by 0.3% in the 4th quarter. Thompson Siegel & Walmsley LLC now owns 130,756 shares of the oil and gas company’s stock worth $19,929,000 after purchasing an additional 366 shares during the period. Redwood Financial Network Corp raised its position in Chevron by 9.7% in the 4th quarter. Redwood Financial Network Corp now owns 2,831 shares of the oil and gas company’s stock worth $431,000 after purchasing an additional 251 shares during the period. Finally, Lcnb Corp raised its position in Chevron by 1.3% in the 4th quarter. Lcnb Corp now owns 12,133 shares of the oil and gas company’s stock worth $1,849,000 after purchasing an additional 153 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron CEO Mike Wirth warned that attacks on ships in the Strait of Hormuz highlight “very real” supply risks, reinforcing the case for tighter oil markets and potentially higher prices for Chevron’s production. Ships Attacked in Strait of Hormuz This Week, Chevron Says
• Positive Sentiment: Chevron and Exxon executives also warned that falling inventories could push oil higher, which would likely support Chevron’s cash flow and earnings if crude prices continue rising. Exxon, Chevron heads warn of higher oil prices amid falling inventories
• Positive Sentiment: Chevron filed to take a 70% stake in a Greek offshore gas block, signaling continued international expansion and a larger long-term resource base. Chevron files request to acquire offshore Greek block, energy ministry says
• Positive Sentiment: Chevron said it will not pay a toll to move ships through Hormuz, showing it is holding firm on operational and geopolitical terms while the region remains volatile. Chevron won’t pay toll to move ships through Hormuz, CEO tells Bloomberg TV
• Neutral Sentiment: Chevron announced Scott A. Keller will become general counsel, while current chief legal officer R. Hewitt Pate’s retirement is expected later, a routine leadership transition with limited near-term operating impact. Chevron Names New General Counsel
• Neutral Sentiment: Market commentary and investor-interest pieces suggest Chevron remains on traders’ radar, but these items do not add major new fundamentals by themselves. Chevron Corporation (CVX) is Attracting Investor Attention: Here is What You Should Know
• Negative Sentiment: Oil prices softened on hopes for a U.S.-Iran truce extension, which could ease supply fears and weigh on Chevron shares if crude remains under pressure. Oil Prices Soften as Traders Bet on Renewal of US-Iran Truce
• Negative Sentiment: Draft ceasefire and shipping-normalization talks around the Strait of Hormuz could reduce the geopolitical risk premium embedded in oil prices, which may cap near-term upside for CVX. U.S. and Iran Reach Draft 60-Day Ceasefire and Nuclear Talks Framework Pending Trump Approval

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CVX shares. Piper Sandler lifted their target price on shares of Chevron from $179.00 to $242.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Argus set a $203.00 price target on shares of Chevron in a report on Tuesday, February 3rd. HSBC raised shares of Chevron from a “hold” rating to a “buy” rating and set a $215.00 price target on the stock in a report on Friday, March 20th. Royal Bank Of Canada reissued an “outperform” rating and issued a $220.00 price target on shares of Chevron in a report on Tuesday, May 5th. Finally, Morgan Stanley raised their price target on shares of Chevron from $212.00 to $214.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Chevron currently has a consensus rating of “Moderate Buy” and an average price target of $205.70.

Chevron Price Performance

Shares of Chevron stock opened at $182.44 on Monday. The company’s fifty day simple moving average is $192.27 and its two-hundred day simple moving average is $175.83. The firm has a market cap of $363.34 billion, a PE ratio of 31.62, a price-to-earnings-growth ratio of 0.60 and a beta of 0.48. 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 Corporation has a 12-month low of $135.21 and a 12-month 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 for the quarter, beating analysts’ consensus estimates of $1.00 by $0.41. The firm had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.18 EPS. As a group, equities analysts expect that Chevron Corporation will post 15.74 EPS for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be paid a dividend of $1.78 per share. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.9%. Chevron’s payout ratio is presently 123.40%.

Insider Transactions at Chevron

In other news, insider R. Hewitt Pate sold 40,200 shares of Chevron stock in a transaction dated Monday, March 30th. The shares were sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the sale, the insider owned 8,638 shares of the company’s stock, valued at approximately $1,842,485.40. The trade was a 82.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the sale, the director directly owned 278,045 shares in the company, valued at $53,718,294. The trade was a 57.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 662,400 shares of company stock worth $127,090,824 in the last ninety days. Insiders own 0.56% of the company’s stock.

Chevron Company 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.