Sumitomo Mitsui DS Asset Management Company Ltd Acquires 8,833 Shares of Chevron Corporation $CVX

Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Chevron Corporation (NYSE:CVX) by 1.6% in the third quarter, Holdings Channel reports. The institutional investor owned 551,979 shares of the oil and gas company’s stock after buying an additional 8,833 shares during the quarter. Chevron accounts for about 0.7% of Sumitomo Mitsui DS Asset Management Company Ltd’s holdings, making the stock its 24th biggest position. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Chevron were worth $112,720,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the stock. Vestia Personal Wealth Advisors increased its position in shares of Chevron by 12.8% during the 3rd quarter. Vestia Personal Wealth Advisors now owns 2,621 shares of the oil and gas company’s stock valued at $535,000 after purchasing an additional 298 shares during the last quarter. Family Wealth Partners LLC bought a new position in shares of Chevron in the 3rd quarter worth approximately $251,000. CFS Investment Advisory Services LLC lifted its stake in shares of Chevron by 7.1% in the 3rd quarter. CFS Investment Advisory Services LLC now owns 7,785 shares of the oil and gas company’s stock worth $1,616,000 after purchasing an additional 518 shares during the period. Retirement Planning Group LLC boosted its holdings in shares of Chevron by 1.9% in the third quarter. Retirement Planning Group LLC now owns 9,590 shares of the oil and gas company’s stock worth $1,958,000 after buying an additional 183 shares during the last quarter. Finally, Secure Asset Management LLC boosted its holdings in shares of Chevron by 16.0% in the third quarter. Secure Asset Management LLC now owns 18,899 shares of the oil and gas company’s stock worth $3,859,000 after buying an additional 2,609 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Stock Up 0.6%

Shares of CVX opened at $225.67 on Wednesday. The company has a market cap of $445.87 billion, a PE ratio of 21.64, a P/E/G ratio of 0.61 and a beta of 0.53. The business has a fifty day moving average of $208.76 and a 200 day moving average of $193.71. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $227.28. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%. The firm had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. During the same period last year, the company earned $1.77 EPS. Chevron’s quarterly revenue was up 57.4% compared to the same quarter last year. On average, sell-side analysts expect that Chevron Corporation will post 17.71 EPS for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were paid a dividend of $1.78 per share. The ex-dividend date was Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.2%. Chevron’s dividend payout ratio (DPR) is currently 68.26%.

Insider Buying and Selling

In other news, insider R. Pate sold 2,470 shares of Chevron stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total value of $506,621.70. Following the transaction, the insider owned 10,794 shares of the company’s stock, valued at $2,213,957.34. The trade was a 18.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Hess sold 710,665 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $194.10, for a total value of $137,940,076.50. Following the transaction, the director directly owned 363,711 shares in the company, valued at approximately $70,596,305.10. The trade was a 66.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 1,152,582 shares of company stock valued at $225,853,661. 0.56% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CVX. Zacks Research raised Chevron from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. Barclays lowered their target price on Chevron from $216.00 to $208.00 and set an “equal weight” rating on the stock in a research report on Monday, August 17th. UBS Group boosted their price target on Chevron from $220.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, October 8th. Sanford C. Bernstein upped their price target on Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a research report on Monday, August 3rd. Finally, Mizuho set a $234.00 price objective on Chevron in a research note on Monday, October 12th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $213.96.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Brent crude rose above $110 per barrel and reached a five-month high as renewed U.S.-Israel tensions with Iran increased fears of Middle East supply disruptions. Higher oil prices typically support Chevron’s upstream revenue and cash flow. Chevron, ExxonMobil Stocks Hit 52-Week Highs
• Positive Sentiment: Chevron’s possible expansion in Venezuela could eventually lift production to roughly 600,000 barrels per day, more than doubling current output. The country’s low production costs could create significant long-term profit potential, although execution and political conditions remain important. Chevron Is Pouring Billions Into Venezuela
• Positive Sentiment: Analysts have raised Chevron earnings estimates, citing higher oil prices, Permian production growth, lower development costs and disciplined capital spending. Bakken changes and portfolio adjustments are also being viewed as ways to improve efficiency and cash flow. Earnings Estimates Moving Higher for Chevron
• Positive Sentiment: Chevron continues to receive favorable investor attention, including a bullish Goldman Sachs view and increased holdings by prominent investors. Articles also highlight potential benefits from Venezuela and Greece-related deals, spare refining capacity and possible Iraqi oil opportunities. Chevron Stock Nears a 52-Week High

Chevron Profile

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.

The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.