Chevron Corporation $CVX Holdings Trimmed by Renaissance Technologies LLC

Renaissance Technologies LLC reduced its position in shares of Chevron Corporation (NYSE:CVX) by 8.0% during the 1st quarter, Holdings Channel.com reports. The firm owned 2,015,396 shares of the oil and gas company’s stock after selling 175,918 shares during the period. Chevron accounts for 0.7% of Renaissance Technologies LLC’s investment portfolio, making the stock its 11th biggest position. Renaissance Technologies LLC’s holdings in Chevron were worth $416,984,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Cornerstone Advisory LLC grew its holdings in shares of Chevron by 0.9% during the first quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company’s stock valued at $1,164,000 after buying an additional 52 shares in the last quarter. Compton Financial Group LLC lifted its stake in Chevron by 1.9% in the 1st quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company’s stock worth $609,000 after acquiring an additional 56 shares in the last quarter. Quantum Portfolio Management LLC lifted its stake in Chevron by 2.7% in the 1st quarter. Quantum Portfolio Management LLC now owns 2,101 shares of the oil and gas company’s stock worth $435,000 after acquiring an additional 56 shares in the last quarter. Wealthspire Retirement LLC boosted its position in Chevron by 0.9% during the 1st quarter. Wealthspire Retirement LLC now owns 6,530 shares of the oil and gas company’s stock worth $1,351,000 after acquiring an additional 56 shares during the period. Finally, D.B. Root & Company LLC boosted its position in Chevron by 1.0% during the 4th quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company’s stock worth $846,000 after acquiring an additional 57 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 380,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total value of $73,416,000.00. Following the completion of the sale, the director directly 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 document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CVX shares. Wells Fargo & Company upped their target price on Chevron from $204.00 to $222.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. Scotiabank increased their price target on shares of Chevron from $168.00 to $187.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 22nd. Zacks Research cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a report on Monday, June 8th. Tudor Pickering raised shares of Chevron from a “hold” rating to a “buy” rating and set a $225.00 price objective on the stock in a research report on Thursday, April 9th. Finally, Wolfe Research upgraded shares of Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective on the stock in a research note on Thursday, July 2nd. Nineteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $205.17.

Chevron Stock Up 0.2%

Chevron stock opened at $194.72 on Friday. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71. The firm’s fifty day simple moving average is $182.12 and its 200-day simple moving average is $183.83. The company has a market capitalization of $387.80 billion, a P/E ratio of 33.75, a P/E/G ratio of 0.69 and a beta of 0.50.

Chevron (NYSE:CVX) last posted its earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm had revenue of $47.56 billion for the quarter, compared to the consensus estimate of $51.86 billion. During the same period in the prior year, the business posted $2.18 earnings per share. The business’s quarterly revenue was up 2.1% on a year-over-year basis. Sell-side analysts forecast that Chevron Corporation will post 14.75 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

More Chevron News

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

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.