Carlson Capital L.P. Raises Position in Chevron Corporation $CVX

Carlson Capital L.P. boosted its holdings in Chevron Corporation (NYSE:CVX) by 33.8% in the 1st quarter, HoldingsChannel.com reports. The firm owned 12,713 shares of the oil and gas company’s stock after purchasing an additional 3,213 shares during the period. Chevron comprises approximately 0.8% of Carlson Capital L.P.’s portfolio, making the stock its 11th largest holding. Carlson Capital L.P.’s holdings in Chevron were worth $2,630,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Midwest Capital Advisors LLC purchased a new position in shares of Chevron in the first quarter worth about $25,000. Main Street Group LTD bought a new stake in shares of Chevron in the 1st quarter valued at about $28,000. Phillip James Consulting Co. purchased a new stake in Chevron during the 4th quarter valued at about $26,000. Core Wealth Advisors LLC purchased a new stake in Chevron during the 4th quarter valued at about $26,000. Finally, Karpus Management Inc. bought a new position in Chevron during the 4th quarter worth approximately $27,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Strong earnings beat: Chevron reported adjusted earnings of $12.0 billion, or $6.06 per diluted share, versus analysts’ expectation of $5.55. Reported earnings reached $12.1 billion, the company’s highest quarterly profit in at least six years, while revenue rose 57.4% year over year to $67.2 billion. Chevron records highest quarterly profit in six years, tops estimates
• Positive Sentiment: Higher production and refining performance: Global oil-equivalent production increased 20% to 4.07 million barrels per day, supported by Hess-related assets, the Permian Basin and the Gulf of America. Record U.S. production, strong refining margins and near-full-capacity operations boosted results. CVX Q2 Earnings Beat on Higher Output and Strong Refining Margins
• Positive Sentiment: Excellent cash generation and growth opportunities: Operating cash flow was $22.6 billion, and Chevron maintained its $1.78 quarterly dividend. Management also highlighted expansion plans involving Iraq, Venezuela, Argentina and a 20-year power agreement to supply a Microsoft data center. Chevron CFO on second-quarter earnings, growth plan and Iraq accord
• Neutral Sentiment: Energy-sector tailwind: Rising crude, gasoline and diesel prices, driven by Middle East supply disruptions, lifted Chevron and other integrated oil companies and supported broader energy ETFs. Supermajor Earnings: Exxon and Chevron’s Impact on ETF Market
• Negative Sentiment: Geopolitical and valuation risks remain: Chevron said the conflict reduced output in the Saudi Arabia–Kuwait Partitioned Zone. Executives also warned of escalating supply risks, while potential gasoline-price interventions or windfall taxes could pressure future profits. Analysts noted that some of the earnings improvement may already be reflected in the stock price. Chevron’s Strong Quarter Shows Why It Still Leads the Energy Sector

Insider Buying and Selling

In related news, Director John B. Hess sold 380,000 shares of the 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 of the company’s stock, valued at approximately $53,718,294. This represents a 57.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.56% of the company’s stock.

Chevron Trading Up 2.5%

NYSE:CVX opened at $197.10 on Friday. The company has a 50-day moving average price of $181.95 and a 200-day moving average price of $184.96. The stock has a market cap of $392.55 billion, a price-to-earnings ratio of 34.16, a P/E/G ratio of 0.60 and a beta of 0.50. 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 12 month low of $146.49 and a 12 month high of $214.71.

Chevron (NYSE:CVX) last released 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. The company had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. Chevron’s revenue was up 57.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.77 earnings per share. Equities analysts predict that Chevron Corporation will post 15.64 EPS for the current year.

Chevron Dividend Announcement

The company also recently declared 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 is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.6%. Chevron’s payout ratio is presently 123.40%.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of analyst reports. Tudor Pickering raised Chevron from a “hold” rating to a “buy” rating and set a $225.00 price target on the stock in a research note on Thursday, April 9th. Jefferies Financial Group restated a “buy” rating and issued a $216.00 target price on shares of Chevron in a report on Friday, July 10th. Sanford C. Bernstein decreased their target price on shares of Chevron from $216.00 to $204.00 and set a “market perform” rating on the stock in a research note on Monday, May 11th. BNP Paribas Exane upgraded shares of Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price target for the company in a report on Friday, April 17th. Finally, Morgan Stanley dropped their price target on shares of Chevron from $214.00 to $210.00 and set an “overweight” rating for the company in a research report on Monday, June 29th. Eighteen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $207.17.

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.