Old Mission Investment Co LLC Makes New Investment in Chevron Corporation $CVX

Old Mission Investment Co LLC bought a new stake in shares of Chevron Corporation (NYSE:CVX) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 33,190 shares of the oil and gas company’s stock, valued at approximately $5,502,000. Chevron makes up approximately 1.1% of Old Mission Investment Co LLC’s investment portfolio, making the stock its 17th largest position.

Several other hedge funds have also made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Chevron in the second quarter valued at about $25,663,729,000. Norges Bank purchased a new stake in Chevron in the fourth quarter worth about $3,727,586,000. Bank of New York Mellon Corp bought a new position in Chevron during the 2nd quarter worth about $2,378,114,000. State Street Corp increased its position in Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock valued at $23,698,184,000 after purchasing an additional 12,789,399 shares during the period. Finally, Legal & General Group Plc purchased a new position in Chevron during the 2nd quarter valued at about $1,462,412,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s planned investment of more than $7 billion in Venezuela is expected to expand production to approximately 600,000 barrels per day over five years. Investors view the Orinoco Belt opportunity as a potential source of significant production growth and attractive economics. Chevron Commits $7 Billion to Venezuela to Double Production
• Positive Sentiment: Analysts and fund managers remain constructive on Chevron, citing its scale, strong fundamentals, production growth following the Hess acquisition, dividend record and long-term exposure to energy demand. Rising crude prices above $90 per barrel have also supported sentiment toward major oil companies. Why Gabelli Remains Bullish on Chevron
• Positive Sentiment: A preliminary agreement covering Ghana’s South Deepwater Tano Cape Three Points block could provide Chevron with another international growth option, although commercial terms and ownership details have not been finalized. Chevron and Shell Sign Preliminary Ghana Agreement
• Neutral Sentiment: Chevron’s dividend remains a key attraction, with 39 consecutive years of increases. However, its sustainability would be tested if oil prices fall materially from current elevated levels. Chevron’s Dividend and Oil Price Risk
• Negative Sentiment: Investors remain concerned that the Venezuela strategy will require substantial capital, face operational challenges and carry elevated political and execution risk. Critics also question whether the expansion can deliver its projected returns. Capital Requirements and Operational Challenges
• Negative Sentiment: Valuation concerns have become more important after the rally: Chevron is trading near the upper end of its recent range, while reported insider activity has consisted of sales rather than purchases. A decline in oil prices could further pressure earnings and the stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CVX shares. Dbs Bank raised shares of Chevron to a “moderate buy” rating in a research report on Thursday, August 6th. Bank of America upped their target price on Chevron from $210.00 to $227.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Jefferies Financial Group reiterated a “buy” rating and issued a $216.00 price target on shares of Chevron in a report on Friday, July 10th. Morgan Stanley upped their price objective on Chevron from $210.00 to $218.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 19th. Finally, BMO Capital Markets lifted their price objective on shares of Chevron from $210.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday. Twenty analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and a consensus price target of $211.35.

Insider Activity at Chevron

In related news, 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 of the company’s stock, valued at $70,596,305.10. This represents a 66.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Andrew Walz sold 16,800 shares of the firm’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $201.06, for a total value of $3,377,808.00. Following the completion of the transaction, the insider owned 14 shares of the company’s stock, valued at $2,814.84. This trade represents a 99.92% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 1,152,582 shares of company stock worth $225,853,661. Corporate insiders own 0.56% of the company’s stock.

Chevron Price Performance

Shares of CVX stock opened at $208.48 on Friday. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $214.71. The firm has a market capitalization of $411.91 billion, a price-to-earnings ratio of 19.99, a PEG ratio of 0.63 and a beta of 0.50. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The stock’s 50-day simple moving average is $191.10 and its 200-day simple moving average is $189.77.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating the consensus estimate of $5.55 by $0.51. The firm had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. Chevron’s revenue was up 57.4% on a year-over-year basis. During the same period last year, the firm posted $1.77 EPS. As a group, equities analysts forecast that Chevron Corporation will post 16.24 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.4%. Chevron’s dividend payout ratio is presently 68.26%.

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.