CI Investments Inc. Decreases Stock Position in Chevron Corporation $CVX

CI Investments Inc. trimmed its position in shares of Chevron Corporation (NYSE:CVX) by 28.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 124,365 shares of the oil and gas company’s stock after selling 48,308 shares during the period. CI Investments Inc.’s holdings in Chevron were worth $25,731,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVX. United Bank raised its holdings in shares of Chevron by 7.7% during the second quarter. United Bank now owns 11,079 shares of the oil and gas company’s stock valued at $1,586,000 after buying an additional 796 shares during the last quarter. Schnieders Capital Management LLC. raised its holdings in Chevron by 9.0% during the second quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company’s stock worth $7,280,000 after purchasing an additional 4,214 shares in the last quarter. BNP Paribas lifted its position in Chevron by 76.4% in the second quarter. BNP Paribas now owns 441 shares of the oil and gas company’s stock worth $63,000 after purchasing an additional 191 shares during the period. Osterweis Capital Management Inc. boosted its stake in Chevron by 678.9% during the 2nd quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company’s stock valued at $195,000 after purchasing an additional 1,188 shares in the last quarter. Finally, Main Street Financial Solutions LLC boosted its stake in Chevron by 3.6% during the 2nd quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company’s stock valued at $2,299,000 after purchasing an additional 553 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CVX shares. BNP Paribas Exane upgraded shares of Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price objective for the company in a research report on Friday, April 17th. Tudor Pickering raised shares of Chevron from a “hold” rating to a “buy” rating and set a $225.00 target price for the company in a research note on Thursday, April 9th. The Goldman Sachs Group restated a “buy” rating and set a $216.00 target price on shares of Chevron in a report on Wednesday, May 6th. UBS Group restated a “buy” rating on shares of Chevron in a research report on Tuesday, June 23rd. Finally, Weiss Ratings cut Chevron from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Nineteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $206.62.

Chevron Price Performance

NYSE CVX opened at $193.04 on Thursday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. The firm has a market capitalization of $384.45 billion, a price-to-earnings ratio of 33.46, a price-to-earnings-growth ratio of 0.67 and a beta of 0.50. The company has a 50 day simple moving average of $181.88 and a 200-day simple moving average of $183.48. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates 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 previous year, the firm posted $2.18 earnings per share. The firm’s revenue was up 2.1% on a year-over-year basis. Equities research analysts predict that Chevron Corporation will post 14.78 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 380,000 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction 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. This trade represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.56% of the company’s stock.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: TD Cowen lifted its price target on Chevron to $200 from $197, signaling continued analyst confidence despite keeping a hold rating. TD Cowen price target update
• Positive Sentiment: Chevron is being highlighted in dividend-focused articles as a steady income name, which may support demand from long-term investors. Dividend Aristocrats article
• Positive Sentiment: Rising oil prices amid geopolitical uncertainty are favorable for Chevron’s upstream business and could improve near-term earnings. Oil prices jump article
• Neutral Sentiment: Chevron shut production at a U.S. Gulf platform ahead of a tropical storm, a precautionary move that could limit output temporarily but is not necessarily a lasting operational issue. Production shutdown article
• Neutral Sentiment: Investors are awaiting Chevron’s second-quarter earnings, with expectations for a strong profit rebound; the report could become a major stock catalyst. Earnings preview article

About Chevron

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.