Sei Investments Co. Acquires 374,198 Shares of Chevron Corporation $CVX

Sei Investments Co. lifted its holdings in Chevron Corporation (NYSE:CVX) by 53.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,071,141 shares of the oil and gas company’s stock after purchasing an additional 374,198 shares during the quarter. Sei Investments Co. owned 0.05% of Chevron worth $221,618,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Chevron Stock Up 1.0%

CVX stock opened at $193.04 on Thursday. The business’s 50-day moving average price is $181.88 and its 200-day moving average price is $183.48. The stock has a market cap of $384.45 billion, a P/E ratio of 33.46, a PEG ratio of 0.67 and a beta of 0.50. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $214.71.

Chevron (NYSE:CVX) last released its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (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 company had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. During the same period in the prior year, the firm posted $2.18 EPS. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, equities research analysts forecast that Chevron Corporation will post 14.78 EPS for the current year.

Chevron Announces Dividend

The company also recently disclosed 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%.

Trending Headlines about 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

Analyst Upgrades and Downgrades

Several brokerages recently commented on CVX. Mizuho lifted their price objective on Chevron from $225.00 to $230.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Royal Bank Of Canada restated an “outperform” rating and set a $220.00 price target on shares of Chevron in a research note on Tuesday, May 5th. UBS Group reiterated a “buy” rating on shares of Chevron in a research note on Tuesday, June 23rd. Scotiabank boosted their target price on shares of Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Finally, Barclays upped their target price on shares of Chevron from $192.00 to $213.00 and gave the company an “equal weight” rating in a report on Tuesday, May 26th. Nineteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Chevron currently has an average rating of “Moderate Buy” and a consensus price target of $206.62.

Insider Activity

In other news, Director John B. Hess sold 380,000 shares of the firm’s stock in a transaction on 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 in the company, valued at $53,718,294. This trade represents a 57.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.56% of the stock is currently owned by company insiders.

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.