Castleark Management LLC Takes $28.25 Million Position in Chevron Corporation $CVX

Castleark Management LLC purchased a new stake in Chevron Corporation (NYSE:CVX) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 136,550 shares of the oil and gas company’s stock, valued at approximately $28,252,000. Chevron makes up about 0.9% of Castleark Management LLC’s portfolio, making the stock its 25th biggest position.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Family Manage LLC grew its position in Chevron by 36.1% during the 1st quarter. Family Manage LLC now owns 3,896 shares of the oil and gas company’s stock worth $806,000 after purchasing an additional 1,033 shares in the last quarter. Gateway Wealth Partners LLC lifted its holdings in shares of Chevron by 622.1% in the first quarter. Gateway Wealth Partners LLC now owns 12,536 shares of the oil and gas company’s stock valued at $2,594,000 after purchasing an additional 10,800 shares in the last quarter. Weiss Asset Management LP acquired a new stake in shares of Chevron in the first quarter worth $1,108,000. Cypress Capital Group boosted its position in shares of Chevron by 3.8% in the first quarter. Cypress Capital Group now owns 42,652 shares of the oil and gas company’s stock worth $8,825,000 after buying an additional 1,558 shares during the period. Finally, Everest Financial Group LLC purchased a new position in shares of Chevron during the first quarter valued at $280,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron News Roundup

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 Stock Performance

Shares of CVX opened at $194.72 on Monday. The company’s fifty day moving average is $182.12 and its 200-day moving average is $183.97. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. The firm has a market cap of $387.80 billion, a price-to-earnings ratio of 33.75, a price-to-earnings-growth ratio of 0.65 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 (NYSE:CVX) last released its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share 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 business had revenue of $47.56 billion for the quarter, compared to the consensus estimate of $51.86 billion. During the same quarter last year, the firm earned $2.18 EPS. Chevron’s revenue for the quarter was up 2.1% on a year-over-year basis. Equities analysts expect that Chevron Corporation will post 15.6 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were given a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron’s dividend payout ratio is presently 123.40%.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 380,000 shares of the firm’s stock in a transaction dated 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 transaction, the director directly owned 278,045 shares in the company, valued at $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CVX has been the subject of several research analyst reports. Sanford C. Bernstein reduced their price objective on Chevron from $216.00 to $204.00 and set a “market perform” rating for the company in a research note on Monday, May 11th. Tudor Pickering raised Chevron from a “hold” rating to a “buy” rating and set a $225.00 target price on the stock in a research note on Thursday, April 9th. Morgan Stanley reduced 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. Citigroup raised their price target on shares of Chevron from $210.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. Nineteen 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. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $205.17.

Chevron Company 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.