Opal Capital LLC Takes $5.97 Million Position in Chevron Corporation $CVX

Opal Capital LLC purchased a new stake in shares of Chevron Corporation (NYSE:CVX) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 38,534 shares of the oil and gas company’s stock, valued at approximately $5,973,000. Chevron comprises about 1.5% of Opal Capital LLC’s investment portfolio, making the stock its 23rd biggest holding.

Several other hedge funds have also modified their holdings of CVX. Norges Bank bought a new stake in shares of Chevron during the fourth quarter valued at approximately $3,727,586,000. State Street Corp boosted its stake in Chevron by 9.1% in the third 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 acquiring an additional 12,789,399 shares during the last quarter. Primecap Management Co. CA bought a new position in Chevron in the third quarter valued at approximately $988,083,000. Northwestern Mutual Wealth Management Co. boosted its stake in Chevron by 822.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company’s stock valued at $946,658,000 after acquiring an additional 5,537,580 shares during the last quarter. Finally, Amundi boosted its stake in Chevron by 41.8% in the third quarter. Amundi now owns 11,760,376 shares of the oil and gas company’s stock valued at $1,811,333,000 after acquiring an additional 3,464,058 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Trading Down 0.3%

CVX opened at $179.94 on Wednesday. The stock has a market capitalization of $358.38 billion, a P/E ratio of 31.19, a P/E/G ratio of 0.59 and a beta of 0.48. Chevron Corporation has a 12 month low of $142.40 and a 12 month high of $214.71. The firm’s fifty day simple moving average is $188.01 and its 200 day simple moving average is $178.70. 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 (NYSE:CVX) last posted its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.00 by $0.41. The business had revenue of $47.56 billion for the quarter, compared to analysts’ expectations of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm’s revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.18 EPS. As a group, research analysts anticipate that Chevron Corporation will post 15.88 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were given a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron’s payout ratio is currently 123.40%.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 380,000 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value 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. The trade was a 57.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider R. Hewitt Pate sold 40,200 shares of the business’s stock in a transaction on Monday, March 30th. The shares were sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the completion of the sale, the insider directly owned 8,638 shares in the company, valued at $1,842,485.40. This represents a 82.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 615,200 shares of company stock worth $118,022,760 over the last ninety days. 0.56% of the stock is currently owned by insiders.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron secured regulatory approval to take a 70% interest in Greece’s offshore Block 10, expanding its Eastern Mediterranean exploration footprint and adding a new strategic growth avenue. Chevron Secures Strategic Entry Into Greece’s Offshore Block 10
• Neutral Sentiment: One recent article argued Chevron may be in a “wait-and-see” zone, noting that the stock has rallied from last summer’s lows but that a recent quarter’s cash flow data makes the dividend outlook look less compelling at the current valuation. Down From Its $209 Peak: This Is Why I’m Standing Pat on Chevron Stock
• Negative Sentiment: Chevron’s shares fell in tandem with crude after the U.S.-Iran news reduced the geopolitical risk premium in oil, pressuring the outlook for near-term earnings and free cash flow across energy stocks. Chevron (CVX) Stock Sinks As Market Gains: Here’s Why

Analyst Upgrades and Downgrades

CVX has been the topic of a number of recent research reports. TD Cowen raised their price objective on shares of Chevron from $204.00 to $205.00 and gave the company a “hold” rating in a research note on Friday, May 8th. Melius Research raised shares of Chevron from a “hold” rating to a “buy” rating and set a $205.00 price objective on the stock in a research note on Tuesday, February 17th. Barclays raised their price objective on shares of Chevron from $192.00 to $213.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 26th. BNP Paribas Exane raised shares of Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price objective on the stock in a research note on Friday, April 17th. Finally, Weiss Ratings cut shares of Chevron from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 2nd. Eighteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $205.70.

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.