Main Street Research LLC Purchases 7,331 Shares of Chevron Corporation $CVX

Main Street Research LLC increased its holdings in shares of Chevron Corporation (NYSE:CVX) by 77.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,851 shares of the oil and gas company’s stock after buying an additional 7,331 shares during the quarter. Main Street Research LLC’s holdings in Chevron were worth $3,487,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Horizon Corp increased its holdings in shares of Chevron by 27.2% in the first quarter. First Horizon Corp now owns 90,956 shares of the oil and gas company’s stock worth $18,819,000 after acquiring an additional 19,437 shares in the last quarter. Cherry Creek Investment Advisors Inc. increased its stake in Chevron by 2.9% during the 1st quarter. Cherry Creek Investment Advisors Inc. now owns 5,279 shares of the oil and gas company’s stock worth $1,092,000 after purchasing an additional 147 shares in the last quarter. Valued Wealth Advisors LLC raised its holdings in Chevron by 86.2% during the 1st quarter. Valued Wealth Advisors LLC now owns 538 shares of the oil and gas company’s stock worth $111,000 after buying an additional 249 shares during the period. Ibex Wealth Advisors lifted its stake in Chevron by 7.9% in the first quarter. Ibex Wealth Advisors now owns 56,559 shares of the oil and gas company’s stock valued at $11,702,000 after buying an additional 4,134 shares in the last quarter. Finally, North Capital Inc. acquired a new position in shares of Chevron in the first quarter valued at approximately $238,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. HSBC raised shares of Chevron from a “hold” rating to a “buy” rating and set a $215.00 price objective on the stock in a research report on Friday, March 20th. Scotiabank upped their price objective on Chevron from $168.00 to $187.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 22nd. Royal Bank Of Canada reiterated an “outperform” rating and set a $220.00 price objective on shares of Chevron in a report on Tuesday, May 5th. BNP Paribas Exane raised Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 target price on the stock in a research report on Friday, April 17th. Finally, TD Cowen boosted their target price on Chevron from $204.00 to $205.00 and gave the company a “hold” rating in a research note on Friday, May 8th. Nineteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $205.71.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Bank of America reportedly sees Chevron as a preferred way to play a potential crude price surge if tensions around the Strait of Hormuz keep oil prices elevated. CVX Stock Has A New Bull Case — Why Bank Of America Favors Chevron Over Exxon As Hormuz Risks Push Oil Prices Higher
• Positive Sentiment: Chevron announced a licensing agreement for its enhanced oil recovery technology, which could boost shale production, improve recovery rates, and create a new commercialization avenue. Chevron offers rival drillers its chemical technology to boost shale oil output
• Positive Sentiment: Media coverage highlighted Chevron’s exposure to higher crude prices as geopolitical risk in the Middle East increased, improving the earnings outlook for integrated oil producers. Ceasefire Cracks, Oil Bounces: Why Exxon, Chevron Stocks Are Hot Again
• Neutral Sentiment: Several articles frame Chevron as a long-term dividend and blue-chip energy holding, but these are mostly opinion pieces rather than new catalysts. ExxonMobil vs. Chevron: Which Oil Dividend Stock is the Better Buy for a Lifetime of Passive Income
• Neutral Sentiment: Coverage around Chevron’s inclusion in the Dow and broader energy-sector technical signals may support investor interest, but they do not appear to be immediate stock-moving events. What Keeps Chevron (NYSE:CVX) in the Dow Jones Industrial Average?
• Negative Sentiment: Chevron was also mentioned in connection with a DOJ probe tied to allegations of oil-price gouging, which could add regulatory overhang even as higher oil prices improve profit potential. Chevron (CVX) Faces DOJ Probe As Iran Tensions Raise Record Profit Stakes
• Negative Sentiment: Chevron’s tanker used for CPC oil shipments was reportedly hit by a drone in the Black Sea, underscoring geopolitical and operational risk. Chevron tanker used for CPC oil hit by drone in Black Sea

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 value of $73,416,000.00. Following the sale, the director owned 278,045 shares in the company, valued at approximately $53,718,294. This represents a 57.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.56% of the company’s stock.

Chevron Trading Down 1.1%

Shares of NYSE:CVX opened at $174.05 on Friday. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The company has a market capitalization of $346.64 billion, a P/E ratio of 30.16, a price-to-earnings-growth ratio of 0.60 and a beta of 0.50. The company has a 50-day simple moving average of $182.23 and a 200 day simple moving average of $181.32.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.41. The firm had revenue of $47.56 billion for the quarter, compared to the consensus estimate of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.18 earnings per share. Sell-side analysts forecast that Chevron Corporation will post 15.28 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were issued a dividend of $1.78 per share. 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 4.1%. Chevron’s payout ratio is presently 123.40%.

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.