Dickmeyer Boyce Financial Management Inc. Takes Position in Chevron Corporation $CVX

Dickmeyer Boyce Financial Management Inc. purchased a new position in Chevron Corporation (NYSE:CVX) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 6,658 shares of the oil and gas company’s stock, valued at approximately $1,378,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CVX. State Street Corp grew its holdings in shares of Chevron by 9.1% during the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock worth $23,698,184,000 after buying an additional 12,789,399 shares in the last quarter. Berkshire Hathaway Inc lifted its stake in Chevron by 6.6% in the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock valued at $19,837,131,000 after acquiring an additional 8,091,570 shares in the last quarter. Geode Capital Management LLC boosted its position in Chevron by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company’s stock worth $6,620,187,000 after acquiring an additional 134,890 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Chevron by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company’s stock worth $5,492,377,000 after acquiring an additional 961,341 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Chevron during the 4th quarter worth approximately $3,727,586,000. Institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 0.7%

CVX stock opened at $194.39 on Friday. The company has a fifty day moving average price of $182.04 and a two-hundred day moving average price of $183.75. 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 stock has a market cap of $387.15 billion, a price-to-earnings ratio of 33.69, a price-to-earnings-growth ratio of 0.68 and a beta of 0.50. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71.

Chevron (NYSE:CVX) last announced its earnings results on Friday, May 1st. The oil and gas company reported $1.41 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 business had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. During the same quarter in the previous year, the firm posted $2.18 EPS. Chevron’s revenue was up 2.1% compared to the same quarter last year. Equities analysts anticipate that Chevron Corporation will post 14.75 EPS for the current year.

Chevron Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Mizuho boosted their price objective on shares of Chevron from $225.00 to $230.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Tudor Pickering upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $225.00 price objective for the company in a research note on Thursday, April 9th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $216.00 target price on shares of Chevron in a research report on Friday, July 10th. Citigroup increased their price target on Chevron from $210.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. Finally, Scotiabank boosted their price target on Chevron from $168.00 to $187.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 22nd. Nineteen 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 stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $205.17.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Piper Sandler initiated coverage on Chevron as the only global oil major with an outperform rating, a constructive signal versus peers. Chevron only outperform-rated name among global oil majors initiated at Piper Sandler
• Positive Sentiment: Oil prices surged above $100 a barrel intraday amid geopolitical tensions, which should improve Chevron’s realized prices and near-term earnings prospects. 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 highlighted as an outperformer among dividend and integrated energy names, reinforcing its appeal as a defensive income stock in a stronger oil market. Chevron Leads 3 Dividend Aristocrats Paying Up to 4% and Beating the S&P 500
• Neutral Sentiment: Chevron shut production at a U.S. Gulf platform ahead of a tropical storm, a precautionary move that may temporarily limit output but is not necessarily a long-term issue. Chevron shuts production at U.S. Gulf platform ahead of tropical storm
• Neutral Sentiment: TD Cowen raised Chevron’s price target to $200 from $197 while keeping a hold rating, suggesting modest upside but not a major change in sentiment. Chevron price target raised by TD Cowen
• Negative Sentiment: One warning sign is that some strategists see a possible China demand slowdown and falling crude imports as a threat to the recent oil-driven rally later this year. Chevron’s Biggest Stock Rally Since 2022 Faces a China-Sized Problem

Insider Activity

In other news, Director John B. Hess sold 380,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director owned 278,045 shares of the company’s stock, valued at approximately $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.56% of the stock is currently owned by corporate insiders.

Chevron 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.