Diamond Hill Capital Management Inc. Has $44.22 Million Stock Holdings in Chevron Corporation $CVX

Diamond Hill Capital Management Inc. increased its holdings in Chevron Corporation (NYSE:CVX) by 90.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 290,149 shares of the oil and gas company’s stock after purchasing an additional 137,505 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Chevron were worth $44,222,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in CVX. United Bank boosted its stake in shares of Chevron by 7.7% in the 2nd quarter. United Bank now owns 11,079 shares of the oil and gas company’s stock valued at $1,586,000 after purchasing an additional 796 shares in the last quarter. Schnieders Capital Management LLC. boosted its stake in shares of Chevron by 9.0% in the 2nd quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company’s stock valued at $7,280,000 after purchasing an additional 4,214 shares in the last quarter. BNP Paribas boosted its stake in shares of Chevron by 76.4% in the 2nd quarter. BNP Paribas now owns 441 shares of the oil and gas company’s stock valued at $63,000 after purchasing an additional 191 shares in the last quarter. Osterweis Capital Management Inc. boosted its stake in shares of Chevron by 678.9% in the 2nd quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company’s stock valued at $195,000 after purchasing an additional 1,188 shares in the last quarter. Finally, Main Street Financial Solutions LLC boosted its stake in shares of Chevron by 3.6% in the 2nd quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company’s stock valued at $2,299,000 after purchasing an additional 553 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. BNP Paribas Exane upgraded shares of Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 target price on the stock in a research note on Friday, April 17th. Argus set a $203.00 target price on shares of Chevron in a research note on Tuesday, February 3rd. Morgan Stanley boosted their target price on shares of Chevron from $174.00 to $212.00 and gave the company an “overweight” rating in a research note on Friday, March 27th. Citigroup boosted their target price on shares of Chevron from $210.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Finally, UBS Group boosted their target price on shares of Chevron from $218.00 to $220.00 and gave the company a “buy” rating in a research note on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and an average price target of $204.13.

Chevron Price Performance

Shares of CVX stock opened at $191.23 on Friday. Chevron Corporation has a 1 year low of $133.77 and a 1 year high of $214.71. The firm’s 50 day moving average is $193.55 and its 200-day moving average is $174.48. The firm has a market capitalization of $380.84 billion, a price-to-earnings ratio of 33.14, a PEG ratio of 0.64 and a beta of 0.51. 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 issued 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 during the quarter, compared to analyst estimates of $51.86 billion. During the same quarter last year, the business posted $2.18 earnings per share. Chevron’s revenue for the quarter was up 2.1% compared to the same quarter last year. Sell-side analysts forecast that Chevron Corporation will post 15.43 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be given a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Tuesday, May 19th. Chevron’s dividend payout ratio (DPR) is presently 123.40%.

Insider Activity at Chevron

In related news, insider R. Hewitt Pate sold 40,200 shares of the firm’s stock in a transaction dated Monday, March 30th. The stock was sold at an average price of $213.30, for a total value of $8,574,660.00. Following the transaction, the insider owned 8,638 shares in the company, valued at $1,842,485.40. This trade represents a 82.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John B. Hess sold 195,000 shares of the business’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $184.78, for a total value of $36,032,100.00. Following the sale, the director directly owned 658,045 shares of the company’s stock, valued at $121,593,555.10. This represents a 22.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 799,699 shares of company stock valued at $151,259,517 over the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s planned sale of Asia Pacific refining and retail assets to Eneos for about $2.17 billion supports its portfolio-streamlining strategy and may strengthen the balance sheet. Chevron Corporation (CVX) Poised for $2.17B Boost from Asia Pacific Asset Sale
• Positive Sentiment: Management will participate in a fireside chat at Bernstein’s annual conference next week, which could provide fresh guidance on operations, capital spending, and shareholder returns. Advisory: Chevron to Participate in Fireside Q&A at Bernstein 42nd Annual Strategic Decisions Conference
• Positive Sentiment: Chevron introduced next-generation Techron in the U.S., a product update that may help support branded fuel demand and reinforce its consumer fuel business. Chevron Introduces Next-gen Techron in U.S. Chevron and Texaco Gasolines
• Neutral Sentiment: Several recent pieces compared Chevron favorably with other integrated oil majors and highlighted ongoing investor interest in energy stocks, but these were mostly commentary rather than new company-specific catalysts. Shell vs. Chevron: Which Integrated Oil Major Has the Upper Hand?
• Negative Sentiment: Chevron remains under scrutiny ahead of its annual meeting, as an activist-led ESG/Israel-related proposal is drawing controversy and could create headline risk for the stock. Chevron Israel Activism Puts ESG Risks And Valuation In Focus

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.