Gabelli Funds LLC Sells 44,435 Shares of Chevron Corporation $CVX

Gabelli Funds LLC lessened its stake in shares of Chevron Corporation (NYSE:CVX) by 9.0% during the first quarter, HoldingsChannel.com reports. The fund owned 447,012 shares of the oil and gas company’s stock after selling 44,435 shares during the quarter. Chevron accounts for about 0.6% of Gabelli Funds LLC’s portfolio, making the stock its 28th biggest position. Gabelli Funds LLC’s holdings in Chevron were worth $92,487,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Rockbridge Investment Management LCC purchased a new position in shares of Chevron in the 1st quarter worth $326,000. Pennington Partners & CO. LLC increased its position in Chevron by 20.6% during the first quarter. Pennington Partners & CO. LLC now owns 2,855 shares of the oil and gas company’s stock valued at $591,000 after acquiring an additional 487 shares during the last quarter. Compound Planning Inc. increased its position in Chevron by 7.4% during the first quarter. Compound Planning Inc. now owns 44,996 shares of the oil and gas company’s stock valued at $9,310,000 after acquiring an additional 3,087 shares during the last quarter. Klingman & Associates LLC increased its position in Chevron by 5.9% during the first quarter. Klingman & Associates LLC now owns 6,668 shares of the oil and gas company’s stock valued at $1,380,000 after acquiring an additional 371 shares during the last quarter. Finally, Keebeck Wealth Management lifted its holdings in Chevron by 231.6% in the first quarter. Keebeck Wealth Management now owns 5,912 shares of the oil and gas company’s stock valued at $1,223,000 after acquiring an additional 4,129 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of Chevron stock opened at $194.72 on Friday. The company has a market capitalization of $387.80 billion, a price-to-earnings ratio of 33.75, a PEG ratio of 0.69 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. The stock’s 50-day simple moving average is $182.12 and its 200-day simple moving average is $183.83. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71.

Chevron (NYSE:CVX) last released its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.41. The firm had revenue of $47.56 billion during the quarter, compared to analysts’ expectations of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The firm’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the business posted $2.18 earnings per share. As a group, analysts expect that Chevron Corporation will post 14.75 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

More Chevron News

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

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 380,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the sale, the director directly owned 278,045 shares of the company’s stock, valued at $53,718,294. This trade represents a 57.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.56% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CVX. Sanford C. Bernstein dropped their target price on Chevron from $216.00 to $204.00 and set a “market perform” rating on the stock in a research report on Monday, May 11th. The Goldman Sachs Group reiterated a “buy” rating and issued a $216.00 price objective on shares of Chevron in a research note on Wednesday, May 6th. Barclays raised their price objective on shares of Chevron from $192.00 to $213.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 26th. Zacks Research lowered shares of Chevron from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. Finally, Wolfe Research raised shares of Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 target price for the company in a report on Thursday, July 2nd. Nineteen investment 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $205.17.

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.