Sei Investments Co. Acquires 374,198 Shares of Chevron Corporation $CVX

Sei Investments Co. raised its stake in shares of Chevron Corporation (NYSE:CVX) by 53.7% in the first quarter, HoldingsChannel reports. The institutional investor owned 1,071,141 shares of the oil and gas company’s stock after acquiring an additional 374,198 shares during the period. Sei Investments Co.’s holdings in Chevron were worth $221,618,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CVX. Norges Bank bought a new position in shares of Chevron during the fourth quarter worth $3,727,586,000. State Street Corp increased its holdings in Chevron by 9.1% in the 3rd 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. Berkshire Hathaway Inc increased its holdings 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 during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Chevron by 822.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company’s stock worth $946,658,000 after purchasing an additional 5,537,580 shares in the last quarter. Finally, Amundi lifted its stake in Chevron by 41.8% in the 3rd quarter. Amundi now owns 11,760,376 shares of the oil and gas company’s stock worth $1,811,333,000 after purchasing an additional 3,464,058 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 1.0%

Shares of NYSE CVX opened at $193.04 on Thursday. The business’s 50 day moving average is $181.88 and its two-hundred day moving average is $183.48. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71. The stock has a market capitalization of $384.45 billion, a P/E ratio of 33.46, a PEG ratio of 0.67 and a beta of 0.50.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.41. The business had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the company earned $2.18 EPS. As a group, research analysts expect that Chevron Corporation will post 14.78 EPS for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were given a $1.78 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.7%. Chevron’s dividend payout ratio (DPR) is currently 123.40%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. UBS Group restated a “buy” rating on shares of Chevron in a research report on Tuesday, June 23rd. Mizuho increased their price target on Chevron from $225.00 to $230.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Weiss Ratings cut Chevron from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Barclays lifted their price objective on Chevron from $192.00 to $213.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 26th. Finally, Sanford C. Bernstein decreased their price objective on Chevron from $216.00 to $204.00 and set a “market perform” rating on the stock in a report on Monday, May 11th. Nineteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $206.62.

Insider Buying and Selling

In other Chevron 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 transaction of $73,416,000.00. Following the transaction, the director owned 278,045 shares in the company, valued at $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.56% of the stock is owned by insiders.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: TD Cowen lifted its price target on Chevron to $200 from $197, signaling continued analyst confidence despite keeping a hold rating. TD Cowen price target update
• Positive Sentiment: Chevron is being highlighted in dividend-focused articles as a steady income name, which may support demand from long-term investors. Dividend Aristocrats article
• Positive Sentiment: Rising oil prices amid geopolitical uncertainty are favorable for Chevron’s upstream business and could improve near-term earnings. Oil prices jump article
• Neutral Sentiment: Chevron shut production at a U.S. Gulf platform ahead of a tropical storm, a precautionary move that could limit output temporarily but is not necessarily a lasting operational issue. Production shutdown article
• Neutral Sentiment: Investors are awaiting Chevron’s second-quarter earnings, with expectations for a strong profit rebound; the report could become a major stock catalyst. Earnings preview article

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.