Castleark Management LLC Invests $28.25 Million in Chevron Corporation $CVX

Castleark Management LLC acquired a new position in Chevron Corporation (NYSE:CVX) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 136,550 shares of the oil and gas company’s stock, valued at approximately $28,252,000. Chevron comprises approximately 0.9% of Castleark Management LLC’s holdings, making the stock its 25th biggest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Family Manage LLC grew its stake in Chevron by 36.1% in the 1st quarter. Family Manage LLC now owns 3,896 shares of the oil and gas company’s stock valued at $806,000 after buying an additional 1,033 shares during the last quarter. Gateway Wealth Partners LLC lifted its position in Chevron by 622.1% during the 1st quarter. Gateway Wealth Partners LLC now owns 12,536 shares of the oil and gas company’s stock worth $2,594,000 after acquiring an additional 10,800 shares during the last quarter. Weiss Asset Management LP bought a new stake in Chevron during the first quarter valued at about $1,108,000. Cypress Capital Group boosted its holdings in Chevron by 3.8% during the first quarter. Cypress Capital Group now owns 42,652 shares of the oil and gas company’s stock valued at $8,825,000 after acquiring an additional 1,558 shares during the period. Finally, Everest Financial Group LLC acquired a new stake in shares of Chevron in the first quarter valued at about $280,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director John B. Hess sold 380,000 shares of the firm’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 transaction of $73,416,000.00. Following the completion of the transaction, the director owned 278,045 shares in the company, valued at $53,718,294. This trade represents a 57.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.56% of the company’s stock.

Chevron Price Performance

Shares of Chevron stock opened at $194.72 on Monday. The firm has a market cap of $387.80 billion, a P/E ratio of 33.75, a price-to-earnings-growth ratio of 0.65 and a beta of 0.50. The firm’s 50-day simple moving average is $182.12 and its 200-day simple moving average is $183.97. Chevron Corporation has a twelve month low of $146.49 and a twelve month 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.

Chevron (NYSE:CVX) last posted its quarterly 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 analyst estimates of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.18 earnings per share. As a group, research analysts expect that Chevron Corporation will post 15.6 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Mizuho boosted their price objective on Chevron from $225.00 to $230.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Piper Sandler began coverage on Chevron in a report on Thursday. They issued an “overweight” rating and a $207.00 target price on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $220.00 price target on shares of Chevron in a research report on Tuesday, May 5th. Zacks Research lowered Chevron from a “strong-buy” rating to a “hold” rating in a report on Monday, June 8th. Finally, Tudor Pickering upgraded Chevron from a “hold” rating to a “buy” rating and set a $225.00 price target for the company in a report on Thursday, April 9th. Nineteen analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.