Gabelli Funds LLC Decreases Stock Holdings in Chevron Corporation $CVX

Gabelli Funds LLC trimmed its position in shares of Chevron Corporation (NYSE:CVX) by 9.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 447,012 shares of the oil and gas company’s stock after selling 44,435 shares during the period. Chevron comprises 0.6% of Gabelli Funds LLC’s portfolio, making the stock its 28th largest position. Gabelli Funds LLC’s holdings in Chevron were worth $92,487,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CVX. Cornerstone Advisory LLC grew its position in shares of Chevron by 0.9% in the 1st quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company’s stock worth $1,164,000 after buying an additional 52 shares during the last quarter. Compton Financial Group LLC increased its stake in shares of Chevron by 1.9% during the first quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company’s stock valued at $609,000 after buying an additional 56 shares during the period. Quantum Portfolio Management LLC raised its holdings in shares of Chevron by 2.7% during the first quarter. Quantum Portfolio Management LLC now owns 2,101 shares of the oil and gas company’s stock valued at $435,000 after acquiring an additional 56 shares in the last quarter. Wealthspire Retirement LLC raised its holdings in shares of Chevron by 0.9% during the first quarter. Wealthspire Retirement LLC now owns 6,530 shares of the oil and gas company’s stock valued at $1,351,000 after acquiring an additional 56 shares in the last quarter. Finally, D.B. Root & Company LLC lifted its stake in Chevron by 1.0% in the fourth quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company’s stock worth $846,000 after acquiring an additional 57 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Tudor Pickering upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $225.00 price target on the stock in a report on Thursday, April 9th. Wells Fargo & Company upped their price objective on shares of Chevron from $204.00 to $222.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Sanford C. Bernstein dropped their target price on shares of Chevron from $216.00 to $204.00 and set a “market perform” rating for the company in a research report on Monday, May 11th. Barclays lifted their target price on shares of Chevron from $192.00 to $213.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 26th. Finally, TD Cowen boosted their price target on shares of Chevron from $197.00 to $200.00 and gave the company a “hold” rating in a research report on Wednesday. Nineteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $205.17.

Chevron News Summary

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 Buying and Selling at Chevron

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

Chevron Stock Performance

Shares of Chevron stock opened at $194.72 on Friday. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $214.71. The firm’s 50-day moving average is $182.12 and its 200 day moving average is $183.83. The stock has a market cap 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 debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84.

Chevron (NYSE:CVX) last issued 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 business had revenue of $47.56 billion during the quarter, compared to analysts’ expectations of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the previous year, the company earned $2.18 earnings per share. Sell-side analysts anticipate that Chevron Corporation will post 14.75 EPS for the current fiscal year.

Chevron Announces Dividend

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

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.