Bank of America Corp DE Increases Stock Position in Chevron Corporation $CVX

Bank of America Corp DE increased its holdings in Chevron Corporation (NYSE:CVX) by 5.1% in the 1st quarter, Holdings Channel reports. The institutional investor owned 27,630,227 shares of the oil and gas company’s stock after purchasing an additional 1,334,976 shares during the period. Bank of America Corp DE’s holdings in Chevron were worth $5,716,694,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Curtis Advisory Group LLC purchased a new stake in Chevron in the fourth quarter valued at approximately $1,381,000. Indivisible Partners purchased a new position in Chevron in the 4th quarter worth approximately $1,923,000. Janney Montgomery Scott LLC grew its stake in Chevron by 6.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company’s stock worth $258,853,000 after buying an additional 79,439 shares in the last quarter. Galaxy Digital Inc. bought a new position in shares of Chevron in the 1st quarter worth $2,028,000. Finally, Nations Financial Group Inc. IA ADV increased its holdings in shares of Chevron by 35.0% in the 4th quarter. Nations Financial Group Inc. IA ADV now owns 42,882 shares of the oil and gas company’s stock worth $6,536,000 after buying an additional 11,120 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CVX shares. Wells Fargo & Company lifted 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. Piper Sandler began coverage on Chevron in a research report on Thursday, July 23rd. They set an “overweight” rating and a $207.00 price target on the stock. BNP Paribas Exane raised Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price target for the company in a research note on Friday, April 17th. Mizuho lifted their price target on Chevron from $225.00 to $230.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Finally, Morgan Stanley cut their price objective on Chevron from $214.00 to $210.00 and set an “overweight” rating for the company in a report on Monday, June 29th. Nineteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $206.04.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Geopolitical tensions lifted oil prices. Renewed hostilities involving Iran, U.S. forces and Iran-backed groups reduced hopes that the Strait of Hormuz would quickly reopen, supporting crude prices. Higher commodity prices generally benefit Chevron’s production and profitability. Oil Prices Spike After Iran Launches Surprise Attack on U.S. Forces
• Positive Sentiment: Chevron is benefiting from stronger Venezuelan production. Reports highlighted rising oil output following the U.S. takeover of Venezuela, adding to the company’s production growth narrative and helping CVX outperform many other Dow stocks. Dow Leader Rides Surging Oil Prices And Trump’s Venezuela Spoils
• Positive Sentiment: Bank of America’s relative preference supports CVX. BofA downgraded Exxon Mobil to Neutral while maintaining a Buy-rated view on Chevron, providing a favorable analyst comparison for CVX within the large-cap oil sector. Exxon Cut to Neutral at BofA, Which Favors Buy-Rated Chevron
• Neutral Sentiment: Second-quarter earnings are the next major catalyst. Chevron is scheduled to report on July 31. Investors are weighing the benefit of higher oil prices against potentially volatile commodity-driven earnings and the company’s prior year-over-year earnings decline. Pre-Q2 Earnings: Is Chevron Stock a Buy, Hold, or Sell?
• Neutral Sentiment: International expansion remains an opportunity with execution risks. Chevron is discussing Iraqi oil fields and export projects while also seeking U.S. government support to protect its Kazakhstan assets. The initiatives could expand production, but they expose the company to geopolitical and regulatory uncertainty. Chevron Returns to Iraq: What Do the Latest Oilfield Talks Signal?

Chevron Price Performance

Shares of Chevron stock opened at $191.91 on Thursday. 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 one year low of $146.49 and a one year high of $214.71. The business’s 50 day simple moving average is $181.81 and its two-hundred day simple moving average is $184.66. The stock has a market capitalization of $382.21 billion, a P/E ratio of 33.26, a price-to-earnings-growth ratio of 0.62 and a beta of 0.50.

Chevron (NYSE:CVX) last released its quarterly earnings data 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 return on equity of 6.90% and a net margin of 5.79%.The firm had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. During the same quarter in the prior year, the firm posted $2.18 earnings per share. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. Analysts forecast that Chevron Corporation will post 15.61 EPS for the current year.

Insider Buying and Selling

In related news, Director John B. Hess sold 380,000 shares of the company’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 completion of the sale, the director directly owned 278,045 shares in the company, valued at $53,718,294. This represents a 57.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.56% of the stock is owned by corporate insiders.

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.