Saranac Partners Ltd Makes New Investment in Chevron Corporation $CVX

Saranac Partners Ltd purchased a new stake in Chevron Corporation (NYSE:CVX) in the 2nd quarter, according to its most recent filing with the SEC. The fund purchased 4,447 shares of the oil and gas company’s stock, valued at approximately $737,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in CVX. Midwest Capital Advisors LLC purchased a new position in shares of Chevron during the 1st quarter worth about $25,000. Main Street Group LTD acquired a new position in Chevron during the first quarter worth approximately $28,000. Phillip James Consulting Co. acquired a new position in shares of Chevron in the 4th quarter valued at $26,000. Kilter Group LLC purchased a new stake in shares of Chevron during the 2nd quarter valued at $28,000. Finally, Core Wealth Advisors LLC purchased a new stake in shares of Chevron during the 4th quarter valued at $26,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Morgan Stanley boosted their price target on Chevron from $210.00 to $218.00 and gave the company an “overweight” rating in a research report on Wednesday. The Goldman Sachs Group reiterated a “buy” rating and set a $216.00 price objective on shares of Chevron in a research note on Wednesday, May 6th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $220.00 target price on shares of Chevron in a research note on Tuesday, May 5th. Bank of America increased their price objective on shares of Chevron from $210.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Finally, Barclays decreased their target price on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a research note on Monday, August 17th. Twenty research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $207.48.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Brent crude recently approached $94–$95 per barrel amid renewed Middle East tensions and concerns about Strait of Hormuz disruptions. Sustained higher oil prices typically benefit Chevron’s upstream revenue, margins and cash flow. Chevron jumps as Brent crude approaches $94
• Positive Sentiment: Chevron confirmed an oil and gas condensate discovery at the 105-4X well in offshore Angola. Its proximity to existing facilities could allow a lower-cost tie-back, creating a potential source of future production. Chevron Angola discovery analysis
• Positive Sentiment: Chevron’s $1.78 quarterly dividend, equal to $7.12 annually and an approximately 3.5% yield, reinforces its appeal to income investors. The company also recently exceeded quarterly earnings and revenue expectations. Chevron raises dividend
• Neutral Sentiment: Analysis comparing Chevron with Exxon Mobil highlights differing long-term strategies, including Chevron’s continued emphasis on oil and gas. The approach could benefit from strong commodity prices but leaves CVX more exposed to future oil-demand and price cycles. Chevron versus Exxon Mobil analysis
• Negative Sentiment: Iraq plans to more than double its oil output over the next six years. If achieved, the added supply could pressure global crude prices and reduce the earnings benefit Chevron receives from today’s elevated prices. Iraq oil output and Chevron
• Negative Sentiment: Two Chevron insiders sold shares recently: Andrew Benjamin Walz sold 16,800 shares, while R. Hewitt Pate sold 2,470 shares. Although such transactions may reflect personal financial planning, they can create a modest sentiment overhang. Chevron insider sale report
• Negative Sentiment: A separate analysis says concerns remain centered on Chevron, including issues surrounding its Hess Midstream exposure and broader execution risks. The report may temper enthusiasm after CVX’s recent advance. Hess Midstream: The Issue Remains With Chevron

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the completion of the transaction, the director directly owned 178,045 shares of the company’s stock, valued at approximately $34,587,021.70. This represents a 35.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew Benjamin Walz sold 16,800 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $201.06, for a total value of $3,377,808.00. Following the sale, the insider owned 14 shares in the company, valued at $2,814.84. The trade was a 99.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,152,582 shares of company stock worth $225,853,661 in the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Chevron Stock Performance

Shares of Chevron stock opened at $205.25 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $214.71. The firm’s 50-day simple moving average is $185.03 and its 200-day simple moving average is $188.17. The firm has a market cap of $405.53 billion, a PE ratio of 19.68, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same period last year, the firm earned $1.77 earnings per share. The company’s revenue for the quarter was up 57.4% compared to the same quarter last year. Equities analysts forecast that Chevron Corporation will post 16.17 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a $1.78 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.5%. Chevron’s payout ratio is 68.26%.

About Chevron

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.