Engineers Gate Manager LP Acquires 83,671 Shares of Chevron Corporation $CVX

Engineers Gate Manager LP raised its holdings in Chevron Corporation (NYSE:CVX) by 233.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 119,529 shares of the oil and gas company’s stock after buying an additional 83,671 shares during the quarter. Engineers Gate Manager LP’s holdings in Chevron were worth $19,813,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CVX. California State Teachers Retirement System increased its stake in shares of Chevron by 19,425.5% in the 2nd quarter. California State Teachers Retirement System now owns 432,663,934 shares of the oil and gas company’s stock valued at $71,718,374,000 after acquiring an additional 430,448,040 shares in the last quarter. BlackRock Inc. bought a new position in Chevron during the second quarter worth $25,663,729,000. Norges Bank bought a new position in Chevron during the fourth quarter worth $3,727,586,000. Bank of New York Mellon Corp acquired a new stake in Chevron in the second quarter worth $2,378,114,000. Finally, State Street Corp grew its holdings in Chevron by 9.1% in the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock worth $23,698,184,000 after purchasing an additional 12,789,399 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Brent crude rose above $100 per barrel and WTI topped $95 amid escalating Middle East tensions. Higher oil prices can support Chevron’s upstream revenue, earnings and cash flow. Comparing Energy ETFs: Positioning Portfolios as Oil Hits $100
• Positive Sentiment: Chevron plans to double its Venezuelan oil rigs as part of a five-year, roughly $7 billion investment program, targeting production of up to 600,000 barrels per day by 2031. The expansion offers significant long-term volume growth if political, regulatory and operating conditions cooperate. Chevron to double oil rigs in Venezuela as part of growth plan
• Positive Sentiment: Chief Financial Officer Eimear Bonner emphasized Chevron’s scale, cost-efficiency efforts in U.S. shale and global expansion. Investors may view these initiatives, along with Hess-related synergies and strong free cash flow, as evidence of greater financial flexibility. Chevron CFO Says Oil Giant Is Bigger, Better and Stronger Than We’ve Ever Been
• Positive Sentiment: Chevron remains attractive to income-oriented investors because of its scale, balance-sheet strength and shareholder returns, particularly while energy prices are elevated. Oil Prices Are Climbing, Yet These 3 Energy Stocks Yield 3%+

Analyst Ratings Changes

Several equities analysts have recently weighed in on CVX shares. Wall Street Zen upgraded shares of Chevron from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Mizuho set a $224.00 target price on Chevron in a research note on Monday, August 3rd. Zacks Research lowered Chevron from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. Wolfe Research raised Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price target on the stock in a research note on Thursday, July 2nd. Finally, Barclays cut their price target on Chevron from $216.00 to $208.00 and set an “equal weight” rating on the stock in a report on Monday, August 17th. Twenty equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $211.35.

Insider Activity

In related news, CEO Michael Wirth sold 317,100 shares of the firm’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the transaction, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at $5,273,701.68. This trade represents a 92.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider R. Pate sold 2,470 shares of the business’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total transaction of $506,621.70. Following the transaction, the insider owned 10,794 shares in the company, valued at approximately $2,213,957.34. This trade represents a 18.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,152,582 shares of company stock valued at $225,853,661 over the last ninety days. Company insiders own 0.56% of the company’s stock.

Chevron Stock Up 1.9%

CVX stock opened at $213.69 on Thursday. The stock’s 50 day moving average is $193.75 and its 200-day moving average is $190.40. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $215.28. The firm has a market capitalization of $422.20 billion, a PE ratio of 20.49, a P/E/G ratio of 0.62 and a beta of 0.50. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating 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 analyst estimates of $62.72 billion. During the same period in the prior year, the firm posted $1.77 EPS. Chevron’s quarterly revenue was up 57.4% compared to the same quarter last year. Sell-side analysts expect that Chevron Corporation will post 16.51 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced 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 is Wednesday, August 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.3%. Chevron’s dividend payout ratio is currently 68.26%.

About Chevron

Chevron Corporation is an integrated energy company engaged in the exploration, production, transportation and sale of crude oil and natural gas. The company also manufactures and markets transportation fuels, lubricants, petrochemicals and additives through operations and brands that include Chevron, Texaco and Caltex.

Chevron’s upstream activities include oil and natural gas exploration and production, while its downstream business includes refining, fuel marketing, transportation and related energy services.