Summitry LLC Purchases 130,485 Shares of Chevron Corporation $CVX

by · The Cerbat Gem

Summitry LLC increased its position in Chevron Corporation (NYSE:CVX – Free Report) by 3,584.8% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 134,125 shares of the oil and gas company’s stock after acquiring an additional 130,485 shares during the quarter. Summitry LLC’s holdings in Chevron were worth $27,750,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. State Street Corp grew its holdings in Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock worth $23,698,184,000 after acquiring an additional 12,789,399 shares during the last quarter. Berkshire Hathaway Inc raised its stake in shares of Chevron by 6.6% during the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock valued at $19,837,131,000 after acquiring an additional 8,091,570 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Chevron by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company’s stock worth $6,620,187,000 after purchasing an additional 134,890 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Chevron by 2.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company’s stock worth $5,492,377,000 after purchasing an additional 961,341 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Chevron by 5.1% during the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock worth $5,716,694,000 after purchasing an additional 1,334,976 shares during the period. Institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

CVX has been the subject of a number of recent research reports. Royal Bank Of Canada restated an “outperform” rating and issued a $220.00 price objective on shares of Chevron in a report on Tuesday, May 5th. Sanford C. Bernstein cut their target price on Chevron from $216.00 to $204.00 and set a “market perform” rating on the stock in a report on Monday, May 11th. BNP Paribas Exane upgraded Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price target on the stock in a research report on Friday, April 17th. UBS Group reissued a “buy” rating on shares of Chevron in a research note on Tuesday, June 23rd. Finally, Zacks Research cut Chevron from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. Eighteen 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $207.17.

View Our Latest Analysis on Chevron

More Chevron News

Here are the key news stories impacting Chevron this week:

  • Positive Sentiment: Strong earnings beat: Chevron reported adjusted earnings of $12.0 billion, or $6.06 per diluted share, versus analysts’ expectation of $5.55. Reported earnings reached $12.1 billion, the company’s highest quarterly profit in at least six years, while revenue rose 57.4% year over year to $67.2 billion. Chevron records highest quarterly profit in six years, tops estimates
  • Positive Sentiment: Higher production and refining performance: Global oil-equivalent production increased 20% to 4.07 million barrels per day, supported by Hess-related assets, the Permian Basin and the Gulf of America. Record U.S. production, strong refining margins and near-full-capacity operations boosted results. CVX Q2 Earnings Beat on Higher Output and Strong Refining Margins
  • Positive Sentiment: Excellent cash generation and growth opportunities: Operating cash flow was $22.6 billion, and Chevron maintained its $1.78 quarterly dividend. Management also highlighted expansion plans involving Iraq, Venezuela, Argentina and a 20-year power agreement to supply a Microsoft data center. Chevron CFO on second-quarter earnings, growth plan and Iraq accord
  • Neutral Sentiment: Energy-sector tailwind: Rising crude, gasoline and diesel prices, driven by Middle East supply disruptions, lifted Chevron and other integrated oil companies and supported broader energy ETFs. Supermajor Earnings: Exxon and Chevron’s Impact on ETF Market
  • Negative Sentiment: Geopolitical and valuation risks remain: Chevron said the conflict reduced output in the Saudi Arabia–Kuwait Partitioned Zone. Executives also warned of escalating supply risks, while potential gasoline-price interventions or windfall taxes could pressure future profits. Analysts noted that some of the earnings improvement may already be reflected in the stock price. Chevron’s Strong Quarter Shows Why It Still Leads the Energy Sector

Chevron Trading Up 2.5%

NYSE:CVX opened at $197.10 on Friday. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $392.55 billion, a price-to-earnings ratio of 34.16, a PEG ratio of 0.60 and a beta of 0.50. The firm has a fifty day simple moving average of $181.95 and a two-hundred day simple moving average of $184.96.

Chevron (NYSE:CVX – Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. During the same period in the prior year, the business earned $1.77 EPS. The firm’s revenue for the quarter was up 57.4% on a year-over-year basis. Analysts expect that Chevron Corporation will post 15.64 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be given a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 123.40%.

Insider Buying and Selling at Chevron

In other Chevron news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction that occurred 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 transaction, the director owned 278,045 shares of the company’s stock, 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. 0.56% of the stock is owned by insiders.

Chevron Profile

(Free Report)

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.

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