Chevron Corporation $CVX Shares Purchased by Sumitomo Mitsui DS Asset Management Company Ltd

by · The Cerbat Gem

Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Chevron Corporation (NYSE:CVX – Free Report) by 1.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 551,979 shares of the oil and gas company’s stock after purchasing an additional 8,833 shares during the period. Chevron accounts for 0.7% of Sumitomo Mitsui DS Asset Management Company Ltd’s holdings, making the stock its 24th biggest holding. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Chevron were worth $112,720,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. State Street Corp increased its stake in shares of Chevron by 3.9% in the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock valued at $28,016,651,000 after buying an additional 5,998,852 shares during the period. BlackRock Inc. bought a new position in shares of Chevron during the second quarter worth about $25,663,729,000. Bank of America Corp DE raised its position 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 acquiring an additional 1,334,976 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Chevron during the second quarter worth about $2,378,114,000. Finally, Amundi lifted its stake in shares of Chevron by 14.1% in the second quarter. Amundi now owns 13,900,271 shares of the oil and gas company’s stock worth $2,304,109,000 after acquiring an additional 1,714,835 shares during the period. Institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CVX shares. HSBC set a $90.00 target price on shares of Chevron in a research report on Friday, September 25th. Wells Fargo & Company upped their price objective on shares of Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a research note on Thursday, September 3rd. Wolfe Research upgraded shares of Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective for the company in a research report on Thursday, July 2nd. BNP Paribas Exane lowered their target price on shares of Chevron from $230.00 to $224.00 and set an “outperform” rating for the company in a research note on Friday, July 17th. Finally, Bank of America lifted their target price on shares of Chevron from $210.00 to $227.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $213.96.

View Our Latest Research Report on Chevron

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

  • Positive Sentiment: Brent crude rose above $110 per barrel and reached a five-month high as renewed U.S.-Israel tensions with Iran increased fears of Middle East supply disruptions. Higher oil prices typically support Chevron’s upstream revenue and cash flow. Chevron, ExxonMobil Stocks Hit 52-Week Highs
  • Positive Sentiment: Chevron’s possible expansion in Venezuela could eventually lift production to roughly 600,000 barrels per day, more than doubling current output. The country’s low production costs could create significant long-term profit potential, although execution and political conditions remain important. Chevron Is Pouring Billions Into Venezuela
  • Positive Sentiment: Analysts have raised Chevron earnings estimates, citing higher oil prices, Permian production growth, lower development costs and disciplined capital spending. Bakken changes and portfolio adjustments are also being viewed as ways to improve efficiency and cash flow. Earnings Estimates Moving Higher for Chevron
  • Positive Sentiment: Chevron continues to receive favorable investor attention, including a bullish Goldman Sachs view and increased holdings by prominent investors. Articles also highlight potential benefits from Venezuela and Greece-related deals, spare refining capacity and possible Iraqi oil opportunities. Chevron Stock Nears a 52-Week High

Chevron Trading Up 0.6%

CVX opened at $225.67 on Wednesday. The company has a fifty day moving average price of $208.76 and a two-hundred day moving average price of $193.71. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $227.28. The company has a market cap of $445.87 billion, a P/E ratio of 21.64, a price-to-earnings-growth ratio of 0.61 and a beta of 0.53. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19.

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 (EPS) for the quarter, beating the consensus estimate of $5.55 by $0.51. The business had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. Chevron’s revenue was up 57.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.77 EPS. Analysts predict that Chevron Corporation will post 17.71 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were paid a $1.78 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.2%. Chevron’s dividend payout ratio is presently 68.26%.

Insider Transactions at Chevron

In other Chevron news, insider R. Pate sold 2,470 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total value of $506,621.70. Following the completion of the transaction, the insider owned 10,794 shares in the company, valued at $2,213,957.34. This trade represents a 18.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John B. Hess sold 710,665 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the completion of the transaction, the director owned 363,711 shares of the company’s stock, valued at $70,596,305.10. This trade represents a 66.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,152,582 shares of company stock worth $225,853,661 in the last ninety days. Company insiders own 0.56% of the company’s stock.

Chevron Profile

(Free Report)

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.

The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.

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