Cannell & Spears LLC Has $43.55 Million Stake in Chevron Corporation $CVX

Cannell & Spears LLC reduced its stake in shares of Chevron Corporation (NYSE:CVX) by 1.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 209,965 shares of the oil and gas company’s stock after selling 3,961 shares during the quarter. Cannell & Spears LLC’s holdings in Chevron were worth $43,548,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Midwest Capital Advisors LLC bought a new position in Chevron in the 1st quarter valued at $25,000. Core Wealth Advisors LLC acquired a new stake in shares of Chevron in the 4th quarter valued at $26,000. Phillip James Consulting Co. bought a new stake in shares of Chevron during the fourth quarter worth $26,000. Basso Capital Management L.P. bought a new stake in shares of Chevron during the fourth quarter worth $27,000. Finally, Karpus Management Inc. acquired a new position in shares of Chevron during the fourth quarter valued at $27,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was highlighted as one of the biggest beneficiaries of the recent oil rally, with Brent briefly topping $100 a barrel and integrated oil majors gaining as investors price in tighter global supply. BATL, CVX, XOM Stocks Rise As Brent Crude Tops $100 – Trump Threatens Iran With ‘Major Military Punishment’ After Houthi Attack On Saudi Ships
• Positive Sentiment: Chevron was also singled out as the only “outperform”-rated global oil major in Piper Sandler’s new coverage, reinforcing a relatively favorable analyst view versus peers. Chevron only outperform-rated name among global oil majors initiated at Piper Sandler
• Neutral Sentiment: Recent commentary says Chevron is rallying despite a classic bearish signal, suggesting momentum traders are still buying the stock even after the move in oil. Chevron ignored a classic bearish call: Here’s why stock is rallying
• Neutral Sentiment: Several previews ahead of next week’s earnings note that Chevron is expected to report higher earnings, but one Zacks piece warns the company may not have the ideal setup for a clear beat. Chevron (CVX) Earnings Expected to Grow: What to Know Ahead of Next Week’s Release
• Negative Sentiment: Some analysis cautions that Chevron’s rally could face headwinds if Chinese crude demand weakens, which could limit upside even if oil prices remain elevated. Chevron’s Biggest Stock Rally Since 2022 Faces a China-Sized Problem

Chevron Trading Up 0.2%

NYSE CVX opened at $194.72 on Friday. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. The stock has a 50-day simple moving average of $182.12 and a 200 day simple moving average of $183.83. 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 company has a market capitalization of $387.80 billion, a PE ratio of 33.75, a P/E/G ratio of 0.69 and a beta of 0.50.

Chevron (NYSE:CVX) last issued its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.41. The firm had revenue of $47.56 billion for the quarter, compared to analysts’ expectations of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The company’s revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the business earned $2.18 earnings per share. Research analysts forecast that Chevron Corporation will post 14.75 EPS for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were paid a dividend of $1.78 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $7.12 annualized dividend and a yield of 3.7%. Chevron’s dividend payout ratio (DPR) is presently 123.40%.

Analyst Ratings Changes

Several research firms recently issued reports on CVX. Wolfe Research upgraded Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price target on the stock in a report on Thursday, July 2nd. Sanford C. Bernstein cut their target price on shares of Chevron from $216.00 to $204.00 and set a “market perform” rating on the stock in a research report on Monday, May 11th. Wells Fargo & Company raised their target price on shares of Chevron from $204.00 to $222.00 and gave the company an “overweight” rating in a research note on Thursday, April 9th. Jefferies Financial Group reiterated a “buy” rating and set a $216.00 price target on shares of Chevron in a research report on Friday, July 10th. Finally, Tudor Pickering raised shares of Chevron from a “hold” rating to a “buy” rating and set a $225.00 price target for the company in a research note on Thursday, April 9th. Nineteen analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $205.17.

Insiders Place Their Bets

In related news, Director John B. Hess sold 380,000 shares of the business’s 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 completion of the transaction, the director owned 278,045 shares in the company, valued at approximately $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.56% of the stock is owned by 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.