Keebeck Wealth Management Acquires 4,129 Shares of Chevron Corporation $CVX

Keebeck Wealth Management boosted its stake in Chevron Corporation (NYSE:CVX) by 231.6% in the first quarter, HoldingsChannel reports. The firm owned 5,912 shares of the oil and gas company’s stock after buying an additional 4,129 shares during the period. Keebeck Wealth Management’s holdings in Chevron were worth $1,223,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Midwest Capital Advisors LLC bought a new position in shares of Chevron in the first quarter valued at $25,000. Core Wealth Advisors LLC purchased a new position in shares of Chevron in the 4th quarter worth about $26,000. Phillip James Consulting Co. purchased a new stake in shares of Chevron during the 4th quarter worth approximately $26,000. Basso Capital Management L.P. purchased a new stake in Chevron in the 4th quarter worth about $27,000. Finally, Karpus Management Inc. bought a new position in Chevron in the 4th quarter worth approximately $27,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Chevron

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

Insider Buying and Selling

In related news, Director John B. Hess sold 380,000 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.56% of the stock is owned by company insiders.

Chevron Stock Performance

NYSE:CVX opened at $194.72 on Friday. The firm has a market capitalization of $387.80 billion, a PE ratio of 33.75, a PEG ratio of 0.69 and a beta of 0.50. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $214.71. The stock’s fifty day moving average is $182.12 and its 200 day moving average is $183.83. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. During the same period in the prior year, the company posted $2.18 EPS. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. On average, sell-side analysts anticipate that Chevron Corporation will post 14.75 earnings per share for the current year.

Chevron Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CVX. Royal Bank Of Canada reiterated an “outperform” rating and set a $220.00 price target on shares of Chevron in a research report on Tuesday, May 5th. Jefferies Financial Group reiterated a “buy” rating and issued a $216.00 price objective on shares of Chevron in a report on Friday, July 10th. Tudor Pickering raised Chevron from a “hold” rating to a “buy” rating and set a $225.00 price target on the stock in a research report on Thursday, April 9th. TD Cowen lifted their target price on Chevron from $197.00 to $200.00 and gave the stock a “hold” rating in a report on Wednesday. Finally, Weiss Ratings lowered shares of Chevron from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Nineteen analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $205.17.

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.