Matrix Private Capital Group LLC Acquires Shares of 17,387 Chevron Corporation $CVX

Matrix Private Capital Group LLC acquired a new stake in Chevron Corporation (NYSE:CVX) during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 17,387 shares of the oil and gas company’s stock, valued at approximately $3,597,000. Chevron comprises about 1.7% of Matrix Private Capital Group LLC’s investment portfolio, making the stock its 13th largest holding.

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

Chevron Stock Up 0.2%

Chevron stock opened at $194.72 on Friday. The company has a market capitalization of $387.80 billion, a P/E ratio of 33.75, a PEG ratio of 0.69 and a beta of 0.50. 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 Corporation has a fifty-two week low of $146.49 and a fifty-two week 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.

Chevron (NYSE:CVX) last released its quarterly 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 the consensus estimate of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.18 EPS. Equities research analysts expect that Chevron Corporation will post 15.6 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. Stockholders of record on Tuesday, May 19th were issued a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron’s dividend payout ratio is presently 123.40%.

Analyst Ratings Changes

A number of research analysts have recently commented on CVX shares. Zacks Research downgraded Chevron from a “strong-buy” rating to a “hold” rating in a report on Monday, June 8th. TD Cowen boosted their target price on Chevron from $197.00 to $200.00 and gave the stock a “hold” rating in a research note on Wednesday. BNP Paribas Exane raised Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price target for the company in a report on Friday, April 17th. Morgan Stanley dropped their price target on shares of Chevron from $214.00 to $210.00 and set an “overweight” rating on the stock in a research note on Monday, June 29th. Finally, Mizuho raised their price objective on shares of Chevron from $225.00 to $230.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Nineteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $205.17.

Insider Activity

In other news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the transaction, the director directly owned 278,045 shares of the company’s stock, valued at $53,718,294. The trade was a 57.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.56% of the company’s stock.

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

Chevron Company 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.