Sound Shore Management Inc. CT Invests $2.04 Million in Chevron Corporation $CVX

Sound Shore Management Inc. CT bought a new position in shares of Chevron Corporation (NYSE:CVX) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 9,855 shares of the oil and gas company’s stock, valued at approximately $2,039,000.

Several other hedge funds have also recently bought and sold shares of CVX. Scarborough Advisors LLC acquired a new position in Chevron during the first quarter valued at approximately $228,000. Balefire LLC grew its stake in Chevron by 4.4% during the first quarter. Balefire LLC now owns 11,790 shares of the oil and gas company’s stock worth $2,439,000 after buying an additional 493 shares during the period. Parallel Advisors LLC increased its position in shares of Chevron by 0.3% in the first quarter. Parallel Advisors LLC now owns 112,048 shares of the oil and gas company’s stock worth $23,183,000 after acquiring an additional 384 shares in the last quarter. Resolute Wealth Strategies LLC acquired a new stake in shares of Chevron in the first quarter worth $211,000. Finally, Broderick Brian C raised its stake in shares of Chevron by 5.0% in the 1st quarter. Broderick Brian C now owns 28,093 shares of the oil and gas company’s stock valued at $5,812,000 after acquiring an additional 1,335 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Transactions 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 stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the sale, the director directly owned 278,045 shares in the company, valued at $53,718,294. The trade was a 57.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.56% of the stock is owned by corporate insiders.

Chevron Stock Up 0.0%

Shares of Chevron stock opened at $187.39 on Monday. The business has a 50-day moving average of $181.54 and a 200-day moving average of $182.66. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. The company has a market capitalization of $373.21 billion, a PE ratio of 32.48, a P/E/G ratio of 0.66 and a beta of 0.50. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71.

Chevron (NYSE:CVX) last announced 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. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. During the same period in the previous year, the company earned $2.18 earnings per share. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, equities analysts forecast that Chevron Corporation will post 14.78 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were paid a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Tuesday, May 19th. Chevron’s dividend payout ratio (DPR) is 123.40%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CVX shares. Sanford C. Bernstein reduced their target price on shares of Chevron from $216.00 to $204.00 and set a “market perform” rating on the stock in a report on Monday, May 11th. Jefferies Financial Group reiterated a “buy” rating and issued a $216.00 price target on shares of Chevron in a report on Friday, July 10th. Royal Bank Of Canada reissued an “outperform” rating and issued a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. Weiss Ratings cut Chevron from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 2nd. Finally, Citigroup upped their target price on Chevron from $210.00 to $235.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. Nineteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $206.83.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is expected to sign accords with Iraq to advance investments in major oil fields, including West Qurna 2 and Nassiriya, which could expand long-term production opportunities. Reuters article on Iraq oilfield MOUs
• Positive Sentiment: Reports that Chevron is exploring a pipeline alternative to the Strait of Hormuz suggest a potential way to boost Iraqi export capacity and lower shipping disruption risk, which investors may view as strategically important. The Motley Fool article on Hormuz bypass pipeline
• Positive Sentiment: Chevron is being highlighted as a relatively attractive long-term energy stock versus TotalEnergies because of its premium assets, strong balance sheet, and steadier earnings outlook. Yahoo Finance article comparing CVX and TTE
• Neutral Sentiment: Some commentary says Chevron stock looks closer to fairly valued after a strong five-year run, which may limit upside for investors expecting a clear bargain. Yahoo Finance article on valuation
• Neutral Sentiment: Chevron also benefited from broader energy-sector gains, with the sector rising even as the wider market was mixed. Yahoo Finance sector update

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.