ABC Arbitrage SA Trims Stock Holdings in Chevron Corporation $CVX

Key Points

• ABC Arbitrage SA cut its Chevron stake by 69.1% in the fourth quarter, leaving it with 2,670 shares valued at about $407,000.
• Chevron reported better-than-expected earnings for the latest quarter, posting $1.41 EPS versus the $1.00 consensus, though revenue of $47.56 billion came in below estimates.
• The company announced a quarterly dividend of $1.78 per share, implying an annualized payout of $7.12 and a dividend yield of about 3.8%.

ABC Arbitrage SA lowered its position in Chevron Corporation (NYSE:CVX - Free Report) by 69.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,670 shares of the oil and gas company's stock after selling 5,982 shares during the quarter. ABC Arbitrage SA's holdings in Chevron were worth $407,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Chevron by 17.9% during the third quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company's stock worth $28,540,753,000 after purchasing an additional 27,961,463 shares during the last quarter. State Street Corp raised its stake in shares of Chevron by 9.1% during the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock worth $23,698,184,000 after purchasing an additional 12,789,399 shares during the last quarter. Northern Trust Corp raised its stake in shares of Chevron by 15.3% during the third quarter. Northern Trust Corp now owns 22,724,515 shares of the oil and gas company's stock worth $3,528,890,000 after purchasing an additional 3,007,403 shares during the last quarter. Fisher Asset Management LLC raised its stake in shares of Chevron by 1.6% during the third quarter. Fisher Asset Management LLC now owns 21,152,060 shares of the oil and gas company's stock worth $3,284,704,000 after purchasing an additional 325,255 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Chevron by 27.9% during the third quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company's stock worth $3,047,900,000 after acquiring an additional 4,279,918 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Up 0.7%

Chevron stock opened at $185.95 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The firm has a market capitalization of $370.33 billion, a price-to-earnings ratio of 32.23, a price-to-earnings-growth ratio of 0.64 and a beta of 0.51. Chevron Corporation has a fifty-two week low of $133.77 and a fifty-two week high of $214.71. The stock's fifty day moving average is $193.16 and its two-hundred day moving average is $172.71.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.41. The company had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.Chevron's revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.18 earnings per share. Analysts predict that Chevron Corporation will post 15.02 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be paid a dividend of $1.78 per share. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.8%. Chevron's dividend payout ratio (DPR) is presently 123.40%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. JPMorgan Chase & Co. upgraded Chevron from a "neutral" rating to an "overweight" rating and set a $176.00 price objective for the company in a research report on Tuesday, January 20th. Citigroup increased their price objective on Chevron from $210.00 to $235.00 and gave the stock a "buy" rating in a research report on Thursday, April 2nd. Tudor Pickering upgraded Chevron from a "hold" rating to a "buy" rating and set a $225.00 price objective for the company in a research report on Thursday, April 9th. Sanford C. Bernstein cut their price objective on Chevron from $216.00 to $204.00 and set a "market perform" rating for the company in a research report on Monday. Finally, Barclays increased their price objective on Chevron from $180.00 to $192.00 and gave the stock an "equal weight" rating in a research report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $204.13.

Insider Buying and Selling at Chevron

In related news, insider R. Hewitt Pate sold 40,200 shares of the stock in a transaction on Monday, March 30th. The stock was sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the sale, the insider owned 8,638 shares of the company's stock, valued at $1,842,485.40. This trade represents a 82.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael K. Wirth sold 272,624 shares of the stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $189.35, for a total value of $51,621,354.40. Following the sale, the chief executive officer directly owned 31,266 shares in the company, valued at approximately $5,920,217.10. The trade was a 89.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 816,434 shares of company stock valued at $154,338,976. 0.56% of the stock is owned by company insiders.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Higher crude prices and Middle East supply fears are lifting the outlook for oil producers, with several articles naming Chevron as a stock that could benefit if oil prices move higher. 3 Oil Stocks to Buy Before Prices Head Higher
• Positive Sentiment: Reuters reported that Syria selected an offshore block for its first deep-water oil and gas project with Chevron and Qatar’s UCC Holding, which could expand Chevron’s international exploration opportunities if the project advances. Syria selects offshore block for first deep-water oil, gas project with Chevron
• Neutral Sentiment: ADL and JLens urged Chevron shareholders to vote against Proposal 6 at the May 27 annual meeting, highlighting ongoing ESG and geopolitical controversy around the company’s Israel-related operations. ADL and JLens Urge Chevron Shareholders to Vote AGAINST Proposal 6
• Neutral Sentiment: Analysts are debating whether Chevron is still a safe bet after its sharp rally, with some commentary suggesting limited upside from current levels despite the recent strength in oil. Is Chevron a Safe Bet in the Energy Sector?
• Negative Sentiment: Some market commentary argues a drop in oil prices could signal weaker economic demand, which would be a risk for Chevron if crude cools off from recent highs. Here's Why a Drop in Oil Prices Might Be a Warning Sign for the Economy

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.