Absher Wealth Management LLC Cuts Stock Holdings in Chevron Corporation $CVX

Absher Wealth Management LLC lessened its stake in Chevron Corporation (NYSE:CVX - Free Report) by 35.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 118,727 shares of the oil and gas company's stock after selling 65,154 shares during the quarter. Chevron accounts for approximately 2.9% of Absher Wealth Management LLC's portfolio, making the stock its 22nd biggest position. Absher Wealth Management LLC's holdings in Chevron were worth $24,565,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Dakota Wealth Management grew its stake in shares of Chevron by 14.9% in the 4th quarter. Dakota Wealth Management now owns 83,265 shares of the oil and gas company's stock worth $12,690,000 after acquiring an additional 10,822 shares in the last quarter. Clear Trail Advisors LLC purchased a new stake in shares of Chevron during the 4th quarter valued at approximately $10,167,000. Curtis Advisory Group LLC purchased a new stake in Chevron during the 4th quarter worth about $1,381,000. Indivisible Partners bought a new position in Chevron in the 4th quarter valued at $1,923,000. Finally, Focus Partners Wealth grew its holdings in shares of Chevron by 3.2% during the third quarter. Focus Partners Wealth now owns 1,444,281 shares of the oil and gas company's stock worth $224,278,000 after purchasing an additional 45,017 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Rising Middle East tensions are pushing crude higher, which can improve Chevron’s upstream profits and make the stock look more attractive as a geopolitical hedge. With Iran Tensions Heating Up Again, Chevron Stock Looks Enticing
• Positive Sentiment: Bullish commentary from Bank of America and other analysts suggests Chevron is well positioned to benefit if Iran-related supply disruptions keep oil prices elevated. CVX Stock Has A New Bull Case
• Positive Sentiment: Chevron announced a five-year gas supply deal with Australia’s Alinta Energy, adding a stable long-term sales stream and reinforcing its gas business. Chevron Australia signs five-year gas supply agreement with Alinta Energy
• Positive Sentiment: Chevron also expanded its technology/licensing efforts and its Microsoft power partnership, which could support long-term growth beyond oil and gas pricing. Can Chevron's Microsoft Partnership Power the Next Leg of Growth?
• Neutral Sentiment: UBS reiterated a Buy rating, which may help sentiment but does not by itself change Chevron’s fundamentals. UBS Keeps Their Buy Rating on Chevron (CVX)
• Negative Sentiment: New U.S. Russia sanctions proposals could tighten global energy trade flows and add policy uncertainty, even if they may also support oil prices. Bipartisan Senators Reach Agreement With Trump Administration to Advance New Russia Sanctions Bill

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 380,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total value of $73,416,000.00. Following the transaction, the director owned 278,045 shares of the company's stock, valued at $53,718,294. This 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 the SEC website. Corporate insiders own 0.56% of the company's stock.

Chevron Trading Down 0.1%

CVX stock opened at $176.29 on Monday. The firm has a market cap of $351.10 billion, a PE ratio of 30.55, a price-to-earnings-growth ratio of 0.60 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 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 fifty day moving average price of $181.92 and a 200 day moving average price of $181.51.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.41. The company 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 firm's revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.18 earnings per share. Sell-side analysts anticipate that Chevron Corporation will post 15.28 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were given a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 4.0%. The ex-dividend date was Tuesday, May 19th. Chevron's dividend payout ratio (DPR) is 123.40%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CVX shares. The Goldman Sachs Group reissued a "buy" rating and set a $216.00 price objective on shares of Chevron in a report on Wednesday, May 6th. Sanford C. Bernstein reduced their price target on Chevron from $216.00 to $204.00 and set a "market perform" rating on the stock in a research note on Monday, May 11th. Scotiabank boosted their target price on Chevron from $168.00 to $187.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 22nd. Wolfe Research upgraded Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 price target for the company in a research note on Thursday, July 2nd. Finally, HSBC raised Chevron from a "hold" rating to a "buy" rating and set a $215.00 price objective for the company in a report on Friday, March 20th. 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 stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $206.83.

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.

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