Amicus Financial Advisors LLC Takes $1.10 Million Position in Chevron Corporation $CVX

Key Points

• Amicus Financial Advisors disclosed a new fourth-quarter stake in Chevron, buying 7,198 shares worth about $1.1 million. The filing comes amid broad institutional interest, with hedge funds and other institutions owning 72.42% of the stock.
• Chevron reported Q1 earnings of $1.41 per share, beating analyst expectations of $1.00, though revenue of $47.56 billion came in below estimates. Analysts still expect the company to generate 15.88 EPS for the current year.
• The company paid a quarterly dividend of $1.78 per share, equal to a 4.1% yield, while analysts maintain a generally positive view with a Moderate Buy consensus and an average price target of $205.70.

Amicus Financial Advisors LLC acquired a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,198 shares of the oil and gas company's stock, valued at approximately $1,097,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Chevron in the fourth quarter worth approximately $3,727,586,000. State Street Corp grew its position in shares of Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock valued at $23,698,184,000 after acquiring an additional 12,789,399 shares during the period. Berkshire Hathaway Inc increased its stake in shares of Chevron by 6.6% in the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock worth $19,837,131,000 after purchasing an additional 8,091,570 shares in the last quarter. Primecap Management Co. CA purchased a new stake in shares of Chevron in the 3rd quarter worth $988,083,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Chevron by 822.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company's stock worth $946,658,000 after purchasing an additional 5,537,580 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Trading Down 0.1%

Shares of NYSE CVX opened at $173.51 on Friday. The business's 50 day moving average is $186.63 and its two-hundred day moving average is $179.01. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. Chevron Corporation has a 1-year low of $142.40 and a 1-year high of $214.71. The stock has a market capitalization of $345.56 billion, a P/E ratio of 30.07, a PEG ratio of 0.57 and a beta of 0.48.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $51.86 billion. During the same period last year, the company earned $2.18 EPS. The company's revenue for the quarter was up 2.1% on a year-over-year basis. As a group, research analysts expect that Chevron Corporation will post 15.88 EPS for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors 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 4.1%. The ex-dividend date was Tuesday, May 19th. Chevron's dividend payout ratio is presently 123.40%.

Analysts Set New Price Targets

CVX has been the topic of several analyst reports. Morgan Stanley lifted their target price on Chevron from $212.00 to $214.00 and gave the company an "overweight" rating in a research report on Friday, May 22nd. Royal Bank Of Canada restated an "outperform" rating and issued a $220.00 price target on shares of Chevron in a research report on Tuesday, May 5th. Scotiabank raised their price objective on Chevron from $168.00 to $187.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 22nd. Zacks Research cut Chevron from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Finally, 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 note on Monday, May 11th. Eighteen 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 company. According to MarketBeat.com, Chevron has a consensus rating of "Moderate Buy" and an average price target of $205.70.

Insider Activity

In other news, insider R. Hewitt Pate sold 40,200 shares of the company's stock in a transaction dated Monday, March 30th. The shares were sold at an average price of $213.30, for a total value of $8,574,660.00. Following the transaction, the insider directly owned 8,638 shares in the company, valued at approximately $1,842,485.40. This represents a 82.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction dated Wednesday, May 20th. The shares were 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. The trade was a 57.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 615,200 shares of company stock worth $118,022,760 over the last quarter. 0.56% of the stock is currently owned by insiders.

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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