Berkshire Asset Management LLC PA Sells 5,893 Shares of Chevron Corporation $CVX

Key Points

• Berkshire Asset Management LLC PA trimmed its Chevron stake by 1.5% in the fourth quarter, selling 5,893 shares and ending with 392,052 shares worth about $59.8 million.
• Chevron reported mixed quarterly results, beating EPS estimates with $1.41 per share but missing revenue expectations; analysts still project 15.88 EPS for the current year.
• The company paid a $1.78 quarterly dividend recently, equal to a 4.0% yield, while Wall Street remains constructive overall with a Moderate Buy consensus and a $205.70 average price target.

Berkshire Asset Management LLC PA lowered its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 1.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 392,052 shares of the oil and gas company's stock after selling 5,893 shares during the quarter. Chevron comprises 2.6% of Berkshire Asset Management LLC PA's portfolio, making the stock its 7th largest position. Berkshire Asset Management LLC PA's holdings in Chevron were worth $59,753,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. United Bank raised its position in shares of Chevron by 7.7% during the 2nd quarter. United Bank now owns 11,079 shares of the oil and gas company's stock worth $1,586,000 after purchasing an additional 796 shares during the period. Schnieders Capital Management LLC. raised its position in shares of Chevron by 9.0% during the 2nd quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company's stock worth $7,280,000 after purchasing an additional 4,214 shares during the period. BNP Paribas raised its position in shares of Chevron by 76.4% during the 2nd quarter. BNP Paribas now owns 441 shares of the oil and gas company's stock worth $63,000 after purchasing an additional 191 shares during the period. Osterweis Capital Management Inc. raised its position in shares of Chevron by 678.9% during the 2nd quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company's stock worth $195,000 after purchasing an additional 1,188 shares during the period. Finally, Main Street Financial Solutions LLC raised its position in shares of Chevron by 3.6% during the 2nd quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company's stock worth $2,299,000 after purchasing an additional 553 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron secured regulatory approval to take a 70% interest in Greece’s offshore Block 10, expanding its Eastern Mediterranean exploration footprint and adding a new strategic growth avenue. Chevron Secures Strategic Entry Into Greece's Offshore Block 10
• Neutral Sentiment: One recent article argued Chevron may be in a “wait-and-see” zone, noting that the stock has rallied from last summer’s lows but that a recent quarter’s cash flow data makes the dividend outlook look less compelling at the current valuation. Down From Its $209 Peak: This Is Why I’m Standing Pat on Chevron Stock
• Negative Sentiment: Chevron’s shares fell in tandem with crude after the U.S.-Iran news reduced the geopolitical risk premium in oil, pressuring the outlook for near-term earnings and free cash flow across energy stocks. Chevron (CVX) Stock Sinks As Market Gains: Here's Why

Chevron Stock Down 0.3%

CVX opened at $179.94 on Wednesday. Chevron Corporation has a 12 month low of $142.40 and a 12 month high of $214.71. 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 stock has a market cap of $358.38 billion, a P/E ratio of 31.19, a P/E/G ratio of 0.59 and a beta of 0.48. The stock's 50 day moving average price is $188.01 and its 200 day moving average price is $178.70.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, May 1st. The oil and gas company reported $1.41 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 firm had revenue of $47.56 billion for the quarter, compared to analysts' expectations of $51.86 billion. During the same period last year, the firm earned $2.18 EPS. The firm's revenue was up 2.1% compared to the same quarter last year. As a group, research analysts predict that Chevron Corporation will post 15.88 earnings per share for the current year.

Chevron Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CVX. UBS Group increased their price target on Chevron from $218.00 to $220.00 and gave the stock a "buy" rating in a research report on Monday, May 4th. HSBC upgraded Chevron from a "hold" rating to a "buy" rating and set a $215.00 price target on the stock in a research report on Friday, March 20th. TD Cowen increased their price target on Chevron from $204.00 to $205.00 and gave the stock a "hold" rating in a research report on Friday, May 8th. Sanford C. Bernstein dropped their price target on Chevron from $216.00 to $204.00 and set a "market perform" rating on the stock in a research report on Monday, May 11th. Finally, Scotiabank increased their price target on Chevron from $168.00 to $187.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 22nd. Eighteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $205.70.

Insider Activity at Chevron

In related news, Director John B. Hess sold 380,000 shares of the firm's 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 sale, the director directly owned 278,045 shares in the company, valued at $53,718,294. This trade represents a 57.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R. Hewitt Pate sold 40,200 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the insider 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 615,200 shares of company stock worth $118,022,760. 0.56% of the stock is owned by insiders.

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.

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