Bleakley Financial Group LLC Has $12.11 Million Stock Position in Chevron Corporation $CVX

Key Points

• Bleakley Financial Group increased its Chevron stake by 19.6% in the fourth quarter, owning 79,462 shares worth about $12.11 million after buying 13,033 additional shares.
• Several large institutional investors also boosted their Chevron holdings, and institutions now own 72.42% of the company’s stock, underscoring continued Wall Street interest.
• Chevron’s latest quarterly results topped earnings expectations with EPS of $1.41 versus the $1.00 consensus, while the company also declared a $1.78 quarterly dividend yielding about 3.7% annually.

Bleakley Financial Group LLC grew its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 19.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 79,462 shares of the oil and gas company's stock after buying an additional 13,033 shares during the period. Bleakley Financial Group LLC's holdings in Chevron were worth $12,111,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Chevron by 17.9% during the 3rd quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company's stock valued at $28,540,753,000 after acquiring an additional 27,961,463 shares during the period. State Street Corp lifted 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. Primecap Management Co. CA acquired a new position in shares of Chevron during the 3rd quarter valued at $988,083,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Chevron by 822.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company's stock valued at $946,658,000 after acquiring an additional 5,537,580 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Chevron by 27.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company's stock valued at $3,047,900,000 after acquiring an additional 4,279,918 shares during the period. Institutional investors own 72.42% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CVX. Bank of America boosted their target price on shares of Chevron from $188.00 to $206.00 and gave the company a "buy" rating in a research report on Monday, March 2nd. Scotiabank boosted their target price on shares of Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. Argus set a $203.00 target price on Chevron in a research report on Tuesday, February 3rd. HSBC raised Chevron from a "hold" rating to a "buy" rating and set a $215.00 target price on the stock in a research report on Friday, March 20th. Finally, Melius Research raised Chevron from a "hold" rating to a "buy" rating and set a $205.00 target price on the stock in a research report on Tuesday, February 17th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $204.22.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron began drilling a new well at Egypt’s Narges gas field, a sign it is pushing ahead with production growth in the Eastern Mediterranean and potentially adding future output. Chevron Begins Drilling New Well at Egypt's Narges Gas Field
• Positive Sentiment: Recent commentary highlighting Chevron CEO Mike Wirth’s warnings about tighter global oil supplies and a possible 1970s-style oil shock could be supportive for CVX, since sustained energy shortages and higher crude prices generally improve upstream producer economics. If Wirth Is Right About a 1970s-Style Oil Crisis, These Retail Stocks Could Take the Biggest Hit This Summer.
• Positive Sentiment: Another set of articles emphasized Chevron’s large production base and strong balance sheet, reinforcing the view that the company can benefit from elevated energy prices and navigate a tighter supply backdrop. Chevron Produces 3 Million Barrels a Day, and Its CEO Says Supply Buffers Are Running Out. Is It Time to Buy?
• Neutral Sentiment: News that proxy advisors recommended voting against certain board-related proposals at Chevron and Exxon Mobil adds governance noise, but it does not appear to be a major near-term operating catalyst. Why Exxon Mobil’s (XOM) Board Proposals Are Drawing Investor Attention
• Negative Sentiment: Reports that Chevron insiders sold about $179 million of stock may weigh on sentiment, as heavy insider selling is often viewed as a cautious signal about the shares’ near-term outlook. Chevron Insiders Sell US$179m Of Stock, Possibly Signalling Caution
• Negative Sentiment: California Governor Gavin Newsom’s public criticism of Chevron and calls for drivers to avoid the brand add political and reputational overhang, though the market impact is likely secondary to oil-price moves. Gavin Newsom warns Californians to 'avoid Chevron,' says big oil is 'making billions off Trump's Iran war'

Insiders Place Their Bets

In related news, Vice Chairman Mark A. Nelson sold 139,600 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $187.92, for a total value of $26,233,632.00. Following the completion of the sale, the insider directly owned 11,337 shares of the company's stock, valued at approximately $2,130,449.04. This represents a 92.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Andrew Benjamin Walz sold 11,600 shares of the stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $188.58, for a total value of $2,187,528.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,179,699 shares of company stock worth $224,675,517 in the last three months. 0.56% of the stock is owned by corporate insiders.

Chevron Price Performance

Shares of NYSE:CVX opened at $191.51 on Tuesday. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. Chevron Corporation has a twelve month low of $134.06 and a twelve month high of $214.71. The stock's 50 day moving average is $193.43 and its 200-day moving average is $175.01. The firm has a market capitalization of $381.42 billion, a price-to-earnings ratio of 33.19, a PEG ratio of 0.64 and a beta of 0.51.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm earned $2.18 earnings per share. Sell-side analysts forecast that Chevron Corporation will post 15.74 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be given a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, May 19th. Chevron's dividend payout ratio is presently 123.40%.

About Chevron

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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