Bridges Investment Management Inc. Sells 9,864 Shares of Chevron Corporation $CVX

Key Points

• Bridges Investment Management reduced its Chevron stake by 6.6% in the fourth quarter, selling 9,864 shares and leaving it with 140,590 shares valued at about $21.4 million.
• Chevron reported better-than-expected earnings for the latest quarter, posting $1.41 EPS versus the $1.00 consensus estimate, though revenue came in below expectations at $47.56 billion.
• The company also announced a quarterly dividend of $1.78 per share, equal to $7.12 annually and a 3.8% yield, while analysts remain mostly positive with an average rating of “Moderate Buy.”

Bridges Investment Management Inc. trimmed its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 6.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 140,590 shares of the oil and gas company's stock after selling 9,864 shares during the period. Bridges Investment Management Inc.'s holdings in Chevron were worth $21,427,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Chevron by 17.9% in 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 acquiring an additional 27,961,463 shares during the period. State Street Corp boosted its holdings in shares of Chevron by 9.1% in 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 acquiring an additional 12,789,399 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Chevron by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company's stock worth $6,620,187,000 after acquiring an additional 134,890 shares during the period. Norges Bank bought a new position in shares of Chevron in the fourth quarter worth $3,727,586,000. Finally, Northern Trust Corp boosted its holdings in shares of Chevron by 15.3% in 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 acquiring an additional 3,007,403 shares during the period. 72.42% of the stock is owned by institutional investors.

Chevron Stock Up 1.0%

Shares of NYSE:CVX opened at $187.77 on Wednesday. The firm has a fifty day moving average price of $191.96 and a two-hundred day moving average price of $176.04. The company has a market cap of $373.95 billion, a price-to-earnings ratio of 32.54, a PEG ratio of 0.61 and a beta of 0.48. Chevron Corporation has a one year low of $136.60 and a one year 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.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. During the same quarter in the prior year, the firm earned $2.18 EPS. The business's revenue for the quarter was up 2.1% compared to the same quarter last year. Analysts anticipate that Chevron Corporation will post 15.74 EPS for the current fiscal year.

Chevron Announces Dividend

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

Insider Buying and Selling

In related news, insider R. Hewitt Pate sold 47,200 shares of the company's stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $192.12, for a total transaction of $9,068,064.00. Following the completion of the transaction, the insider owned 8,558 shares in the company, valued at $1,644,162.96. This represents a 84.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John B. Hess sold 380,000 shares of the company's stock in a transaction that occurred on Wednesday, May 20th. The shares were 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 approximately $53,718,294. This represents a 57.75% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 662,400 shares of company stock valued at $127,090,824. 0.56% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. UBS Group raised their price target on Chevron from $218.00 to $220.00 and gave the stock a "buy" rating in a report on Monday, May 4th. TD Cowen raised their price target on shares of Chevron from $204.00 to $205.00 and gave the company a "hold" rating in a report on Friday, May 8th. Argus set a $203.00 price target on shares of Chevron in a report on Tuesday, February 3rd. Royal Bank Of Canada reissued an "outperform" rating and issued a $220.00 price target on shares of Chevron in a report on Tuesday, May 5th. Finally, Morgan Stanley raised their price target on shares of Chevron from $212.00 to $214.00 and gave the company an "overweight" rating in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $205.70.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is attracting fresh bullish research coverage, with several reports highlighting its earnings momentum, growth drivers, and valuation appeal. Barclays also raised its price target on Chevron to $213 from $192 while keeping an Equal Weight rating. Top Research Reports for Chevron, Goldman Sachs & Philip Morris
• Positive Sentiment: Chevron applied to join Argentina’s incentive regime for a $13.8 billion unconventional oil project in Vaca Muerta, signaling a major long-term investment that could expand production and future cash flow. Chevron applies for Argentina tax break program with $13.8 billion investment plan
• Positive Sentiment: Recent commentary also points to Chevron’s production growth and offshore expansion strategy, including its completed Hess acquisition in Guyana and new exploration ambitions in Greece, reinforcing the company’s reserve and output growth story. Chevron Deepens Offshore Bets In Guyana And Greece As Risk Profile Shifts

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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