Burney Co. Reduces Holdings in Chevron Corporation $CVX

Key Points

• Burney Co. cut its Chevron stake by 42.3% in the first quarter, selling 8,587 shares and leaving it with 11,703 shares worth about $2.42 million.
• Several analysts remain constructive on Chevron, with recent upgrades from Tudor Pickering and Wolfe Research. Overall, the stock carries a Moderate Buy consensus and an average price target of $205.71.
• Chevron reported quarterly EPS of $1.41, beating expectations, and paid a $1.78 quarterly dividend for a 4.1% yield. The article also notes insider selling by director John B. Hess, who reduced his holdings by more than half.

Burney Co. reduced its stake in Chevron Corporation (NYSE:CVX - Free Report) by 42.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,703 shares of the oil and gas company's stock after selling 8,587 shares during the period. Burney Co.'s holdings in Chevron were worth $2,421,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. United Bank increased its stake in shares of Chevron by 7.7% in the second quarter. United Bank now owns 11,079 shares of the oil and gas company's stock worth $1,586,000 after buying an additional 796 shares during the period. Schnieders Capital Management LLC. raised its holdings in 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 valued at $7,280,000 after buying an additional 4,214 shares during the last quarter. BNP Paribas boosted its position in Chevron by 76.4% during the 2nd quarter. BNP Paribas now owns 441 shares of the oil and gas company's stock valued at $63,000 after buying an additional 191 shares during the period. Osterweis Capital Management Inc. boosted its position in 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 valued at $195,000 after buying an additional 1,188 shares during the period. Finally, Main Street Financial Solutions LLC grew its holdings in Chevron by 3.6% in 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 acquiring an additional 553 shares during the last quarter. Institutional investors own 72.42% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Royal Bank Of Canada restated an "outperform" rating and set a $220.00 price target on shares of Chevron in a report on Tuesday, May 5th. Weiss Ratings cut Chevron from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, June 2nd. Tudor Pickering upgraded Chevron from a "hold" rating to a "buy" rating and set a $225.00 price objective on the stock in a research report on Thursday, April 9th. Sanford C. Bernstein reduced their target price 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. Finally, Wolfe Research upgraded Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 target price for the company in a report on Thursday, July 2nd. Nineteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $205.71.

Insider Activity

In other news, Director John B. Hess sold 380,000 shares of the stock in a transaction that occurred on 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 in the company, valued at $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.56% of the company's stock.

Chevron Trading Up 3.5%

NYSE CVX opened at $173.96 on Wednesday. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The stock's fifty day moving average price is $182.69 and its 200-day moving average price is $180.94. The stock has a market cap of $346.46 billion, a P/E ratio of 30.15, a P/E/G ratio of 0.56 and a beta of 0.50.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (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 company had revenue of $47.56 billion for the quarter, compared to analysts' expectations of $51.86 billion. During the same quarter in the previous year, the business posted $2.18 EPS. Chevron's revenue was up 2.1% compared to the same quarter last year. As a group, equities analysts forecast that Chevron Corporation will post 15.52 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were paid a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Tuesday, May 19th. Chevron's dividend payout ratio is currently 123.40%.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Wolfe Research upgraded Chevron to Outperform, citing a stronger cash-flow outlook tied to the company’s expanding Guyana development and other long-term growth projects. This Analyst Just Upgraded Chevron Stock. Here's Why.
• Positive Sentiment: Investors are also viewing Chevron more favorably after recent coverage highlighted strengthening fundamentals, better project execution, and the company’s cash-generation potential from Guyana and gas-fired power deals. Should Chevron’s (CVX) Index Exit and Guyana Upgrade Reframe How Investors View Its Cash-Flow Story?
• Neutral Sentiment: Broader energy-sector commentary says oil is trading well below the $100 threshold, with OPEC production increases and recession concerns weighing on crude prices; that creates uncertainty for Chevron’s near-term earnings outlook. Oil’s $100 Threshold: What It Means for Energy Stocks Now
• Negative Sentiment: Political pressure is also building, with criticism from the Trump administration and California Gov. Gavin Newsom over gasoline prices and Big Oil’s pricing power, which could keep sentiment around Chevron cautious. Big Oil's Windfall Earnings Threaten to Reignite Trump's Price-Gouging Push Gavin Newsom Slams Chevron, Says Gas Prices Still 'Elevated' Due to Trump's 'Reckless' Iran War

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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