Chevron Corporation $CVX Position Raised by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp more than doubled its Chevron stake in the first quarter, increasing its holdings by 104.1% to 1,608,439 shares worth about $332.8 million.
• Wall Street sentiment remains generally positive, with several analysts raising price targets and the stock carrying a Moderate Buy consensus rating and $206.83 average target price.
• Chevron recently beat earnings expectations with $1.41 EPS, paid a quarterly dividend of $1.78 per share (4.0% yield), and saw director John B. Hess sell 380,000 shares in May.

Fifth Third Bancorp lifted its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 104.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,608,439 shares of the oil and gas company's stock after acquiring an additional 820,294 shares during the period. Fifth Third Bancorp owned 0.08% of Chevron worth $332,786,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CVX. Midwest Capital Advisors LLC bought a new position in shares of Chevron in the first quarter worth $25,000. Phillip James Consulting Co. bought a new stake in shares of Chevron during the fourth quarter valued at about $26,000. Core Wealth Advisors LLC acquired a new stake in Chevron in the fourth quarter worth about $26,000. Karpus Management Inc. acquired a new stake in Chevron in the fourth quarter worth about $27,000. Finally, Basso Capital Management L.P. bought a new position in Chevron in the 4th quarter valued at about $27,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Mizuho boosted their price target on shares of Chevron from $225.00 to $230.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. Wells Fargo & Company boosted their target price on shares of Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a report on Thursday, April 9th. Citigroup upped their target price on Chevron from $210.00 to $235.00 and gave the company a "buy" rating in a report on Thursday, April 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 report on Thursday, April 9th. Finally, Sanford C. Bernstein reduced their target price on Chevron from $216.00 to $204.00 and set a "market perform" rating for the company in a report on Monday, May 11th. Nineteen investment 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. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $206.83.

Chevron Stock Performance

CVX traded up $2.24 during midday trading on Friday, reaching $176.29. The company's stock had a trading volume of 5,984,338 shares, compared to its average volume of 9,284,713. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $214.71. The company has a fifty day simple moving average of $181.92 and a 200 day simple moving average of $181.29. The stock has a market cap of $351.10 billion, a P/E ratio of 30.55, a PEG ratio of 0.60 and a beta of 0.50. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly 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. The firm had revenue of $47.56 billion during the quarter, compared to analysts' expectations of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The company's revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.18 EPS. Research analysts expect that Chevron Corporation will post 15.28 earnings per share for the current year.

Chevron Announces Dividend

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

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Rising Middle East tensions are pushing crude higher, which can improve Chevron’s upstream profits and make the stock look more attractive as a geopolitical hedge. With Iran Tensions Heating Up Again, Chevron Stock Looks Enticing
• Positive Sentiment: Bullish commentary from Bank of America and other analysts suggests Chevron is well positioned to benefit if Iran-related supply disruptions keep oil prices elevated. CVX Stock Has A New Bull Case
• Positive Sentiment: Chevron announced a five-year gas supply deal with Australia’s Alinta Energy, adding a stable long-term sales stream and reinforcing its gas business. Chevron Australia signs five-year gas supply agreement with Alinta Energy
• Positive Sentiment: Chevron also expanded its technology/licensing efforts and its Microsoft power partnership, which could support long-term growth beyond oil and gas pricing. Can Chevron's Microsoft Partnership Power the Next Leg of Growth?
• Neutral Sentiment: UBS reiterated a Buy rating, which may help sentiment but does not by itself change Chevron’s fundamentals. UBS Keeps Their Buy Rating on Chevron (CVX)
• Negative Sentiment: New U.S. Russia sanctions proposals could tighten global energy trade flows and add policy uncertainty, even if they may also support oil prices. Bipartisan Senators Reach Agreement With Trump Administration to Advance New Russia Sanctions Bill

Insider Transactions at Chevron

In related news, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction dated 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 transaction, the director owned 278,045 shares in the company, valued at $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.56% of the company's stock.

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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