Chevron Corporation $CVX Position Raised by Mengis Capital Management Inc.

Key Points

• Mengis Capital Management increased its Chevron stake by 7.8% in the fourth quarter, bringing its holdings to 98,363 shares valued at about $15.0 million.
• Analysts remain mostly positive on Chevron, with an average rating of “Moderate Buy” and an average price target of $205.70. Several firms recently raised targets, including Mizuho, HSBC, and Citigroup.
• Chevron reported stronger-than-expected quarterly earnings of $1.41 per share, though revenue missed estimates, and the company continues to pay a 4.1% dividend yield with a $1.78 quarterly payout.

Mengis Capital Management Inc. grew its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 7.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,363 shares of the oil and gas company's stock after purchasing an additional 7,087 shares during the quarter. Chevron makes up about 2.6% of Mengis Capital Management Inc.'s portfolio, making the stock its 6th biggest holding. Mengis Capital Management Inc.'s holdings in Chevron were worth $14,992,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CVX. Phillip James Consulting Co. acquired a new stake in Chevron during the fourth quarter valued at $26,000. Core Wealth Advisors LLC acquired a new position in shares of Chevron in the fourth quarter worth about $26,000. Karpus Management Inc. acquired a new position in shares of Chevron in the fourth quarter worth about $27,000. Basso Capital Management L.P. purchased a new stake in shares of Chevron during the 4th quarter worth about $27,000. Finally, Quattro Advisors LLC purchased a new stake in shares of Chevron during the 4th quarter worth about $27,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. TD Cowen lifted their price target on Chevron from $204.00 to $205.00 and gave the company a "hold" rating in a research note on Friday, May 8th. 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. Mizuho raised their price objective on Chevron from $225.00 to $230.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. HSBC upgraded Chevron from a "hold" rating to a "buy" rating and set a $215.00 price objective for the company in a research report on Friday, March 20th. Finally, Citigroup upped their target price on Chevron from $210.00 to $235.00 and gave the stock a "buy" rating in a research note on Thursday, April 2nd. Eighteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $205.70.

Chevron Stock Down 0.1%

CVX opened at $173.51 on Friday. Chevron Corporation has a twelve month low of $142.40 and a twelve month high of $214.71. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. The company has a 50-day moving average price of $186.63 and a 200 day moving average price of $179.01. The company has a market cap of $345.56 billion, a PE ratio of 30.07, a price-to-earnings-growth ratio of 0.57 and a beta of 0.48.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, beating 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 period last year, the company posted $2.18 EPS. Chevron's quarterly revenue was up 2.1% compared to the same quarter last year. Sell-side analysts expect that Chevron Corporation will post 15.88 earnings per share 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 given 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 (DPR) is 123.40%.

Insider Activity at Chevron

In related news, insider R. Hewitt Pate sold 40,200 shares of the stock in a transaction on Monday, March 30th. The stock was sold at an average price of $213.30, for a total value of $8,574,660.00. Following the completion of the transaction, the insider directly owned 8,638 shares of the company's stock, valued at approximately $1,842,485.40. This represents a 82.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction 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 completion of the transaction, the director owned 278,045 shares in the company, valued at $53,718,294. The trade was a 57.75% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 615,200 shares of company stock worth $118,022,760. Company insiders own 0.56% of the company's stock.

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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