Chevron Corporation $CVX Shares Sold by Advisors Management Group Inc. ADV

Key Points

• Advisors Management Group cut its Chevron stake by 16% in the first quarter, selling 5,984 shares and leaving it with 31,396 shares valued at about $6.5 million.
• Chevron reported Q1 earnings of $1.41 per share, beating analyst expectations, though revenue of $47.56 billion came in below estimates. The company also posted a 4.0% dividend yield on an annualized payout of $7.12 per share.
• Wall Street sentiment remains generally constructive: analysts have Chevron rated Moderate Buy on average with a target price of $206.83, even as some firms trimmed targets or downgraded the stock.

Advisors Management Group Inc. ADV decreased its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 16.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 31,396 shares of the oil and gas company's stock after selling 5,984 shares during the period. Chevron makes up about 1.2% of Advisors Management Group Inc. ADV's investment portfolio, making the stock its 22nd largest position. Advisors Management Group Inc. ADV's holdings in Chevron were worth $6,495,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Midwest Capital Advisors LLC purchased a new position in shares of Chevron in the 1st quarter valued at $25,000. Phillip James Consulting Co. acquired a new position in shares of Chevron during the 4th quarter valued at $26,000. Core Wealth Advisors LLC purchased a new stake in Chevron during the 4th quarter worth $26,000. Karpus Management Inc. purchased a new stake in Chevron during the 4th quarter worth $27,000. Finally, Basso Capital Management L.P. acquired a new stake in Chevron in the 4th quarter valued at $27,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Price Performance

Shares of NYSE CVX opened at $176.29 on Friday. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $214.71. The business has a 50 day moving average price of $181.92 and a two-hundred day moving average price of $181.29. 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 firm has a market cap of $351.10 billion, a PE ratio of 30.55, a price-to-earnings-growth ratio of 0.59 and a beta of 0.50.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating 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 quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.18 EPS. Sell-side analysts expect that Chevron Corporation will post 15.28 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

Analysts Set New Price Targets

A number of brokerages have commented on CVX. Zacks Research cut Chevron from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 8th. Wolfe Research upgraded Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 target price on the stock in a report on Thursday, July 2nd. Sanford C. Bernstein reduced their price target on Chevron from $216.00 to $204.00 and set a "market perform" rating on the stock in a research report on Monday, May 11th. Morgan Stanley lowered their price objective on shares of Chevron from $214.00 to $210.00 and set an "overweight" rating for the company in a research report on Monday, June 29th. Finally, The Goldman Sachs Group reissued a "buy" rating and set a $216.00 target price on shares of Chevron in a research report on Wednesday, May 6th. Nineteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $206.83.

Insider Buying and Selling

In other Chevron news, 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 transaction of $73,416,000.00. Following the completion of the transaction, the director directly owned 278,045 shares of the company's stock, valued at $53,718,294. This trade represents a 57.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is owned by company insiders.

Key Stories 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

Chevron 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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