Chevron Corporation $CVX Shares Sold by Clg LLC

Key Points

• Clg LLC cut its Chevron stake by 20.3% in the first quarter, selling 29,948 shares and leaving it with 117,686 shares valued at about $24.35 million. Chevron still ranks as Clg LLC’s third-largest position and makes up 6.0% of its holdings.
• Chevron has seen mixed but generally supportive news flow, including Piper Sandler’s bullish initiation, higher oil prices that could lift earnings, and several analyst price-target increases. However, some strategists warned that a potential slowdown in China demand could pressure crude later this year.
• The company continues to return cash to shareholders, paying a quarterly dividend of $1.78 per share, or $7.12 annualized, for a yield of 3.7%. Chevron also beat earnings expectations in its latest quarterly report, though revenue came in below forecasts.

Clg LLC reduced its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 20.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 117,686 shares of the oil and gas company's stock after selling 29,948 shares during the period. Chevron makes up 6.0% of Clg LLC's holdings, making the stock its 3rd biggest position. Clg LLC's holdings in Chevron were worth $24,349,000 as of its most recent SEC filing.

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

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Piper Sandler initiated coverage on Chevron as the only global oil major with an outperform rating, a constructive signal versus peers. Chevron only outperform-rated name among global oil majors initiated at Piper Sandler
• Positive Sentiment: Oil prices surged above $100 a barrel intraday amid geopolitical tensions, which should improve Chevron’s realized prices and near-term earnings prospects. BATL, CVX, XOM Stocks Rise As Brent Crude Tops $100 – Trump Threatens Iran With 'Major Military Punishment' After Houthi Attack On Saudi Ships
• Positive Sentiment: Chevron was highlighted as an outperformer among dividend and integrated energy names, reinforcing its appeal as a defensive income stock in a stronger oil market. Chevron Leads 3 Dividend Aristocrats Paying Up to 4% and Beating the S&P 500
• Neutral Sentiment: Chevron shut production at a U.S. Gulf platform ahead of a tropical storm, a precautionary move that may temporarily limit output but is not necessarily a long-term issue. Chevron shuts production at U.S. Gulf platform ahead of tropical storm
• Neutral Sentiment: TD Cowen raised Chevron’s price target to $200 from $197 while keeping a hold rating, suggesting modest upside but not a major change in sentiment. Chevron price target raised by TD Cowen
• Negative Sentiment: One warning sign is that some strategists see a possible China demand slowdown and falling crude imports as a threat to the recent oil-driven rally later this year. Chevron’s Biggest Stock Rally Since 2022 Faces a China-Sized Problem

Chevron Price Performance

NYSE:CVX opened at $194.39 on Friday. Chevron Corporation has a 52 week low of $146.49 and a 52 week 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 market capitalization of $387.15 billion, a P/E ratio of 33.69, a P/E/G ratio of 0.68 and a beta of 0.50. The stock's fifty day moving average is $182.04 and its two-hundred day moving average is $183.75.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.41. The business 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 was up 2.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.18 EPS. Equities analysts expect that Chevron Corporation will post 14.75 EPS 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 given 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 yield of 3.7%. Chevron's dividend payout ratio is presently 123.40%.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 380,000 shares of the stock in a transaction dated 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 owned 278,045 shares of the company's stock, valued at $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.56% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have recently commented on CVX. Weiss Ratings lowered Chevron from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, June 2nd. Zacks Research lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a report on Monday, June 8th. Jefferies Financial Group reissued a "buy" rating and issued a $216.00 price objective on shares of Chevron in a report on Friday, July 10th. Tudor Pickering upgraded shares of Chevron from a "hold" rating to a "buy" rating and set a $225.00 price objective for the company in a research report on Thursday, April 9th. Finally, Citigroup lifted their target price on shares of Chevron from $210.00 to $235.00 and gave the stock a "buy" rating in a research note on Thursday, April 2nd. Nineteen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Chevron currently has an average rating of "Moderate Buy" and a consensus target price of $205.17.

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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