Chevron Corporation $CVX Shares Sold by Manning & Napier Advisors LLC

Key Points

• Manning & Napier Advisors LLC cut its Chevron stake by 97.3% in the first quarter, selling 12,003 shares and leaving it with just 335 shares worth about $71,000.
• Chevron’s latest quarterly results showed earnings of $1.41 per share, beating analyst expectations, though revenue came in below estimates at $47.56 billion.
• The company continues to support shareholders and draw analyst interest, with a 4.0% dividend yield and a consensus rating of Moderate Buy from Wall Street analysts.

Manning & Napier Advisors LLC reduced its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 97.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 335 shares of the oil and gas company's stock after selling 12,003 shares during the quarter. Manning & Napier Advisors LLC's holdings in Chevron were worth $71,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Midwest Capital Advisors LLC acquired a new stake in shares of Chevron in the first quarter worth approximately $25,000. Core Wealth Advisors LLC acquired 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. Basso Capital Management L.P. purchased a new position in Chevron during the fourth quarter worth approximately $27,000. Finally, Karpus Management Inc. acquired a new position in shares of Chevron in the 4th quarter valued at $27,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about 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 Stock Down 0.1%

Shares of NYSE CVX opened at $176.29 on Monday. The stock has a fifty day moving average price of $181.92 and a 200 day moving average price of $181.51. 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 Corporation has a 12-month low of $146.49 and a 12-month high of $214.71. The company has a market cap of $351.10 billion, a P/E ratio of 30.55, a P/E/G ratio of 0.60 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 EPS for the quarter, beating the consensus estimate of $1.00 by $0.41. The business had revenue of $47.56 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the business posted $2.18 EPS. Research analysts anticipate that Chevron Corporation will post 15.28 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 given a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron's payout ratio is presently 123.40%.

Analyst Ratings Changes

Several brokerages have recently issued reports on CVX. Mizuho boosted their price objective on shares of Chevron from $225.00 to $230.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. Barclays lifted their target price on Chevron from $192.00 to $213.00 and gave the company an "equal weight" rating in a report on Tuesday, May 26th. UBS Group restated a "buy" rating on shares of Chevron in a research note on Tuesday, June 23rd. Scotiabank raised their price objective on Chevron from $168.00 to $187.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 22nd. Finally, Jefferies Financial Group reaffirmed a "buy" rating and issued a $216.00 price objective on shares of Chevron in a research note on Friday. 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 company's stock. According to data from MarketBeat.com, Chevron currently has a consensus rating of "Moderate Buy" and a consensus target price of $206.83.

Insider Buying and Selling at Chevron

In related 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 sale, the director directly owned 278,045 shares of the company's stock, valued at approximately $53,718,294. This trade represents a 57.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.56% of the company's stock.

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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