Chevron Corporation $CVX Shares Sold by Park National Corp OH

Key Points

• Park National Corp OH cut its Chevron stake by 4.8% in the first quarter, selling 6,812 shares and leaving it with 135,293 shares valued at about $28.0 million.
• Chevron reported quarterly EPS of $1.41, beating expectations, though revenue came in below estimates at $47.56 billion. Analysts still see significant upside, with a consensus rating of Moderate Buy and an average price target of $205.70.
• The company paid a quarterly dividend of $1.78 per share, or $7.12 annually, for a yield of about 4.1%. Insider selling was also notable, including large share sales by R. Hewitt Pate and John B. Hess over the last few months.

Park National Corp OH lowered its stake in Chevron Corporation (NYSE:CVX - Free Report) by 4.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 135,293 shares of the oil and gas company's stock after selling 6,812 shares during the period. Park National Corp OH's holdings in Chevron were worth $27,992,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CVX. Norges Bank acquired a new position in shares of Chevron in the 4th quarter valued at $3,727,586,000. State Street Corp lifted its position in Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock worth $23,698,184,000 after acquiring an additional 12,789,399 shares during the period. Berkshire Hathaway Inc lifted its position in Chevron by 6.6% during the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock worth $19,837,131,000 after acquiring an additional 8,091,570 shares during the period. Primecap Management Co. CA purchased a new stake in Chevron during the 3rd quarter valued at about $988,083,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Chevron by 822.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company's stock valued at $946,658,000 after purchasing an additional 5,537,580 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Down 0.1%

Shares of CVX opened at $173.51 on Monday. Chevron Corporation has a 52 week low of $142.40 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 $345.56 billion, a price-to-earnings ratio of 30.07, a PEG ratio of 0.57 and a beta of 0.48. The stock's 50-day moving average price is $186.63 and its 200-day moving average price is $179.20.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The company had revenue of $47.56 billion during the quarter, compared to analysts' expectations of $51.86 billion. During the same period last year, the business earned $2.18 earnings per share. Chevron's quarterly revenue was up 2.1% on a year-over-year basis. On average, sell-side analysts predict that Chevron Corporation will post 15.88 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were paid a dividend of $1.78 per share. 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 4.1%. Chevron's dividend payout ratio (DPR) is presently 123.40%.

Insider Activity at Chevron

In other news, insider R. Hewitt Pate sold 40,200 shares of Chevron stock in a transaction that occurred on Monday, March 30th. The shares were sold at an average price of $213.30, for a total transaction 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 $1,842,485.40. The trade was a 82.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John B. Hess sold 380,000 shares of the business'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 owned 278,045 shares of the company's stock, valued at approximately $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 615,200 shares of company stock valued at $118,022,760. Insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. The Goldman Sachs Group restated a "buy" rating and issued a $216.00 price objective on shares of Chevron in a research note on Wednesday, May 6th. Morgan Stanley upped their target price on Chevron from $212.00 to $214.00 and gave the company an "overweight" rating in a research report on Friday, May 22nd. BNP Paribas Exane upgraded shares of Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price target on the stock in a report on Friday, April 17th. Mizuho raised 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. Finally, Tudor Pickering raised shares of 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. Eighteen analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $205.70.

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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