Chevron Corporation $CVX Shares Sold by Prudential PLC

Key Points

• Prudential PLC cut its Chevron stake by 37.2% in the fourth quarter, selling 18,853 shares and leaving it with 31,828 shares valued at about $4.85 million.
• Insider selling has been significant, including large sales by R. Hewitt Pate and Director John B. Hess; overall insiders sold 615,200 shares worth about $118.0 million over the last 90 days.
• Chevron remains a mixed but generally favored name on Wall Street, with a “Moderate Buy” consensus and average price target of $205.70, while analysts balance strong dividend/cash-flow appeal against valuation and oil-price sensitivity.

Prudential PLC reduced its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 37.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,828 shares of the oil and gas company's stock after selling 18,853 shares during the quarter. Prudential PLC's holdings in Chevron were worth $4,851,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in CVX. Dakota Wealth Management increased its stake in Chevron by 14.9% during the fourth quarter. Dakota Wealth Management now owns 83,265 shares of the oil and gas company's stock worth $12,690,000 after acquiring an additional 10,822 shares during the last quarter. Brooklyn FI LLC acquired a new stake in Chevron during the third quarter worth about $431,000. Clear Trail Advisors LLC acquired a new stake in Chevron during the fourth quarter worth about $10,167,000. Finemark National Bank & Trust increased its stake in Chevron by 40.3% during the third quarter. Finemark National Bank & Trust now owns 56,535 shares of the oil and gas company's stock worth $8,779,000 after acquiring an additional 16,243 shares during the last quarter. Finally, Curtis Advisory Group LLC acquired a new stake in Chevron during the fourth quarter worth about $1,381,000. 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: Several recent articles highlight Chevron as a durable, low-beta energy name with resilient assets, strong cash flow, and a dependable dividend, which can attract buyers during volatile markets. 4 Best Low-Beta Stocks to Buy Right Away: LQDA, CVX, OXY & VLO
• Positive Sentiment: Chevron has outperformed its industry and sector over the past month, with commentary pointing to dividend growth and 2030 cash flow targets as reasons investors remain constructive. CVX Stock Outpaces Industry in a Month: Should Investors Stay Bullish?
• Positive Sentiment: Oil-stock forecasts remain supportive as conflict-related supply worries keep crude in focus, which tends to benefit Chevron through improved upstream pricing and sector rotation into energy. CVX, XOM and SHEL Forecasts – Oil Stocks in Focus as Conflict Continues
• Positive Sentiment: Street commentary also suggests Chevron is still a long-term hold, with articles calling it an “ultra-safe” dividend stock and saying its long-term prospects remain rosy. Got $3,000? 1 Ultra-Safe Dow Dividend Stock to Buy and Hold Forever
• Neutral Sentiment: Analyst notes show a mixed valuation picture: some targets were lifted modestly, but others say Chevron looks fully valued if oil prices ease, leaving the stock sensitive to commodity assumptions. How The Chevron (CVX) Story Is Shifting With New Analyst Targets And Oil Market Risks
• Negative Sentiment: One recent downgrade argued Chevron could be pressured if an Iran deal or easing geopolitical risk sends oil prices lower, which would reduce the stock’s near-term upside. Chevron Looks Fully Valued As An Iran Deal Could Send Oil Lower (Rating Downgrade)

Insider Activity at Chevron

In other Chevron news, insider R. Hewitt Pate sold 40,200 shares of the company's stock in a transaction that occurred on Monday, March 30th. The stock was sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the sale, the insider owned 8,638 shares in the company, valued at $1,842,485.40. This represents a 82.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director John B. Hess sold 380,000 shares of the company's stock in a transaction that occurred 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 sale, the director owned 278,045 shares in the company, valued at $53,718,294. The trade was a 57.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 615,200 shares of company stock worth $118,022,760 in the last 90 days. 0.56% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CVX. Sanford C. Bernstein decreased their target price on Chevron from $216.00 to $204.00 and set a "market perform" rating for the company in a research report on Monday, May 11th. Morgan Stanley upped their target price on Chevron from $212.00 to $214.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. Weiss Ratings downgraded Chevron from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday. BNP Paribas Exane raised Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 target price for the company in a research report on Friday, April 17th. Finally, Zacks Research raised Chevron from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 3rd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Chevron presently has an average rating of "Moderate Buy" and an average price target of $205.70.

Chevron Trading Down 0.5%

Shares of CVX opened at $187.46 on Friday. The stock has a 50-day moving average price of $190.66 and a 200 day moving average price of $176.82. Chevron Corporation has a one year low of $138.09 and a one year high of $214.71. The company has a market capitalization of $373.35 billion, a P/E ratio of 32.49, a P/E/G ratio of 0.62 and a beta of 0.48. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) 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 firm had revenue of $47.56 billion for the quarter, compared to analysts' expectations of $51.86 billion. During the same quarter in the prior year, the firm posted $2.18 earnings per share. Chevron's revenue for the quarter was up 2.1% compared to the same quarter last year. Sell-side analysts forecast that Chevron Corporation will post 15.74 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be paid a dividend of $1.78 per share. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 annualized dividend and a yield of 3.8%. Chevron's dividend payout ratio is presently 123.40%.

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.

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.