Chevron Corporation $CVX Stake Lessened by Payden & Rygel

Key Points

• Payden & Rygel reduced its Chevron stake by 29.5% in the fourth quarter, selling 29,600 shares and leaving it with 70,800 shares worth about $10.8 million.
• Chevron posted stronger-than-expected earnings for the latest quarter, with EPS of $1.41 beating estimates, even though revenue came in below forecasts at $47.56 billion.
• The company boosted its dividend to $1.78 per share quarterly, or $7.12 annualized, which implies a 3.6% yield. Analysts remain mostly bullish, with an average rating of “Moderate Buy” and a target price around $204.13.

Payden & Rygel lessened its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 29.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 70,800 shares of the oil and gas company's stock after selling 29,600 shares during the period. Payden & Rygel's holdings in Chevron were worth $10,791,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of CVX. Vanguard Group Inc. grew its stake in Chevron by 17.9% during the 3rd quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company's stock valued at $28,540,753,000 after acquiring an additional 27,961,463 shares in the last quarter. State Street Corp lifted its position in shares of Chevron by 9.1% in the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock worth $23,698,184,000 after purchasing an additional 12,789,399 shares in the last quarter. Primecap Management Co. CA acquired a new stake in shares of Chevron during the third quarter worth approximately $988,083,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Chevron by 822.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company's stock worth $946,658,000 after purchasing an additional 5,537,580 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Chevron by 27.9% during the third quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company's stock valued at $3,047,900,000 after purchasing an additional 4,279,918 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Trading Up 2.6%

Chevron stock opened at $196.08 on Tuesday. Chevron Corporation has a one year low of $133.77 and a one year high of $214.71. The company's fifty day moving average price is $193.26 and its two-hundred day moving average price is $173.68. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. The company has a market capitalization of $390.52 billion, a price-to-earnings ratio of 33.98, a PEG ratio of 0.64 and a beta of 0.51.

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 (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.41. The company had revenue of $47.56 billion during 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 firm's revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.18 EPS. On average, analysts forecast that Chevron Corporation will post 15.43 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, May 19th. Chevron's dividend payout ratio (DPR) is 123.40%.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron agreed to sell some Asia-Pacific downstream assets and its SRC stake to Japan’s ENEOS for about $2.2 billion, a move that should help streamline the portfolio and unlock cash for higher-return uses. Article Title
• Positive Sentiment: Chevron’s CEO warning about possible physical oil shortages added to the bullish backdrop for energy prices, which can support upstream earnings and cash flow. Article Title
• Positive Sentiment: Unusually heavy call-option buying suggests traders are positioning for more upside in Chevron shares, often a sign of growing short-term optimism.
• Positive Sentiment: Recent commentary also highlighted Chevron as a trending and potentially attractive dividend stock, reinforcing the view that investors see it as a defensive income name with upside potential. Article Title
• Neutral Sentiment: Brokerage optimism and “buy” discussions from analysts may be supporting interest in the stock, but the article itself did not point to a new rating change or specific catalyst. Article Title

Wall Street Analyst Weigh In

Several research analysts have weighed in on CVX shares. BMO Capital Markets reiterated an "outperform" rating and issued a $190.00 price objective on shares of Chevron in a research note on Monday, February 2nd. Morgan Stanley boosted their price target on shares of Chevron from $174.00 to $212.00 and gave the company an "overweight" rating in a report on Friday, March 27th. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $216.00 price target on shares of Chevron in a research note on Wednesday, May 6th. Royal Bank Of Canada reissued an "outperform" rating and set a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. Finally, Bank of America boosted their target price on Chevron from $188.00 to $206.00 and gave the company a "buy" rating in a research note on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Chevron currently has an average rating of "Moderate Buy" and an average target price of $204.13.

Insider Buying and Selling

In related news, CEO Michael K. Wirth sold 272,624 shares of the company's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $189.35, for a total transaction of $51,621,354.40. Following the completion of the sale, the chief executive officer directly owned 31,266 shares of the company's stock, valued at approximately $5,920,217.10. This represents a 89.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R. Hewitt Pate sold 58,000 shares of Chevron stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $188.65, for a total transaction of $10,941,700.00. Following the completion of the transaction, the insider owned 8,558 shares in the company, valued at $1,614,466.70. This trade represents a 87.14% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 803,570 shares of company stock valued at $151,969,798. 0.56% of the stock is owned by corporate insiders.

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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