Chevron Corporation $CVX Stake Reduced by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon cut its Chevron stake by 15.8% in the fourth quarter, selling more than 3.1 million shares. It still held about $2.52 billion worth of Chevron, and institutional investors overall own 72.42% of the company.
• Chevron reported Q1 EPS of $1.41, beating Wall Street’s expectation of $1.00, even though revenue of $47.56 billion came in below estimates. Analysts currently rate the stock a Moderate Buy with a consensus price target of $205.70.
• The company declared a quarterly dividend of $1.78 per share, or $7.12 annualized, for a yield of about 3.8%. Meanwhile, insider selling has been notable, including Director John B. Hess’s sale of 380,000 shares.

Bank of New York Mellon Corp decreased its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 15.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,519,868 shares of the oil and gas company's stock after selling 3,107,278 shares during the period. Bank of New York Mellon Corp owned approximately 0.82% of Chevron worth $2,517,793,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Core Wealth Advisors LLC bought a new stake in Chevron during the fourth quarter worth approximately $26,000. Strategic Wealth Advisors LLC bought a new position in shares of Chevron in the fourth quarter valued at $33,000. Daytona Street Capital LLC acquired a new stake in shares of Chevron during the 4th quarter valued at $44,000. Maseco LLP acquired a new stake in shares of Chevron during the 4th quarter valued at $49,000. Finally, Turning Point Benefit Group Inc. bought a new stake in shares of Chevron during the 3rd quarter worth $49,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Performance

Shares of CVX stock opened at $187.77 on Wednesday. The company has a market capitalization of $373.95 billion, a price-to-earnings ratio of 32.54, a P/E/G ratio of 0.61 and a beta of 0.48. Chevron Corporation has a 1-year low of $136.60 and a 1-year high of $214.71. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The stock's fifty day simple moving average is $191.96 and its 200-day simple moving average is $176.04.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.41. The firm had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business's quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the company posted $2.18 EPS. On average, sell-side analysts predict that Chevron Corporation will post 15.74 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

Wall Street Analyst Weigh In

CVX has been the topic of a number of recent analyst reports. Morgan Stanley boosted 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. Piper Sandler increased their price target on Chevron from $179.00 to $242.00 and gave the company an "overweight" rating in a research report on Thursday, March 12th. Sanford C. Bernstein cut their price objective on Chevron from $216.00 to $204.00 and set a "market perform" rating on the stock in a report on Monday, May 11th. Zacks Research raised shares of Chevron from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 3rd. Finally, Mizuho raised their target price on shares of Chevron from $225.00 to $230.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. 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 company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $205.70.

Insider Activity

In related news, Director John B. Hess sold 380,000 shares of the business's stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total value of $73,416,000.00. Following the completion of the sale, the director owned 278,045 shares of the company's stock, valued at approximately $53,718,294. The trade was a 57.75% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider R. Hewitt Pate sold 47,200 shares of the stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $192.12, for a total value of $9,068,064.00. Following the completion of the transaction, the insider owned 8,558 shares in the company, valued at $1,644,162.96. This represents a 84.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 662,400 shares of company stock worth $127,090,824. Insiders own 0.56% of the company's stock.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is attracting fresh bullish research coverage, with several reports highlighting its earnings momentum, growth drivers, and valuation appeal. Barclays also raised its price target on Chevron to $213 from $192 while keeping an Equal Weight rating. Top Research Reports for Chevron, Goldman Sachs & Philip Morris
• Positive Sentiment: Chevron applied to join Argentina’s incentive regime for a $13.8 billion unconventional oil project in Vaca Muerta, signaling a major long-term investment that could expand production and future cash flow. Chevron applies for Argentina tax break program with $13.8 billion investment plan
• Positive Sentiment: Recent commentary also points to Chevron’s production growth and offshore expansion strategy, including its completed Hess acquisition in Guyana and new exploration ambitions in Greece, reinforcing the company’s reserve and output growth story. Chevron Deepens Offshore Bets In Guyana And Greece As Risk Profile Shifts

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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