Chevron Corporation (NYSE:CVX) Shares Sold by Allianz SE

Key Points

• Allianz SE has significantly reduced its stake in Chevron Corporation by 71.4%, now holding 18,722 shares valued at approximately $3.1 million.
• According to recent brokerage reports, Chevron received mixed ratings, with DZ Bank downgrading it to a "sell" and Evercore ISI reaffirming an "outperform" rating with a price target of $180.00.
• Chevron's latest quarterly earnings report showed a profit of $1.77 per share, exceeding expectations, but revenue fell by 12.4% compared to the previous year.

Allianz SE decreased its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 71.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,722 shares of the oil and gas company's stock after selling 46,761 shares during the period. Allianz SE's holdings in Chevron were worth $3,132,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of CVX. Harvest Fund Management Co. Ltd raised its holdings in shares of Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after purchasing an additional 122 shares in the last quarter. 10Elms LLP acquired a new stake in Chevron in the fourth quarter valued at $29,000. Navigoe LLC purchased a new stake in Chevron during the 4th quarter worth about $33,000. IFS Advisors LLC boosted its position in shares of Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after acquiring an additional 116 shares in the last quarter. Finally, Cloud Capital Management LLC acquired a new position in shares of Chevron during the 1st quarter worth about $39,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CVX. DZ Bank downgraded Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target for the company. in a report on Tuesday, May 6th. Barclays reaffirmed an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Evercore ISI reissued an "outperform" rating and issued a $180.00 price target on shares of Chevron in a research report on Thursday. UBS Group dropped their price objective on Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Finally, HSBC downgraded Chevron from a "buy" rating to a "hold" rating and reduced their target price for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $163.18.

Chevron Stock Down 0.2%

Shares of NYSE:CVX opened at $151.33 on Monday. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. The firm's 50-day simple moving average is $146.86 and its 200-day simple moving average is $148.73. The company has a market cap of $264.28 billion, a price-to-earnings ratio of 19.48, a PEG ratio of 2.31 and a beta of 0.87.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.80% and a net margin of 7.02%. The company had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same quarter in the previous year, the company earned $2.55 EPS. The firm's revenue for the quarter was down 12.4% compared to the same quarter last year. As a group, equities research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.

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