Coldstream Capital Management Inc. Reduces Stock Position in Chevron Corporation $CVX

Key Points

• Coldstream Capital Management cut its Chevron stake by 7.5% in the fourth quarter, selling 5,813 shares and ending with 71,876 shares valued at about $11.0 million.
• Chevron reported first-quarter earnings of $1.41 per share, beating estimates, though revenue of $47.56 billion fell short of expectations. The company also said it will pay a quarterly dividend of $1.78 per share, or $7.12 annualized, for a 3.7% yield.
• Wall Street remains generally constructive on the stock, with analysts giving Chevron a Moderate Buy consensus rating and an average price target of $204.22.

Coldstream Capital Management Inc. lowered its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 7.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 71,876 shares of the oil and gas company's stock after selling 5,813 shares during the quarter. Coldstream Capital Management Inc.'s holdings in Chevron were worth $10,955,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of CVX. Vanguard Group Inc. boosted its holdings 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 during the period. State Street Corp boosted its holdings 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 valued at $23,698,184,000 after acquiring an additional 12,789,399 shares during the period. Primecap Management Co. CA purchased a new position in Chevron during the 3rd quarter valued at $988,083,000. Northwestern Mutual Wealth Management Co. boosted its holdings 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 acquiring an additional 5,537,580 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Chevron by 27.9% during the 3rd 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 acquiring an additional 4,279,918 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Analysts Set New Price Targets

CVX has been the subject of a number of recent analyst reports. TD Cowen boosted their price objective on Chevron from $204.00 to $205.00 and gave the company a "hold" rating in a report on Friday, May 8th. Citigroup boosted their price objective on Chevron from $210.00 to $235.00 and gave the company a "buy" rating in a report on Thursday, April 2nd. BMO Capital Markets restated an "outperform" rating and set a $190.00 price objective on shares of Chevron in a report on Monday, February 2nd. UBS Group boosted their price objective on Chevron from $218.00 to $220.00 and gave the company a "buy" rating in a report on Monday, May 4th. Finally, Argus set a $203.00 target price on Chevron in a research report on Tuesday, February 3rd. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $204.22.

Chevron Trading Up 0.3%

Shares of NYSE CVX opened at $191.51 on Friday. 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 business has a fifty day simple moving average of $193.54 and a two-hundred day simple moving average of $174.60. The firm has a market cap of $381.42 billion, a PE ratio of 33.19, a price-to-earnings-growth ratio of 0.64 and a beta of 0.51. Chevron Corporation has a twelve month low of $134.06 and a twelve month high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.41. The business 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%.Chevron's revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.18 EPS. Analysts expect that Chevron Corporation will post 15.74 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders 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 3.7%. Chevron's payout ratio is 123.40%.

Insider Buying and Selling at Chevron

In other news, insider Andrew Benjamin Walz sold 11,600 shares of the business's stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $188.58, for a total value of $2,187,528.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R. Hewitt Pate sold 40,200 shares of the business's stock in a transaction on Monday, March 30th. The stock was sold at an average price of $213.30, for a total value 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 approximately $1,842,485.40. The trade was a 82.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,179,699 shares of company stock worth $224,675,517 over the last quarter. Insiders own 0.56% of the company's stock.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: WTI crude above $95 per barrel is lifting Permian oil and associated gas economics, which should be a tailwind for Chevron’s upstream earnings and cash flow. More Gas Per Barrel of Oil: A Growth Lever for Permian Operators
• Positive Sentiment: Morgan Stanley raised its price target on Chevron to $214 from $212 and reiterated an overweight rating, signaling continued Wall Street confidence in the stock’s upside. Benzinga / The Fly analyst update
• Positive Sentiment: Chevron’s planned participation in a Bernstein conference next week keeps investor attention on management commentary and strategic updates. Chevron to Participate in Fireside Q&A at Bernstein 42nd Annual Strategic Decisions Conference
• Positive Sentiment: Chevron’s new next-generation Techron gasoline additive may help support brand strength and retail fuel performance over time. Chevron Introduces Next-gen Techron in U.S. Chevron and Texaco Gasolines
• Positive Sentiment: Chevron stands to receive about $2.17 billion from the sale of several Asia Pacific refining and retail assets to Eneos, which supports balance-sheet flexibility and portfolio simplification. Chevron Corporation (CVX) Poised for $2.17B Boost from Asia Pacific Asset Sale

About Chevron

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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