Conning Inc. Has $41.09 Million Position in Chevron Corporation $CVX

Key Points

• Conning Inc. trimmed its Chevron stake by 14.4% in the first quarter, selling 33,516 shares and leaving it with 198,576 shares worth about $41.1 million. Chevron remains Conning’s 6th-largest holding and makes up about 1.4% of its portfolio.
• Chevron is seeing mixed but generally supportive market and analyst sentiment, helped by higher crude prices from Middle East tensions and multiple bullish analyst calls, including buy ratings from UBS and Jefferies. The consensus analyst rating is Moderate Buy with an average price target of $206.83.
• The company reported stronger-than-expected earnings but softer revenue, posting $1.41 EPS versus the $1.00 estimate while revenue came in below forecasts at $47.56 billion. Chevron also pays a 4.0% dividend yield, though its payout ratio is elevated at 123.4%.

Conning Inc. reduced its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 14.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 198,576 shares of the oil and gas company's stock after selling 33,516 shares during the period. Chevron comprises about 1.4% of Conning Inc.'s investment portfolio, making the stock its 6th largest holding. Conning Inc.'s holdings in Chevron were worth $41,085,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. United Bank grew its position in Chevron by 7.7% in the second quarter. United Bank now owns 11,079 shares of the oil and gas company's stock valued at $1,586,000 after purchasing an additional 796 shares in the last quarter. Schnieders Capital Management LLC. grew its holdings in shares of Chevron by 9.0% in the 2nd quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company's stock valued at $7,280,000 after acquiring an additional 4,214 shares in the last quarter. BNP Paribas grew its holdings in shares of Chevron by 76.4% in the 2nd quarter. BNP Paribas now owns 441 shares of the oil and gas company's stock valued at $63,000 after acquiring an additional 191 shares in the last quarter. Osterweis Capital Management Inc. increased its position in shares of Chevron by 678.9% in the second quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company's stock valued at $195,000 after acquiring an additional 1,188 shares during the last quarter. Finally, Main Street Financial Solutions LLC increased its position in shares of Chevron by 3.6% in the second quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company's stock valued at $2,299,000 after acquiring an additional 553 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Rising Middle East tensions are pushing crude higher, which can improve Chevron’s upstream profits and make the stock look more attractive as a geopolitical hedge. With Iran Tensions Heating Up Again, Chevron Stock Looks Enticing
• Positive Sentiment: Bullish commentary from Bank of America and other analysts suggests Chevron is well positioned to benefit if Iran-related supply disruptions keep oil prices elevated. CVX Stock Has A New Bull Case
• Positive Sentiment: Chevron announced a five-year gas supply deal with Australia’s Alinta Energy, adding a stable long-term sales stream and reinforcing its gas business. Chevron Australia signs five-year gas supply agreement with Alinta Energy
• Positive Sentiment: Chevron also expanded its technology/licensing efforts and its Microsoft power partnership, which could support long-term growth beyond oil and gas pricing. Can Chevron's Microsoft Partnership Power the Next Leg of Growth?
• Neutral Sentiment: UBS reiterated a Buy rating, which may help sentiment but does not by itself change Chevron’s fundamentals. UBS Keeps Their Buy Rating on Chevron (CVX)
• Negative Sentiment: New U.S. Russia sanctions proposals could tighten global energy trade flows and add policy uncertainty, even if they may also support oil prices. Bipartisan Senators Reach Agreement With Trump Administration to Advance New Russia Sanctions Bill

Insider Activity at Chevron

In related news, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction dated 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 sale, the director directly owned 278,045 shares of the company's stock, valued at $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.56% of the company's stock.

Chevron Trading Up 1.3%

Shares of Chevron stock opened at $176.29 on Friday. The firm has a 50-day moving average of $181.92 and a 200-day moving average of $181.29. The stock has a market cap of $351.10 billion, a PE ratio of 30.55, a PEG ratio of 0.59 and a beta of 0.50. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71. 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 earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. During the same quarter in the prior year, the business posted $2.18 EPS. The business's revenue was up 2.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Chevron Corporation will post 15.28 EPS for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were paid a $1.78 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 4.0%. Chevron's dividend payout ratio (DPR) is presently 123.40%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. UBS Group reiterated a "buy" rating on shares of Chevron in a research note on Tuesday, June 23rd. Jefferies Financial Group restated a "buy" rating and set a $216.00 target price on shares of Chevron in a report on Friday. Barclays upped their price target on shares of Chevron from $192.00 to $213.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 26th. Morgan Stanley cut their price target on shares of Chevron from $214.00 to $210.00 and set an "overweight" rating for the company in a research note on Monday, June 29th. Finally, Mizuho lifted their price objective on shares of Chevron from $225.00 to $230.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Nineteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $206.83.

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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