Corient Private Wealth LLC Has $400.68 Million Position in Chevron Corporation $CVX

Key Points

• Corient Private Wealth LLC increased its Chevron stake by 18.9% in the fourth quarter, ending with 2.63 million shares valued at about $400.7 million.
• Chevron reported Q1 earnings of $1.41 per share, beating Wall Street expectations, though revenue of $47.56 billion came in below estimates.
• The company recently paid a quarterly dividend of $1.78 per share, equal to an annualized yield of about 4.1%, while analysts currently rate the stock a Moderate Buy.

Corient Private Wealth LLC raised its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 18.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,629,205 shares of the oil and gas company's stock after acquiring an additional 418,658 shares during the quarter. Corient Private Wealth LLC owned approximately 0.13% of Chevron worth $400,684,000 at the end of the most recent reporting period.

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

Chevron Stock Performance

CVX opened at $173.51 on Friday. 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 Corporation has a 52-week low of $142.40 and a 52-week high of $214.71. The firm has a market cap of $345.56 billion, a P/E ratio of 30.07, a price-to-earnings-growth ratio of 0.57 and a beta of 0.48. The business's fifty day moving average is $186.63 and its 200-day moving average is $179.01.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share 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 company had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. During the same quarter in the prior year, the firm posted $2.18 EPS. The firm's quarterly revenue was up 2.1% on a year-over-year basis. Sell-side analysts expect that Chevron Corporation will post 15.88 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were issued a dividend of $1.78 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 4.1%. Chevron's payout ratio is 123.40%.

Insider Buying and Selling

In other Chevron news, insider R. Hewitt Pate sold 40,200 shares of the firm's stock in a transaction that occurred on Monday, March 30th. The shares were sold at an average price of $213.30, for a total value of $8,574,660.00. Following the sale, the insider owned 8,638 shares in the company, valued at $1,842,485.40. This trade represents a 82.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director John B. Hess sold 380,000 shares of the business's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the sale, the director directly owned 278,045 shares in the company, valued at approximately $53,718,294. The trade was a 57.75% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 615,200 shares of company stock valued at $118,022,760. 0.56% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CVX. Citigroup upped their target price on Chevron from $210.00 to $235.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. Mizuho lifted their price target on Chevron from $225.00 to $230.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. Morgan Stanley boosted their price target on Chevron from $212.00 to $214.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. HSBC raised Chevron from a "hold" rating to a "buy" rating and set a $215.00 price objective on the stock in a report on Friday, March 20th. Finally, The Goldman Sachs Group reissued a "buy" rating and set a $216.00 target price on shares of Chevron in a report on Wednesday, May 6th. Eighteen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $205.70.

Chevron 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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