Cullinan Associates Inc. Decreases Holdings in Chevron Corporation $CVX

Key Points

• Cullinan Associates Inc. cut its Chevron stake by 23.9% in the first quarter, selling 25,309 shares and ending with 80,408 shares valued at about $16.6 million.
• Analyst sentiment remains mostly positive, with 19 Buy ratings and an average “Moderate Buy” rating; the consensus price target is $206.83 per share.
• Chevron reported solid quarterly results and continued shareholder returns, beating EPS estimates at $1.41 per share and paying a $1.78 quarterly dividend, equal to a 4.0% annualized yield.

Cullinan Associates Inc. decreased its position in Chevron Corporation (NYSE:CVX - Free Report) by 23.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 80,408 shares of the oil and gas company's stock after selling 25,309 shares during the quarter. Chevron accounts for 1.3% of Cullinan Associates Inc.'s portfolio, making the stock its 18th largest position. Cullinan Associates Inc.'s holdings in Chevron were worth $16,636,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Midwest Capital Advisors LLC purchased a new stake in shares of Chevron in the 1st quarter valued at $25,000. Core Wealth Advisors LLC purchased a new position in Chevron in the 4th quarter worth $26,000. Phillip James Consulting Co. bought a new position in shares of Chevron during the fourth quarter valued at about $26,000. Basso Capital Management L.P. purchased a new position in shares of Chevron in the fourth quarter worth about $27,000. Finally, Karpus Management Inc. purchased a new position in shares of Chevron in the fourth quarter worth about $27,000. 72.42% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CVX shares. BNP Paribas Exane raised Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price objective for the company in a research note on Friday, April 17th. Royal Bank Of Canada reiterated an "outperform" rating and set a $220.00 price target on shares of Chevron in a report on Tuesday, May 5th. Barclays raised their target price on Chevron from $192.00 to $213.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 26th. 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 research report on Monday, May 11th. Finally, Tudor Pickering upgraded shares of Chevron from a "hold" rating to a "buy" rating and set a $225.00 price target on the stock in a report on Thursday, April 9th. Nineteen analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $206.83.

Chevron Stock Up 1.3%

Shares of Chevron stock traded up $2.24 during midday trading on Friday, hitting $176.29. The company had a trading volume of 5,984,338 shares, compared to its average volume of 9,284,713. 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. The stock has a market capitalization of $351.10 billion, a P/E ratio of 30.55, a P/E/G ratio of 0.60 and a beta of 0.50. The company has a 50 day moving average of $181.92 and a 200 day moving average of $181.29.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) 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 analysts' expectations of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The firm's quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.18 earnings per share. On average, equities analysts predict that Chevron Corporation will post 15.28 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

Insider Activity at Chevron

In related news, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the sale, the director 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is currently owned by insiders.

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

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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