Empire Life Investments Inc. Cuts Stake in Chevron Corporation $CVX

Key Points

• Empire Life Investments reduced its Chevron stake by 21.8% in the fourth quarter, selling 39,546 shares and leaving it with 141,675 shares worth about $21.6 million. Chevron remains the firm’s 27th largest holding.
• Chevron’s recent earnings topped expectations, with Q1 EPS of $1.41 beating the $1.00 estimate, though revenue of $47.56 billion came in below forecasts. The company also said quarterly revenue rose 2.1% from a year earlier.
• Insider selling has been significant, including CEO Michael K. Wirth’s sale of 272,624 shares and insider sales totaling 816,434 shares in the last quarter. Despite this, analysts currently rate the stock a consensus Moderate Buy with a $204.13 price target.

Empire Life Investments Inc. cut its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 21.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 141,675 shares of the oil and gas company's stock after selling 39,546 shares during the quarter. Chevron makes up about 1.2% of Empire Life Investments Inc.'s investment portfolio, making the stock its 27th largest position. Empire Life Investments Inc.'s holdings in Chevron were worth $21,593,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. United Bank lifted its stake in shares of Chevron by 7.7% during the 2nd quarter. United Bank now owns 11,079 shares of the oil and gas company's stock worth $1,586,000 after purchasing an additional 796 shares during the last quarter. Schnieders Capital Management LLC. grew its stake in Chevron by 9.0% in the second quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company's stock valued at $7,280,000 after purchasing an additional 4,214 shares during the last quarter. BNP Paribas raised its holdings in Chevron by 76.4% in 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 in the last quarter. Osterweis Capital Management Inc. lifted its position in shares of Chevron by 678.9% during 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 buying an additional 1,188 shares during the last quarter. Finally, Main Street Financial Solutions LLC lifted its position in shares of Chevron by 3.6% during 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 buying an additional 553 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

Insider Activity at Chevron

In other news, CEO Michael K. Wirth sold 272,624 shares of the firm's stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $189.35, for a total value of $51,621,354.40. Following the completion of the transaction, the chief executive officer directly owned 31,266 shares in the company, valued at $5,920,217.10. This trade represents a 89.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Andrew Benjamin Walz sold 11,600 shares of Chevron stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $188.58, for a total value of $2,187,528.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 816,434 shares of company stock worth $154,338,976 in the last quarter. 0.56% of the stock is owned by insiders.

Chevron Stock Performance

Shares of Chevron stock opened at $185.95 on Wednesday. The company has a 50 day moving average price of $193.16 and a 200 day moving average price of $172.71. The firm has a market capitalization of $370.33 billion, a P/E ratio of 32.23, a PEG ratio of 0.64 and a beta of 0.51. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. Chevron Corporation has a 52 week low of $133.77 and a 52 week high of $214.71.

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 (EPS) for the quarter, beating 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 business 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. Chevron's revenue for the quarter was up 2.1% compared to the same quarter last year. Sell-side analysts expect that Chevron Corporation will post 15.02 EPS for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be paid a $1.78 dividend. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.8%. Chevron's dividend payout ratio (DPR) is 123.40%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CVX shares. Morgan Stanley lifted their price objective on shares of Chevron from $174.00 to $212.00 and gave the stock an "overweight" rating in a research report on Friday, March 27th. The Goldman Sachs Group reissued a "buy" rating and set a $216.00 target price on shares of Chevron in a research report on Wednesday, May 6th. Weiss Ratings restated a "hold (c)" rating on shares of Chevron in a research note on Wednesday, January 21st. Melius Research raised shares of Chevron from a "hold" rating to a "buy" rating and set a $205.00 price target on the stock in a report on Tuesday, February 17th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $220.00 price target on shares of Chevron in a research report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $204.13.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Higher crude prices and Middle East supply fears are lifting the outlook for oil producers, with several articles naming Chevron as a stock that could benefit if oil prices move higher. 3 Oil Stocks to Buy Before Prices Head Higher
• Positive Sentiment: Reuters reported that Syria selected an offshore block for its first deep-water oil and gas project with Chevron and Qatar’s UCC Holding, which could expand Chevron’s international exploration opportunities if the project advances. Syria selects offshore block for first deep-water oil, gas project with Chevron
• Neutral Sentiment: ADL and JLens urged Chevron shareholders to vote against Proposal 6 at the May 27 annual meeting, highlighting ongoing ESG and geopolitical controversy around the company’s Israel-related operations. ADL and JLens Urge Chevron Shareholders to Vote AGAINST Proposal 6
• Neutral Sentiment: Analysts are debating whether Chevron is still a safe bet after its sharp rally, with some commentary suggesting limited upside from current levels despite the recent strength in oil. Is Chevron a Safe Bet in the Energy Sector?
• Negative Sentiment: Some market commentary argues a drop in oil prices could signal weaker economic demand, which would be a risk for Chevron if crude cools off from recent highs. Here's Why a Drop in Oil Prices Might Be a Warning Sign for the Economy

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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