Envestnet Portfolio Solutions Inc. Decreases Stock Holdings in Chevron Corporation $CVX

Key Points

• Envestnet Portfolio Solutions reduced its Chevron stake by 3.3% in the fourth quarter, selling 7,689 shares and leaving it with 222,350 shares valued at about $33.9 million.
• Chevron reported better-than-expected earnings of $1.41 per share for the quarter, though revenue of $47.56 billion came in below analyst estimates. The company also saw its shares rise 2.6% and continues to benefit from strong institutional ownership.
• Chevron announced a quarterly dividend of $1.78 per share, equal to an annualized $7.12 dividend yield of 3.6%. Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $204.13.

Envestnet Portfolio Solutions Inc. cut its stake in Chevron Corporation (NYSE:CVX - Free Report) by 3.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 222,350 shares of the oil and gas company's stock after selling 7,689 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Chevron were worth $33,888,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CVX. Dakota Wealth Management increased its holdings in Chevron by 14.9% during the 4th quarter. Dakota Wealth Management now owns 83,265 shares of the oil and gas company's stock worth $12,690,000 after purchasing an additional 10,822 shares during the period. Brooklyn FI LLC bought a new stake in shares of Chevron in the 3rd quarter valued at about $431,000. Clear Trail Advisors LLC acquired a new stake in shares of Chevron in the 4th quarter worth $10,167,000. Finemark National Bank & Trust increased its position in Chevron by 40.3% during the 3rd quarter. Finemark National Bank & Trust now owns 56,535 shares of the oil and gas company's stock valued at $8,779,000 after buying an additional 16,243 shares in the last quarter. Finally, Curtis Advisory Group LLC purchased a new stake in Chevron in the fourth quarter valued at about $1,381,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Up 2.6%

CVX opened at $196.08 on Tuesday. The firm has a market cap of $390.52 billion, a P/E ratio of 33.98, a PEG ratio of 0.64 and a beta of 0.51. Chevron Corporation has a 52 week low of $133.77 and a 52 week high of $214.71. 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's fifty day simple moving average is $193.26 and its 200 day simple moving average is $173.68.

Chevron (NYSE:CVX - Get Free Report) last posted 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. The firm had revenue of $47.56 billion during the quarter, compared to the consensus estimate 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. As a group, equities research analysts anticipate that Chevron Corporation will post 15.43 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be paid a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Tuesday, May 19th. Chevron's dividend payout ratio (DPR) is currently 123.40%.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of research analyst reports. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $220.00 price target on shares of Chevron in a report on Tuesday, May 5th. Mizuho raised their price objective on Chevron from $206.00 to $217.00 and gave the company an "outperform" rating in a report on Tuesday, March 17th. BNP Paribas Exane upgraded Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price target on the stock in a report on Friday, April 17th. TD Cowen increased their price target on shares of Chevron from $204.00 to $205.00 and gave the company a "hold" rating in a research note on Friday, May 8th. Finally, Piper Sandler boosted their price objective on Chevron from $179.00 to $242.00 and gave the company an "overweight" rating in a research note on Thursday, March 12th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $204.13.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron agreed to sell some Asia-Pacific downstream assets and its SRC stake to Japan’s ENEOS for about $2.2 billion, a move that should help streamline the portfolio and unlock cash for higher-return uses. Article Title
• Positive Sentiment: Chevron’s CEO warning about possible physical oil shortages added to the bullish backdrop for energy prices, which can support upstream earnings and cash flow. Article Title
• Positive Sentiment: Unusually heavy call-option buying suggests traders are positioning for more upside in Chevron shares, often a sign of growing short-term optimism.
• Positive Sentiment: Recent commentary also highlighted Chevron as a trending and potentially attractive dividend stock, reinforcing the view that investors see it as a defensive income name with upside potential. Article Title
• Neutral Sentiment: Brokerage optimism and “buy” discussions from analysts may be supporting interest in the stock, but the article itself did not point to a new rating change or specific catalyst. Article Title

Insider Activity at Chevron

In other news, CEO Michael K. Wirth sold 272,624 shares of Chevron stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $189.35, for a total value of $51,621,354.40. Following the transaction, the chief executive officer owned 31,266 shares of the company's stock, valued at $5,920,217.10. This trade represents a 89.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R. Hewitt Pate sold 58,000 shares of the firm's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $188.65, for a total value of $10,941,700.00. Following the completion of the sale, the insider directly owned 8,558 shares in the company, valued at $1,614,466.70. This trade represents a 87.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 803,570 shares of company stock worth $151,969,798 in the last quarter. Company insiders own 0.56% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.