Fisher Asset Management LLC Increases Stock Position in Chevron Corporation $CVX

Key Points

• Fisher Asset Management increased its Chevron stake by 1.5% in Q4, adding 319,859 shares and bringing its total holding to 21.47 million shares worth about $3.27 billion.
• Chevron reported better-than-expected quarterly EPS of $1.41 versus analyst estimates of $1.00, though revenue came in below expectations at $47.56 billion.
• The company continues to draw support from bullish analyst and institutional sentiment, with Morgan Stanley raising its price target to $214 and Chevron maintaining a 3.7% quarterly dividend yield.

Fisher Asset Management LLC grew its position in Chevron Corporation (NYSE:CVX - Free Report) by 1.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,471,919 shares of the oil and gas company's stock after purchasing an additional 319,859 shares during the period. Chevron comprises about 1.1% of Fisher Asset Management LLC's portfolio, making the stock its 25th largest position. Fisher Asset Management LLC owned about 1.07% of Chevron worth $3,272,535,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CVX. Strategic Wealth Advisors LLC purchased a new stake in shares of Chevron in the fourth quarter valued at about $33,000. Daytona Street Capital LLC purchased a new stake in shares of Chevron in the fourth quarter valued at about $44,000. Maseco LLP purchased a new stake in Chevron during the fourth quarter worth about $49,000. Turning Point Benefit Group Inc. purchased a new stake in Chevron during the third quarter worth about $49,000. Finally, High Point Wealth Management LLC purchased a new stake in Chevron during the fourth quarter worth about $53,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: WTI crude above $95 per barrel is lifting Permian oil and associated gas economics, which should be a tailwind for Chevron’s upstream earnings and cash flow. More Gas Per Barrel of Oil: A Growth Lever for Permian Operators
• Positive Sentiment: Morgan Stanley raised its price target on Chevron to $214 from $212 and reiterated an overweight rating, signaling continued Wall Street confidence in the stock’s upside. Benzinga / The Fly analyst update
• Positive Sentiment: Chevron’s planned participation in a Bernstein conference next week keeps investor attention on management commentary and strategic updates. Chevron to Participate in Fireside Q&A at Bernstein 42nd Annual Strategic Decisions Conference
• Positive Sentiment: Chevron’s new next-generation Techron gasoline additive may help support brand strength and retail fuel performance over time. Chevron Introduces Next-gen Techron in U.S. Chevron and Texaco Gasolines
• Positive Sentiment: Chevron stands to receive about $2.17 billion from the sale of several Asia Pacific refining and retail assets to Eneos, which supports balance-sheet flexibility and portfolio simplification. Chevron Corporation (CVX) Poised for $2.17B Boost from Asia Pacific Asset Sale

Chevron Price Performance

Shares of NYSE:CVX opened at $191.51 on Monday. 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 firm has a market capitalization of $381.42 billion, a PE ratio of 33.19, a P/E/G ratio of 0.64 and a beta of 0.51. Chevron Corporation has a twelve month low of $134.06 and a twelve month high of $214.71. The company has a 50-day moving average price of $193.54 and a two-hundred day moving average price of $174.75.

Chevron (NYSE:CVX - Get Free Report) last issued its 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. The firm had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company's quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the business earned $2.18 earnings per share. Equities analysts forecast that Chevron Corporation will post 15.74 EPS for the current year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be given a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Tuesday, May 19th. Chevron's dividend payout ratio (DPR) is currently 123.40%.

Insider Activity

In other Chevron news, Director John B. Hess sold 380,000 shares of the stock in a transaction dated 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 transaction, the director owned 278,045 shares in the company, valued at $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael K. Wirth sold 272,624 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $189.35, for a total transaction 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 represents a 89.71% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 1,179,699 shares of company stock valued at $224,675,517. 0.56% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CVX has been the subject of a number of research analyst reports. The Goldman Sachs Group restated a "buy" rating and set a $216.00 price objective on shares of Chevron in a report on Wednesday, May 6th. BNP Paribas Exane upgraded shares of Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price objective for the company in a report on Friday, April 17th. Barclays raised their price objective on shares of Chevron from $180.00 to $192.00 and gave the stock an "equal weight" rating in a report on Monday, May 4th. Wells Fargo & Company raised their price objective on shares of Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a report on Thursday, April 9th. Finally, Bank of America raised their price objective on shares of Chevron from $188.00 to $206.00 and gave the stock a "buy" rating in a report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $204.22.

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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