Hendley & Co. Inc. Decreases Stake in Chevron Corporation $CVX

Key Points

• Hendley & Co. Inc. reduced its Chevron stake by 16.9% in the first quarter, selling 8,384 shares and leaving it with 41,085 shares worth about $8.5 million. Chevron remains one of the fund’s larger holdings, making up roughly 3.1% of its portfolio.
• Insider selling was notable, including director John B. Hess selling 380,000 shares for about $73.4 million. Over the last quarter, Chevron insiders sold 615,200 shares valued at roughly $118.0 million.
• Chevron posted mixed financial results, beating EPS expectations at $1.41 per share but missing revenue estimates with $47.56 billion in quarterly sales. The company also paid a quarterly dividend of $1.78 per share, implying a 4.0% yield.

Hendley & Co. Inc. trimmed its position in Chevron Corporation (NYSE:CVX - Free Report) by 16.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 41,085 shares of the oil and gas company's stock after selling 8,384 shares during the period. Chevron accounts for approximately 3.1% of Hendley & Co. Inc.'s investment portfolio, making the stock its 10th biggest position. Hendley & Co. Inc.'s holdings in Chevron were worth $8,500,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Athena Wealth Management LLC grew its position in Chevron by 1.2% during the 1st quarter. Athena Wealth Management LLC now owns 4,968 shares of the oil and gas company's stock worth $1,028,000 after acquiring an additional 60 shares during the last quarter. Community Bank & Trust Waco Texas raised its position in Chevron by 0.9% in the first quarter. Community Bank & Trust Waco Texas now owns 47,071 shares of the oil and gas company's stock valued at $9,739,000 after purchasing an additional 429 shares during the last quarter. Defined Wealth Management LLC raised its position in Chevron by 1.7% in the first quarter. Defined Wealth Management LLC now owns 4,657 shares of the oil and gas company's stock valued at $964,000 after purchasing an additional 77 shares during the last quarter. Bell Investment Advisors Inc boosted its stake in shares of Chevron by 6.9% during the first quarter. Bell Investment Advisors Inc now owns 7,938 shares of the oil and gas company's stock valued at $1,642,000 after purchasing an additional 511 shares in the last quarter. Finally, Anchyra Partners LLC boosted its stake in shares of Chevron by 17.9% during the first quarter. Anchyra Partners LLC now owns 7,548 shares of the oil and gas company's stock valued at $1,562,000 after purchasing an additional 1,146 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction 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 transaction, 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R. Hewitt Pate sold 40,200 shares of the business's stock in a transaction on Monday, March 30th. The shares were sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the completion of the transaction, the insider owned 8,638 shares in the company, valued at approximately $1,842,485.40. The trade was a 82.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 615,200 shares of company stock valued at $118,022,760. 0.56% of the stock is currently owned by corporate insiders.

Chevron Price Performance

Chevron stock opened at $176.19 on Wednesday. The stock's 50 day moving average is $186.07 and its 200 day moving average is $179.55. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. The firm has a market cap of $350.90 billion, a P/E ratio of 30.54, a P/E/G ratio of 0.57 and a beta of 0.48. Chevron Corporation has a one year low of $142.40 and a one year high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share 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 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 company's revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, research analysts expect that Chevron Corporation will post 15.88 EPS for the current year.

Chevron Announces Dividend

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

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s Microsoft deal could create a new long-duration revenue source tied to AI data center growth, improving cash flow stability. Reuters article
• Positive Sentiment: The project may help Chevron monetize excess Permian gas that has faced pipeline bottlenecks and weak regional pricing. Business Wire article
• Neutral Sentiment: Several analysts and commentary pieces said lower crude prices are still a headwind for energy stocks, which may limit upside if oil weakness continues. Kalkine Media article
• Negative Sentiment: One article argued Chevron could be overvalued if crude keeps slipping, noting downside risk versus its recent trading levels. 24/7 Wall St. article

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CVX. Scotiabank upped their price objective on Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. The Goldman Sachs Group reiterated a "buy" rating and set a $216.00 target price on shares of Chevron in a research report on Wednesday, May 6th. Weiss Ratings cut shares of Chevron from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, June 2nd. Piper Sandler raised their price target on shares of Chevron from $179.00 to $242.00 and gave the company an "overweight" rating in a research note on Thursday, March 12th. Finally, BNP Paribas Exane upgraded shares of 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. Eighteen investment 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. According to data from MarketBeat.com, Chevron presently has an average rating of "Moderate Buy" and an average price target 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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