ING Groep NV Cuts Holdings in Chevron Corporation $CVX

Key Points

• ING Groep NV sharply reduced its Chevron stake, cutting holdings by 89% in the fourth quarter and selling nearly 970,000 shares. The firm still held 119,775 shares valued at about $18.3 million.
• Insider selling has been notable, with director John B. Hess and executive R. Hewitt Pate both trimming large portions of their Chevron holdings. Insiders sold a total of 615,200 shares worth about $118 million over the last quarter.
• Chevron remains supported by earnings, dividends, and analyst optimism, despite mixed valuation views. The company beat EPS expectations in its latest quarter, pays a $1.78 quarterly dividend, and analysts currently rate the stock a “Moderate Buy” with an average target price of $205.70.

ING Groep NV lessened its stake in Chevron Corporation (NYSE:CVX - Free Report) by 89.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,775 shares of the oil and gas company's stock after selling 969,787 shares during the period. ING Groep NV's holdings in Chevron were worth $18,255,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CVX. Core Wealth Advisors LLC purchased a new position in Chevron in the 4th quarter worth approximately $26,000. Strategic Wealth Advisors LLC purchased a new position in Chevron in the 4th quarter worth approximately $33,000. Daytona Street Capital LLC purchased a new position in Chevron in the 4th quarter worth approximately $44,000. Maseco LLP purchased a new position in Chevron in the 4th quarter worth approximately $49,000. Finally, Turning Point Benefit Group Inc. purchased a new position in Chevron in the 3rd quarter worth approximately $49,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Several recent articles highlight Chevron as a durable, low-beta energy name with resilient assets, strong cash flow, and a dependable dividend, which can attract buyers during volatile markets. 4 Best Low-Beta Stocks to Buy Right Away: LQDA, CVX, OXY & VLO
• Positive Sentiment: Chevron has outperformed its industry and sector over the past month, with commentary pointing to dividend growth and 2030 cash flow targets as reasons investors remain constructive. CVX Stock Outpaces Industry in a Month: Should Investors Stay Bullish?
• Positive Sentiment: Oil-stock forecasts remain supportive as conflict-related supply worries keep crude in focus, which tends to benefit Chevron through improved upstream pricing and sector rotation into energy. CVX, XOM and SHEL Forecasts – Oil Stocks in Focus as Conflict Continues
• Positive Sentiment: Street commentary also suggests Chevron is still a long-term hold, with articles calling it an “ultra-safe” dividend stock and saying its long-term prospects remain rosy. Got $3,000? 1 Ultra-Safe Dow Dividend Stock to Buy and Hold Forever
• Neutral Sentiment: Analyst notes show a mixed valuation picture: some targets were lifted modestly, but others say Chevron looks fully valued if oil prices ease, leaving the stock sensitive to commodity assumptions. How The Chevron (CVX) Story Is Shifting With New Analyst Targets And Oil Market Risks
• Negative Sentiment: One recent downgrade argued Chevron could be pressured if an Iran deal or easing geopolitical risk sends oil prices lower, which would reduce the stock’s near-term upside. Chevron Looks Fully Valued As An Iran Deal Could Send Oil Lower (Rating Downgrade)

Insiders Place Their Bets

In related news, insider R. Hewitt Pate sold 40,200 shares of the company'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 sale, the insider directly owned 8,638 shares in the company, valued at $1,842,485.40. This represents a 82.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director John B. Hess sold 380,000 shares of the company's 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 sale, the director owned 278,045 shares of the company's stock, valued at $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 615,200 shares of company stock valued at $118,022,760 over the last quarter. 0.56% of the stock is currently owned by company insiders.

Chevron Price Performance

Shares of Chevron stock opened at $187.46 on Monday. Chevron Corporation has a 52-week low of $138.09 and a 52-week high of $214.71. The stock has a market capitalization of $373.35 billion, a price-to-earnings ratio of 32.49, a price-to-earnings-growth ratio of 0.62 and a beta of 0.48. The company has a fifty day moving average of $190.66 and a 200-day moving average of $176.97. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09.

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. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company had revenue of $47.56 billion during the quarter, compared to analysts' expectations of $51.86 billion. During the same quarter in the prior year, the company earned $2.18 EPS. The firm's revenue was up 2.1% on a year-over-year basis. Equities research analysts expect that Chevron Corporation will post 15.74 EPS for the current year.

Chevron Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Royal Bank Of Canada reissued an "outperform" rating and issued a $220.00 price target on shares of Chevron in a research note on Tuesday, May 5th. Barclays upped their price objective on shares of Chevron from $192.00 to $213.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 26th. Morgan Stanley upped their price objective on shares of Chevron from $212.00 to $214.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. BNP Paribas Exane raised shares of 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. Finally, Mizuho upped their price objective on shares of Chevron from $225.00 to $230.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Chevron presently has an average rating of "Moderate Buy" and an average target price of $205.70.

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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