Jefferies Financial Group Inc. Cuts Stock Holdings in Chevron Corporation (NYSE:CVX)

Key Points

• Jefferies Financial Group Inc. has significantly reduced its stake in Chevron Corporation by 62.3%, now holding 66,372 shares worth approximately $11.1 million after selling more than 109,000 shares in the first quarter.
• Several other hedge funds have adjusted their positions in Chevron, with Sage Capital Advisors increasing their holdings by 2.2% and Ignite Planners raising theirs by 14.1% during the same period.
• Analysts have issued mixed ratings for Chevron, with three giving a sell rating, six a hold rating, and ten a buy rating, leading to a consensus price target of $163.18.

Jefferies Financial Group Inc. reduced its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 62.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 66,372 shares of the oil and gas company's stock after selling 109,483 shares during the quarter. Jefferies Financial Group Inc.'s holdings in Chevron were worth $11,103,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. GAMMA Investing LLC boosted its stake in Chevron by 21,191.5% in the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock valued at $904,746,000 after buying an additional 5,382,847 shares in the last quarter. Capital World Investors raised its position in Chevron by 11.4% in the fourth quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company's stock valued at $2,039,288,000 after purchasing an additional 1,440,808 shares during the last quarter. Northern Trust Corp raised its position in Chevron by 7.3% in the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock valued at $2,965,135,000 after purchasing an additional 1,394,091 shares during the last quarter. Invesco Ltd. raised its position in Chevron by 6.9% in the fourth quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company's stock valued at $2,176,579,000 after purchasing an additional 964,426 shares during the last quarter. Finally, Janus Henderson Group PLC raised its position in Chevron by 27.3% in the fourth quarter. Janus Henderson Group PLC now owns 3,897,183 shares of the oil and gas company's stock valued at $564,503,000 after purchasing an additional 835,990 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Trading Down 0.2%

NYSE CVX traded down $0.31 during trading hours on Friday, hitting $151.33. 10,704,924 shares of the company's stock were exchanged, compared to its average volume of 12,271,876. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The stock has a 50-day simple moving average of $146.86 and a 200 day simple moving average of $148.87. The firm has a market cap of $264.28 billion, a price-to-earnings ratio of 17.29, a PEG ratio of 2.39 and a beta of 0.87.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The firm had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter last year, the firm posted $2.55 earnings per share. The company's revenue for the quarter was down 12.4% compared to the same quarter last year. On average, equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on CVX. Barclays reiterated an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. TD Cowen lowered their price objective on Chevron from $155.00 to $150.00 and set a "hold" rating for the company in a research report on Monday, May 5th. Redburn Atlantic restated a "sell" rating and set a $124.00 price objective (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. HSBC downgraded Chevron from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Finally, Evercore ISI restated an "outperform" rating and set a $180.00 price objective on shares of Chevron in a research report on Thursday. Three analysts have rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $163.18.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.