Journey Advisory Group LLC Lowers Position in Chevron Corporation $CVX

Key Points

• Journey Advisory Group LLC reduced its Chevron stake by 22.4% in the first quarter, selling 7,032 shares and leaving it with 24,351 shares valued at about $5.0 million.
• Institutional ownership remains heavy, with hedge funds and other institutional investors holding 72.42% of Chevron stock; major holders like State Street and Berkshire Hathaway increased their positions.
• Analysts remain broadly positive on Chevron, with 19 Buy ratings and an average “Moderate Buy” rating, while the stock also recently beat earnings expectations, reporting $1.41 EPS versus the $1.00 consensus.

Journey Advisory Group LLC lessened its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 22.4% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 24,351 shares of the oil and gas company's stock after selling 7,032 shares during the period. Journey Advisory Group LLC's holdings in Chevron were worth $5,038,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. State Street Corp grew its stake in shares of Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock valued at $23,698,184,000 after acquiring an additional 12,789,399 shares during the period. Berkshire Hathaway Inc increased its holdings in Chevron by 6.6% in the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock worth $19,837,131,000 after acquiring an additional 8,091,570 shares in the last quarter. Geode Capital Management LLC raised its stake in Chevron by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company's stock worth $6,620,187,000 after acquiring an additional 134,890 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Chevron by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company's stock worth $5,492,377,000 after acquiring an additional 961,341 shares during the period. Finally, Norges Bank purchased a new position in Chevron during the fourth quarter valued at approximately $3,727,586,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on CVX. Sanford C. Bernstein dropped their price target on shares of Chevron from $216.00 to $204.00 and set a "market perform" rating for the company in a research report on Monday, May 11th. BNP Paribas Exane upgraded shares of Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price objective on the stock in a research report on Friday, April 17th. Morgan Stanley lowered their target price on shares of Chevron from $214.00 to $210.00 and set an "overweight" rating on the stock in a research note on Monday, June 29th. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $216.00 target price on shares of Chevron in a report on Wednesday, May 6th. Finally, Wells Fargo & Company increased their price target on Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a research note on Thursday, April 9th. Nineteen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $206.83.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was highlighted as being “poised to beat earnings estimates again,” with articles pointing to its strong history of earnings surprises and favorable setup for the next quarterly report. Why Chevron (CVX) is Poised to Beat Earnings Estimates Again
• Positive Sentiment: Reuters-reported news that Chevron is offering its chemical technology to rival shale drillers could support future royalty, service, and technology-related revenue while reinforcing the company’s innovation story. Chevron (CVX) Offers Rival Drillers Chemical Technology to Increase Shale Oil Output, Reuters Reports
• Positive Sentiment: Several analyst and screening pieces continued to frame Chevron as an attractive dividend/blue-chip energy name, with BMO Capital reiterating a Buy rating and other commentary calling it a strong dividend aristocrat pick. BMO Capital Sticks to Its Buy Rating for Chevron (CVX)
• Positive Sentiment: Chevron is also being discussed as a beneficiary of stronger crude prices, which can improve upstream margins and earnings power if oil holds up. Shell, BP, and other energy stocks jump as crude oil prices rebound

Chevron Trading Down 0.1%

CVX stock opened at $181.55 on Thursday. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71. 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 company has a market capitalization of $361.58 billion, a price-to-earnings ratio of 31.46, a PEG ratio of 0.64 and a beta of 0.50. The business has a 50 day simple moving average of $181.39 and a two-hundred day simple moving average of $182.17.

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. The business 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 revenue was up 2.1% on a year-over-year basis. During the same period last year, the firm posted $2.18 EPS. Research analysts anticipate that Chevron Corporation will post 14.75 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors 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 dividend on an annualized basis and a dividend yield of 3.9%. Chevron's dividend payout ratio is currently 123.40%.

Insiders Place Their Bets

In other Chevron 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 value of $73,416,000.00. Following the sale, the director directly owned 278,045 shares in the company, valued at approximately $53,718,294. The trade was a 57.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.56% of the company's stock.

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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