KLCM Advisors Inc. Has $2.75 Million Position in Chevron Corporation $CVX

Key Points

• KLCM Advisors Inc. cut its Chevron stake by 51.4% in the first quarter, ending with 13,275 shares valued at about $2.75 million.
• Wall Street sentiment on Chevron remains broadly positive, with analysts holding a Moderate Buy consensus and an average price target of $206.83.
• Chevron posted better-than-expected earnings of $1.41 per share for the quarter and continues to pay a sizable dividend of $1.78 per share, or 4.0% annualized yield.

KLCM Advisors Inc. cut its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 51.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,275 shares of the oil and gas company's stock after selling 14,049 shares during the quarter. KLCM Advisors Inc.'s holdings in Chevron were worth $2,747,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new stake in Chevron during the fourth quarter worth about $3,727,586,000. State Street Corp boosted its position in Chevron by 9.1% during the third 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 purchasing an additional 12,789,399 shares during the last quarter. Berkshire Hathaway Inc grew its stake in Chevron by 6.6% in the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock valued at $19,837,131,000 after purchasing an additional 8,091,570 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Chevron by 822.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company's stock worth $946,658,000 after purchasing an additional 5,537,580 shares during the last quarter. Finally, Amundi increased its position in shares of Chevron by 41.8% during the 3rd quarter. Amundi now owns 11,760,376 shares of the oil and gas company's stock worth $1,811,333,000 after purchasing an additional 3,464,058 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CVX. Mizuho upped their price objective on Chevron from $225.00 to $230.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Weiss Ratings downgraded shares of Chevron from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, June 2nd. BNP Paribas Exane raised shares of Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price target on the stock in a research report on Friday, April 17th. Wolfe Research upgraded shares of Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 price target for the company in a research note on Thursday, July 2nd. Finally, Citigroup lifted their price objective on shares of Chevron from $210.00 to $235.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. Nineteen equities 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. Based on data from MarketBeat, Chevron currently has a consensus rating of "Moderate Buy" and an average target price of $206.83.

Chevron Stock Performance

Shares of NYSE CVX traded up $2.24 during midday trading on Friday, hitting $176.29. 5,984,338 shares of the company's stock were exchanged, compared to its average volume of 9,284,713. 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 $351.10 billion, a PE ratio of 30.55, a price-to-earnings-growth ratio of 0.59 and a beta of 0.50. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. The company's 50 day moving average price is $181.92 and its 200 day moving average price is $181.29.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly 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 return on equity of 6.90% and a net margin of 5.79%.The business had revenue of $47.56 billion for the quarter, compared to analysts' expectations of $51.86 billion. During the same quarter in the prior year, the business earned $2.18 EPS. The firm's revenue for the quarter was up 2.1% on a year-over-year basis. As a group, analysts predict that Chevron Corporation will post 15.28 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 380,000 shares of the firm's 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 sale, the director owned 278,045 shares in the company, valued at approximately $53,718,294. This trade represents a 57.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.56% of the stock is owned by insiders.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Rising Middle East tensions are pushing crude higher, which can improve Chevron’s upstream profits and make the stock look more attractive as a geopolitical hedge. With Iran Tensions Heating Up Again, Chevron Stock Looks Enticing
• Positive Sentiment: Bullish commentary from Bank of America and other analysts suggests Chevron is well positioned to benefit if Iran-related supply disruptions keep oil prices elevated. CVX Stock Has A New Bull Case
• Positive Sentiment: Chevron announced a five-year gas supply deal with Australia’s Alinta Energy, adding a stable long-term sales stream and reinforcing its gas business. Chevron Australia signs five-year gas supply agreement with Alinta Energy
• Positive Sentiment: Chevron also expanded its technology/licensing efforts and its Microsoft power partnership, which could support long-term growth beyond oil and gas pricing. Can Chevron's Microsoft Partnership Power the Next Leg of Growth?
• Neutral Sentiment: UBS reiterated a Buy rating, which may help sentiment but does not by itself change Chevron’s fundamentals. UBS Keeps Their Buy Rating on Chevron (CVX)
• Negative Sentiment: New U.S. Russia sanctions proposals could tighten global energy trade flows and add policy uncertainty, even if they may also support oil prices. Bipartisan Senators Reach Agreement With Trump Administration to Advance New Russia Sanctions Bill

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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