Kovitz Investment Group Partners LLC Sells 167,235 Shares of Chevron Corporation $CVX

Key Points

• Kovitz Investment Group Partners LLC cut its Chevron stake by 73.5% in the fourth quarter, selling 167,235 shares and leaving it with 60,167 shares worth about $9.17 million.
• Several Chevron insiders also sold stock recently, including director John B. Hess, who sold 380,000 shares for $73.4 million; insiders sold 615,200 shares total last quarter.
• Analysts remain largely constructive on Chevron, with an average Moderate Buy rating and a consensus price target of $205.70, even as the stock traded at $173.51 and recent headlines flagged both expansion in Greece and pressure from weaker crude prices.

Kovitz Investment Group Partners LLC decreased its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 73.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 60,167 shares of the oil and gas company's stock after selling 167,235 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Chevron were worth $9,170,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. United Bank grew its holdings in Chevron by 7.7% in the second quarter. United Bank now owns 11,079 shares of the oil and gas company's stock worth $1,586,000 after purchasing an additional 796 shares during the period. Schnieders Capital Management LLC. raised its holdings in shares of Chevron by 9.0% during the second quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company's stock valued at $7,280,000 after purchasing an additional 4,214 shares during the period. BNP Paribas raised its holdings in shares of Chevron by 76.4% during the second quarter. BNP Paribas now owns 441 shares of the oil and gas company's stock valued at $63,000 after purchasing an additional 191 shares during the period. Osterweis Capital Management Inc. boosted its position in shares of Chevron by 678.9% during the 2nd quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company's stock worth $195,000 after purchasing an additional 1,188 shares in the last quarter. Finally, Main Street Financial Solutions LLC boosted its position in shares of Chevron by 3.6% during the 2nd quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company's stock worth $2,299,000 after purchasing an additional 553 shares in the last quarter. Institutional investors 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 the company's stock in a transaction on Wednesday, May 20th. The stock was 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 represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider R. Hewitt Pate sold 40,200 shares of the stock in a transaction on Monday, March 30th. The shares were sold at an average price of $213.30, for a total value of $8,574,660.00. Following the completion of the sale, the insider directly owned 8,638 shares of the company's stock, valued at $1,842,485.40. The trade was a 82.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 615,200 shares of company stock valued at $118,022,760 in the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently commented on CVX shares. Bank of America boosted their target price on Chevron from $188.00 to $206.00 and gave the company a "buy" rating in a research report on Monday, March 2nd. The Goldman Sachs Group reiterated a "buy" rating and issued a $216.00 price target on shares of Chevron in a report on Wednesday, May 6th. Piper Sandler boosted their price objective on Chevron from $179.00 to $242.00 and gave the company an "overweight" rating in a report on Thursday, March 12th. Sanford C. Bernstein decreased their price objective on Chevron from $216.00 to $204.00 and set a "market perform" rating for the company in a report on Monday, May 11th. Finally, Morgan Stanley upped their target price on Chevron from $212.00 to $214.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. Eighteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $205.70.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron agreed to buy a 70% stake and take operatorship of Greece’s Block 10 offshore concession with HELLENiQ ENERGY, expanding its deepwater exploration footprint in the Eastern Mediterranean and adding a new growth area. Chevron (CVX) Buys 70% Of Greece Offshore Block 10 With HELLENiQ ENERGY
• Positive Sentiment: Jefferies reportedly reiterated a Buy rating on Chevron, which can help support investor sentiment. Chevron (CVX) Receives a Buy from Jefferies
• Neutral Sentiment: Chevron continues to benefit from commentary that investors should look beyond short-term oil price swings, with management emphasizing dividends and long-cycle strategy rather than just commodity prices. Chevron CEO to investors: It’s not just about oil prices
• Neutral Sentiment: A new clean-hydrogen station opened on Chevron property in British Columbia, highlighting the company’s energy-transition infrastructure role, though the direct financial impact appears limited for now. HTEC Opens Canada’s First 700 Bar Commercial Heavy-Duty Clean Hydrogen Station
• Negative Sentiment: Recent articles point to falling crude prices and reduced geopolitical tension after a U.S.-Iran deal, which could weigh on Chevron’s near-term earnings expectations because its profits are sensitive to oil and gas pricing. How Investors Are Reacting To Chevron (CVX) Oil-Price Slide And Argentina Gas Bet After U.S.-Iran Deal

Chevron Price Performance

Shares of NYSE CVX opened at $173.51 on Friday. The stock has a market cap of $345.56 billion, a price-to-earnings ratio of 30.07, a PEG ratio of 0.58 and a beta of 0.48. 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 Corporation has a fifty-two week low of $142.40 and a fifty-two week high of $214.71. The firm's 50-day simple moving average is $187.02 and its 200 day simple moving average is $179.05.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.41. The firm had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The company's revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.18 EPS. As a group, research analysts anticipate that Chevron Corporation will post 15.88 earnings per share for the current fiscal year.

Chevron Announces Dividend

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 of this dividend was Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 4.1%. Chevron's payout ratio is presently 123.40%.

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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