Lazard Freres Gestion S.A.S. Has $38.74 Million Stock Position in Chevron Corporation $CVX

Key Points

• Lazard Freres Gestion S.A.S. cut its Chevron stake by 9.7% in the fourth quarter, selling 27,163 shares and leaving it with 254,176 shares valued at about $38.7 million.
• Chevron reported Q1 EPS of $1.41, beating analyst estimates, though revenue came in below expectations at $47.56 billion. Analysts still project full-year EPS of 15.43 for the company.
• Chevron announced a quarterly dividend of $1.78 per share, or $7.12 annualized, for a yield of about 3.6%, while Wall Street maintains a consensus Moderate Buy rating with a $204.13 price target.

Lazard Freres Gestion S.A.S. reduced its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 9.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 254,176 shares of the oil and gas company's stock after selling 27,163 shares during the quarter. Lazard Freres Gestion S.A.S.'s holdings in Chevron were worth $38,738,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Strategic Wealth Advisors LLC acquired a new position in shares of Chevron during the fourth quarter valued at about $33,000. Daytona Street Capital LLC acquired a new position in shares of Chevron during the fourth quarter valued at about $44,000. Maseco LLP acquired a new position in shares of Chevron during the fourth quarter valued at about $49,000. Turning Point Benefit Group Inc. acquired a new position in shares of Chevron during the third quarter valued at about $49,000. Finally, High Point Wealth Management LLC acquired a new position in shares of Chevron during the fourth quarter valued at about $53,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Up 0.6%

Chevron stock opened at $197.38 on Wednesday. Chevron Corporation has a fifty-two week low of $133.77 and a fifty-two week high of $214.71. The stock has a market cap of $393.11 billion, a PE ratio of 34.21, a price-to-earnings-growth ratio of 0.66 and a beta of 0.51. The firm's 50-day simple moving average is $193.41 and its 200 day simple moving average is $173.98. 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 released its 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. The firm had revenue of $47.56 billion for the quarter, compared to analysts' expectations of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company's quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the company earned $2.18 earnings per share. Research analysts predict that Chevron Corporation will post 15.43 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be paid a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Tuesday, May 19th. Chevron's payout ratio is presently 123.40%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CVX. Argus set a $203.00 price target on shares of Chevron in a report on Tuesday, February 3rd. Royal Bank Of Canada restated an "outperform" rating and set a $220.00 price target on shares of Chevron in a report on Tuesday, May 5th. Citigroup boosted their price target on shares of Chevron from $210.00 to $235.00 and gave the stock a "buy" rating in a report on Thursday, April 2nd. Zacks Research upgraded shares of Chevron from a "hold" rating to a "strong-buy" rating in a report on Friday, April 3rd. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Chevron in a report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $204.13.

Insider Transactions at Chevron

In other Chevron news, insider Andrew Benjamin Walz sold 11,600 shares of the business's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $188.58, for a total value of $2,187,528.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John B. Hess sold 195,000 shares of the business's stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $184.78, for a total transaction of $36,032,100.00. Following the completion of the transaction, the director owned 658,045 shares in the company, valued at approximately $121,593,555.10. The trade was a 22.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 799,699 shares of company stock valued at $151,259,517. Corporate insiders own 0.56% of the company's stock.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Wall Street commentary has turned more upbeat on Chevron, with Zacks noting rising earnings estimate revisions and arguing that CVX could keep moving higher in the near term. Article Title
• Positive Sentiment: Chevron was highlighted as a long-term blue-chip idea, reinforcing the view that the company remains attractive for dividend and energy investors. Article Title
• Positive Sentiment: Chevron also drew unusually heavy call-option buying, suggesting traders are positioning for more upside in the near term. Article Title
• Positive Sentiment: Chevron agreed to sell a stake in its Asia-Pacific refining business to Japan’s Eneos for $2.2 billion, a move that can help streamline operations and raise cash. Article Title
• Neutral Sentiment: Several articles framed Chevron as a stock to watch or a “hold” at current levels, which does not point to a major fundamental surprise but helps explain continued investor focus. Article Title
• Neutral Sentiment: Coverage around Berkshire Hathaway trimming its Chevron stake created headlines, but the broader message was that Berkshire still appears committed to the company despite the sale. Article Title
• Negative Sentiment: Buffett-related reports that Berkshire Hathaway sold the largest chunk of Chevron in its Q1 stock trimming campaign may create some pressure, since investors often read Berkshire’s moves as a cautionary signal. Article Title

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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