Legal & General Group Plc Has $1.56 Billion Stock Position in Chevron Corporation $CVX

Key Points

• Legal & General Group Plc reduced its Chevron stake by 6.2% in the fourth quarter, but still held 10.2 million shares valued at about $1.56 billion at quarter-end.
• Chevron reported Q1 EPS of $1.41, beating estimates, even though revenue of $47.56 billion came in below expectations. The company also posted 2.1% year-over-year revenue growth.
• Wall Street sentiment remains constructive: several analysts maintained or raised bullish ratings, and Chevron’s upcoming $1.78 quarterly dividend implies a 3.7% yield. The company also expects a boost from a $2.17 billion Asia Pacific asset sale.

Legal & General Group Plc lowered its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 6.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,213,907 shares of the oil and gas company's stock after selling 679,029 shares during the quarter. Legal & General Group Plc owned 0.51% of Chevron worth $1,556,702,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Strategic Wealth Advisors LLC acquired a new stake in Chevron during the fourth quarter worth about $33,000. Daytona Street Capital LLC acquired a new position in Chevron in the 4th quarter valued at approximately $44,000. Turning Point Benefit Group Inc. bought a new stake in shares of Chevron in the 3rd quarter worth approximately $49,000. Maseco LLP bought a new stake in shares of Chevron in the 4th quarter worth approximately $49,000. Finally, High Point Wealth Management LLC acquired a new stake in shares of Chevron during the 4th quarter worth approximately $53,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: WTI crude above $95 per barrel is lifting Permian oil and associated gas economics, which should be a tailwind for Chevron’s upstream earnings and cash flow. More Gas Per Barrel of Oil: A Growth Lever for Permian Operators
• Positive Sentiment: Morgan Stanley raised its price target on Chevron to $214 from $212 and reiterated an overweight rating, signaling continued Wall Street confidence in the stock’s upside. Benzinga / The Fly analyst update
• Positive Sentiment: Chevron’s planned participation in a Bernstein conference next week keeps investor attention on management commentary and strategic updates. Chevron to Participate in Fireside Q&A at Bernstein 42nd Annual Strategic Decisions Conference
• Positive Sentiment: Chevron’s new next-generation Techron gasoline additive may help support brand strength and retail fuel performance over time. Chevron Introduces Next-gen Techron in U.S. Chevron and Texaco Gasolines
• Positive Sentiment: Chevron stands to receive about $2.17 billion from the sale of several Asia Pacific refining and retail assets to Eneos, which supports balance-sheet flexibility and portfolio simplification. Chevron Corporation (CVX) Poised for $2.17B Boost from Asia Pacific Asset Sale

Chevron Price Performance

Chevron stock opened at $191.51 on Monday. 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 $381.42 billion, a PE ratio of 33.19, a price-to-earnings-growth ratio of 0.64 and a beta of 0.51. Chevron Corporation has a one year low of $134.06 and a one year high of $214.71. The business has a 50 day simple moving average of $193.54 and a 200 day simple moving average of $174.75.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.00 by $0.41. The business had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.Chevron's revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the company earned $2.18 EPS. On average, sell-side analysts forecast that Chevron Corporation will post 15.74 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be given a $1.78 dividend. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 annualized dividend and a yield of 3.7%. Chevron's payout ratio is presently 123.40%.

Insider Transactions at Chevron

In other Chevron news, Vice Chairman Mark A. Nelson sold 139,600 shares of Chevron stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $187.92, for a total value of $26,233,632.00. Following the completion of the transaction, the insider owned 11,337 shares in the company, valued at approximately $2,130,449.04. The trade was a 92.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R. Hewitt Pate sold 58,000 shares of Chevron stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $188.65, for a total value of $10,941,700.00. Following the completion of the transaction, the insider owned 8,558 shares of the company's stock, valued at approximately $1,614,466.70. The trade was a 87.14% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 1,179,699 shares of company stock worth $224,675,517. 0.56% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Melius Research raised Chevron from a "hold" rating to a "buy" rating and set a $205.00 price objective on the stock in a report on Tuesday, February 17th. Royal Bank Of Canada reissued an "outperform" rating and set a $220.00 price objective on shares of Chevron in a report on Tuesday, May 5th. The Goldman Sachs Group reissued a "buy" rating and set a $216.00 price objective on shares of Chevron in a report on Wednesday, May 6th. Wells Fargo & Company lifted their price objective on Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a report on Thursday, April 9th. Finally, HSBC raised Chevron from a "hold" rating to a "buy" rating and set a $215.00 price objective on the stock in a report on Friday, March 20th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Chevron has an average rating of "Moderate Buy" and an average price target of $204.22.

Chevron Company 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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