London Co. of Virginia Sells 79,325 Shares of Chevron Corporation $CVX

Key Points

• London Co. of Virginia cut its Chevron stake by 3.8% in the fourth quarter, selling 79,325 shares and leaving it with about 2.0 million shares valued at roughly $304.9 million.
• Chevron reported better-than-expected earnings for the quarter, posting $1.41 per share versus the $1.00 consensus, though revenue of $47.56 billion came in below analyst forecasts.
• The company continues to support investors with a $1.78 quarterly dividend, equal to a 4.0% annualized yield, while analysts currently rate the stock a Moderate Buy with a consensus price target of $205.70.

London Co. of Virginia lowered its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 3.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 2,000,668 shares of the oil and gas company's stock after selling 79,325 shares during the quarter. Chevron accounts for 1.8% of London Co. of Virginia's holdings, making the stock its 21st biggest holding. London Co. of Virginia owned approximately 0.10% of Chevron worth $304,926,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of CVX. Dakota Wealth Management boosted its holdings in Chevron by 14.9% during the 4th quarter. Dakota Wealth Management now owns 83,265 shares of the oil and gas company's stock valued at $12,690,000 after acquiring an additional 10,822 shares during the period. Brooklyn FI LLC purchased a new position in Chevron during the 3rd quarter valued at $431,000. Clear Trail Advisors LLC purchased a new position in Chevron during the 4th quarter valued at $10,167,000. Finemark National Bank & Trust boosted its holdings in Chevron by 40.3% during the 3rd quarter. Finemark National Bank & Trust now owns 56,535 shares of the oil and gas company's stock valued at $8,779,000 after acquiring an additional 16,243 shares during the period. Finally, Curtis Advisory Group LLC purchased a new position in Chevron during the 4th quarter valued at $1,381,000. Institutional investors own 72.42% of the company's stock.

Chevron Price Performance

Shares of CVX stock opened at $179.94 on Wednesday. Chevron Corporation has a twelve month low of $142.40 and a twelve month high of $214.71. The stock has a market capitalization of $358.38 billion, a price-to-earnings ratio of 31.19, a P/E/G ratio of 0.59 and a beta of 0.48. The stock has a fifty day simple moving average of $188.01 and a two-hundred day simple moving average of $178.70. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $51.86 billion. During the same period in the prior year, the business earned $2.18 EPS. The business's revenue for the quarter was up 2.1% compared to the same quarter last year. On average, analysts predict that Chevron Corporation will post 15.88 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced 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 dividend payout ratio is currently 123.40%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CVX shares. BNP Paribas Exane upgraded Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price objective for the company in a report on Friday, April 17th. Barclays boosted their price objective on Chevron from $192.00 to $213.00 and gave the company an "equal weight" rating in a report on Tuesday, May 26th. Morgan Stanley boosted their price objective on Chevron from $212.00 to $214.00 and gave the company an "overweight" rating in a report on Friday, May 22nd. UBS Group boosted their price objective on Chevron from $218.00 to $220.00 and gave the company a "buy" rating in a report on Monday, May 4th. Finally, Bank of America boosted their price objective on Chevron from $188.00 to $206.00 and gave the company a "buy" rating in a report on Monday, March 2nd. Eighteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $205.70.

Insider Buying and Selling at Chevron

In related news, insider R. Hewitt Pate sold 40,200 shares of the company's stock in a transaction on Monday, March 30th. The stock was sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the completion of the sale, the insider directly owned 8,638 shares in the company, valued at $1,842,485.40. This represents a 82.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, 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 value of $73,416,000.00. Following the sale, the director owned 278,045 shares of the company's stock, valued at $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 615,200 shares of company stock valued at $118,022,760 over the last quarter. Company insiders own 0.56% of the company's stock.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron secured regulatory approval to take a 70% interest in Greece’s offshore Block 10, expanding its Eastern Mediterranean exploration footprint and adding a new strategic growth avenue. Chevron Secures Strategic Entry Into Greece's Offshore Block 10
• Neutral Sentiment: One recent article argued Chevron may be in a “wait-and-see” zone, noting that the stock has rallied from last summer’s lows but that a recent quarter’s cash flow data makes the dividend outlook look less compelling at the current valuation. Down From Its $209 Peak: This Is Why I’m Standing Pat on Chevron Stock
• Negative Sentiment: Chevron’s shares fell in tandem with crude after the U.S.-Iran news reduced the geopolitical risk premium in oil, pressuring the outlook for near-term earnings and free cash flow across energy stocks. Chevron (CVX) Stock Sinks As Market Gains: Here's Why

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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