Manning & Napier Advisors LLC Cuts Stake in Chevron Corporation $CVX

Key Points

• Manning & Napier Advisors cut its Chevron stake by 59.8% in the fourth quarter, selling 18,322 shares and leaving it with 12,338 shares valued at about $1.88 million.
• Chevron reported first-quarter EPS of $1.41, beating estimates, but revenue of $47.56 billion came in below Wall Street expectations even though it rose 2.1% year over year.
• The company also announced a quarterly dividend of $1.78 per share, implying a 3.9% annualized yield, while analysts remain broadly positive with an average Moderate Buy rating and target price of $202.74.

Manning & Napier Advisors LLC cut its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 59.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,338 shares of the oil and gas company's stock after selling 18,322 shares during the quarter. Manning & Napier Advisors LLC's holdings in Chevron were worth $1,880,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Chevron by 17.9% in the third quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company's stock worth $28,540,753,000 after buying an additional 27,961,463 shares in the last quarter. State Street Corp grew its holdings in shares of 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 buying an additional 12,789,399 shares during the last quarter. Primecap Management Co. CA bought a new stake in shares of Chevron during the third quarter valued at approximately $988,083,000. Bank of New York Mellon Corp lifted its position in Chevron by 27.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company's stock valued at $3,047,900,000 after acquiring an additional 4,279,918 shares in the last quarter. Finally, Amundi lifted its position in Chevron by 41.8% in the 3rd quarter. Amundi now owns 11,760,376 shares of the oil and gas company's stock valued at $1,811,333,000 after acquiring an additional 3,464,058 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Price Performance

NYSE CVX opened at $181.37 on Friday. The stock has a market capitalization of $361.35 billion, a price-to-earnings ratio of 31.43, a PEG ratio of 0.63 and a beta of 0.51. Chevron Corporation has a 1-year low of $133.77 and a 1-year high of $214.71. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.15 and a quick ratio of 0.86. The business's fifty day moving average price is $193.21 and its 200-day moving average price is $172.09.

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 the consensus estimate of $1.00 by $0.41. Chevron had a return on equity of 7.01% and a net margin of 5.79%.The company had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. During the same quarter in the previous year, the company posted $2.18 earnings per share. Chevron's revenue was up 2.1% compared to the same quarter last year. On average, equities analysts predict that Chevron Corporation will post 15.02 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be given a dividend of $1.78 per share. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.9%. Chevron's dividend payout ratio is presently 123.40%.

Analyst Upgrades and Downgrades

CVX has been the subject of a number of research analyst reports. Bank of America lifted their target price on Chevron from $188.00 to $206.00 and gave the stock a "buy" rating in a report on Monday, March 2nd. Zacks Research raised Chevron from a "hold" rating to a "strong-buy" rating in a report on Friday, April 3rd. Tudor Pickering raised Chevron from a "hold" rating to a "buy" rating and set a $225.00 price objective on the stock in a research report on Thursday, April 9th. Wells Fargo & Company boosted their target price on Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a research report on Thursday, April 9th. Finally, Citigroup upped their target price on shares of Chevron from $210.00 to $235.00 and gave the company a "buy" rating in a research note on Thursday, April 2nd. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Chevron has an average rating of "Moderate Buy" and an average target price of $202.74.

Insider Activity

In related news, CEO Michael K. Wirth sold 272,624 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $189.35, for a total transaction of $51,621,354.40. Following the completion of the sale, the chief executive officer directly owned 31,266 shares in the company, valued at approximately $5,920,217.10. The trade was a 89.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John B. Hess sold 195,000 shares of the company's stock in a transaction that occurred on 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 sale, the director directly owned 658,045 shares of the company's stock, valued at approximately $121,593,555.10. This represents a 22.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 816,439 shares of company stock worth $154,339,900. Company 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: Chevron’s first-quarter results beat profit expectations, with adjusted EPS of $1.41 versus the $0.97 consensus, reinforcing the company’s ability to generate earnings even amid volatile energy markets. Chevron (CVX) Reports Q1 Earnings: What Key Metrics Have to Say
• Positive Sentiment: Goldman Sachs raised its price target on Chevron and kept a Buy rating, citing improved confidence in cash flow, production, and shareholder return plans after the earnings report. Goldman Sachs gives Chevron stock price new target after earnings
• Positive Sentiment: Multiple research notes and articles highlighted Chevron as a dividend aristocrat and a long-term value play, which can support investor interest in the stock. 3 ‘Strong Buy’ Dividend Aristocrat Stocks, 5/8/26
• Positive Sentiment: TD Cowen nudged its price target higher to $205 while maintaining a Hold rating, and Erste Group also lifted its FY2027 earnings estimate, signaling still-constructive expectations for Chevron’s earnings outlook. Chevron estimate and target updates
• Neutral Sentiment: Analysts and commentary also pointed to Chevron’s LNG strategy and South Asian export growth as a longer-term earnings driver, but this is more of a strategic backdrop than an immediate catalyst. Can Chevron's South Asian LNG Strategy Drive Long-Term Growth?
• Negative Sentiment: Despite the earnings beat, Chevron’s revenue came in below Wall Street estimates, which may be tempering enthusiasm and contributing to the stock’s weakness. Chevron (CVX) Reports Q1 Earnings: What Key Metrics Have to Say

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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