Modern Wealth Management LLC Sells 45,590 Shares of Chevron Corporation $CVX

Key Points

• Modern Wealth Management LLC cut its Chevron stake by 36.2% in the first quarter, selling 45,590 shares and leaving it with 80,362 shares worth about $15.9 million.
• Chevron reported better-than-expected earnings of $1.41 per share for the latest quarter, though revenue came in below estimates at $47.56 billion.
• The company continues to attract attention from analysts and investors, with a consensus rating of Moderate Buy and an average price target of $205.17, while it also pays a quarterly dividend yielding about 3.7%.

Modern Wealth Management LLC lessened its stake in Chevron Corporation (NYSE:CVX - Free Report) by 36.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 80,362 shares of the oil and gas company's stock after selling 45,590 shares during the period. Modern Wealth Management LLC's holdings in Chevron were worth $15,864,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Keebeck Wealth Management grew its stake in Chevron by 231.6% in the 1st quarter. Keebeck Wealth Management now owns 5,912 shares of the oil and gas company's stock worth $1,223,000 after acquiring an additional 4,129 shares in the last quarter. Volterra Technologies LP bought a new stake in shares of Chevron during the first quarter valued at approximately $907,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Chevron in the first quarter valued at approximately $402,483,000. Inceptionr LLC bought a new position in Chevron in the first quarter worth approximately $434,000. Finally, Liberty One Investment Management LLC increased its holdings in Chevron by 30.5% during the 1st quarter. Liberty One Investment Management LLC now owns 33,480 shares of the oil and gas company's stock worth $6,927,000 after purchasing an additional 7,820 shares during the period. Institutional investors own 72.42% of the company's stock.

Chevron Stock Up 0.7%

Chevron stock opened at $194.39 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. The firm has a market cap of $387.15 billion, a P/E ratio of 33.69, a P/E/G ratio of 0.68 and a beta of 0.50. The business has a fifty day moving average of $182.04 and a two-hundred day moving average of $183.75. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.41. The business had revenue of $47.56 billion for 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%.The business's revenue was up 2.1% compared to the same quarter last year. During the same period last year, the business posted $2.18 EPS. On average, analysts forecast that Chevron Corporation will post 14.75 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Sanford C. Bernstein lowered their target price on Chevron from $216.00 to $204.00 and set a "market perform" rating for the company in a report on Monday, May 11th. Barclays raised their price target on Chevron from $192.00 to $213.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 26th. 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. Piper Sandler assumed coverage on shares of Chevron in a research note on Thursday. They issued an "overweight" rating and a $207.00 price objective for the company. Finally, Weiss Ratings cut shares of Chevron from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, June 2nd. Nineteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Chevron has an average rating of "Moderate Buy" and an average target price of $205.17.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Piper Sandler initiated coverage on Chevron as the only global oil major with an outperform rating, a constructive signal versus peers. Chevron only outperform-rated name among global oil majors initiated at Piper Sandler
• Positive Sentiment: Oil prices surged above $100 a barrel intraday amid geopolitical tensions, which should improve Chevron’s realized prices and near-term earnings prospects. BATL, CVX, XOM Stocks Rise As Brent Crude Tops $100 – Trump Threatens Iran With 'Major Military Punishment' After Houthi Attack On Saudi Ships
• Positive Sentiment: Chevron was highlighted as an outperformer among dividend and integrated energy names, reinforcing its appeal as a defensive income stock in a stronger oil market. Chevron Leads 3 Dividend Aristocrats Paying Up to 4% and Beating the S&P 500
• Neutral Sentiment: Chevron shut production at a U.S. Gulf platform ahead of a tropical storm, a precautionary move that may temporarily limit output but is not necessarily a long-term issue. Chevron shuts production at U.S. Gulf platform ahead of tropical storm
• Neutral Sentiment: TD Cowen raised Chevron’s price target to $200 from $197 while keeping a hold rating, suggesting modest upside but not a major change in sentiment. Chevron price target raised by TD Cowen
• Negative Sentiment: One warning sign is that some strategists see a possible China demand slowdown and falling crude imports as a threat to the recent oil-driven rally later this year. Chevron’s Biggest Stock Rally Since 2022 Faces a China-Sized Problem

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 380,000 shares of the business's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the completion of the transaction, the director directly owned 278,045 shares in the company, valued at approximately $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.56% of the stock is owned by company insiders.

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.

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.