Morningstar Investment Management LLC Has $2.86 Million Stock Holdings in Chevron Corporation $CVX

Key Points

• Morningstar Investment Management cut its Chevron stake by 60.9% in the fourth quarter, leaving it with 18,738 shares valued at about $2.86 million.
• Wall Street sentiment on Chevron remains constructive, with multiple firms raising price targets and the stock holding a Moderate Buy consensus rating and average target price of $204.22.
• Chevron reported better-than-expected earnings of $1.41 per share for the latest quarter and announced a quarterly dividend of $1.78 per share, equal to a 3.7% annualized yield.

Morningstar Investment Management LLC decreased its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 60.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,738 shares of the oil and gas company's stock after selling 29,213 shares during the quarter. Morningstar Investment Management LLC's holdings in Chevron were worth $2,856,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Strategic Wealth Advisors LLC bought a new stake in shares of Chevron in the 4th quarter worth about $33,000. Daytona Street Capital LLC bought a new stake in shares of Chevron in the 4th quarter worth about $44,000. Turning Point Benefit Group Inc. bought a new stake in shares of Chevron in the 3rd quarter worth about $49,000. Maseco LLP bought a new stake in shares of Chevron in the 4th quarter worth about $49,000. Finally, High Point Wealth Management LLC bought a new stake in shares of Chevron in the 4th quarter worth about $53,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on CVX. Piper Sandler upped their target price on shares of Chevron from $179.00 to $242.00 and gave the stock an "overweight" rating in a report on Thursday, March 12th. HSBC raised shares of Chevron from a "hold" rating to a "buy" rating and set a $215.00 target price on the stock in a report on Friday, March 20th. Wells Fargo & Company upped their target price on shares of Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a report on Thursday, April 9th. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $216.00 target price on shares of Chevron in a report on Wednesday, May 6th. Finally, Wall Street Zen raised shares of Chevron from a "sell" rating to a "hold" rating in a report on Saturday, January 31st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $204.22.

Chevron Stock Up 0.0%

Shares of NYSE:CVX opened at $191.51 on Monday. Chevron Corporation has a 12 month low of $134.06 and a 12 month high of $214.71. The company's 50-day moving average price is $193.54 and its two-hundred day moving average price is $174.75. 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 $381.42 billion, a P/E ratio of 33.19, a P/E/G ratio of 0.64 and a beta of 0.51.

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 analysts' consensus estimates of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. During the same quarter in the prior year, the firm earned $2.18 EPS. The company's revenue was up 2.1% on a year-over-year basis. As a group, research analysts forecast that Chevron Corporation will post 15.74 EPS for the current fiscal year.

Chevron Announces Dividend

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

Insider Activity

In other Chevron news, CEO Michael K. Wirth sold 272,624 shares of the stock in a transaction dated 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 sale, the chief executive officer owned 31,266 shares of the company's stock, valued at $5,920,217.10. This represents a 89.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the transaction, the director directly owned 278,045 shares in the company, valued at $53,718,294. This trade represents a 57.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 1,179,699 shares of company stock worth $224,675,517. 0.56% of the stock is currently owned by insiders.

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 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.

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.