Chevron Corporation (NYSE:CVX) Shares Sold by Morningstar Investment Management LLC

Key Points

• Morningstar Investment Management LLC reduced its stake in Chevron Corporation (CVX) by 10.9%, owning 13,619 shares worth approximately $2.28 million after selling 1,663 shares in the first quarter.
• Chevron's recent earnings report showed an EPS of $2.18, beating estimates, but a 2.3% decline in revenue year-over-year, totaling $47.61 billion.
• The company declared a quarterly dividend of $1.71 per share, representing a 4.38% yield with a payout ratio of 78.17%.

Morningstar Investment Management LLC reduced its position in Chevron Corporation (NYSE:CVX - Free Report) by 10.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 13,619 shares of the oil and gas company's stock after selling 1,663 shares during the quarter. Morningstar Investment Management LLC's holdings in Chevron were worth $2,278,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in Chevron by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock worth $5,247,142,000 after buying an additional 392,916 shares in the last quarter. Northern Trust Corp lifted its position in Chevron by 7.3% during the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock worth $2,965,135,000 after buying an additional 1,394,091 shares in the last quarter. Franklin Resources Inc. lifted its position in Chevron by 0.5% during the fourth quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company's stock worth $2,502,850,000 after buying an additional 79,917 shares in the last quarter. Ameriprise Financial Inc. lifted its position in Chevron by 1.3% during the fourth quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company's stock worth $2,421,564,000 after buying an additional 211,023 shares in the last quarter. Finally, Invesco Ltd. lifted its position in Chevron by 6.9% during the fourth quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company's stock worth $2,176,579,000 after buying an additional 964,426 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Up 0.0%

NYSE CVX traded up $0.03 during trading hours on Friday, hitting $151.67. 7,760,854 shares of the company were exchanged, compared to its average volume of 9,476,183. The company has a 50 day moving average of $146.57 and a two-hundred day moving average of $148.90. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The firm has a market cap of $264.87 billion, a price-to-earnings ratio of 17.35, a PEG ratio of 2.42 and a beta of 0.83.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The company had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the prior year, the business earned $2.55 EPS. Chevron's revenue was down 12.4% on a year-over-year basis. Equities research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have commented on CVX. Hsbc Global Res downgraded Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. HSBC downgraded Chevron from a "buy" rating to a "hold" rating and reduced their target price for the company from $176.00 to $158.00 in a research report on Tuesday, May 13th. Scotiabank restated a "sector perform" rating and issued a $160.00 target price (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. DZ Bank downgraded Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price on the stock. in a research report on Tuesday, May 6th. Finally, Wells Fargo & Company restated an "overweight" rating and issued a $178.00 target price on shares of Chevron in a research report on Friday. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $163.18.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.