Navigation Group LLC Buys Shares of 19,258 Chevron Corporation $CVX

Key Points

• Navigation Group LLC opened a new position in Chevron, buying 19,258 shares valued at about $3.98 million. Chevron now represents roughly 0.9% of the fund’s holdings and is its 24th-largest position.
• Chevron reported better-than-expected earnings for the latest quarter, posting $1.41 per share versus the $1.00 consensus estimate. Revenue came in below expectations at $47.56 billion, though it was still up 2.1% year over year.
• The company continues to draw attention for its 3.9% dividend yield and broad institutional support, with 72.42% of shares held by institutions. Analyst sentiment remains positive overall, with a “Moderate Buy” average rating and a $206.83 average price target.

Navigation Group LLC purchased a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 19,258 shares of the oil and gas company's stock, valued at approximately $3,984,000. Chevron accounts for approximately 0.9% of Navigation Group LLC's holdings, making the stock its 24th biggest position.

A number of other institutional investors and hedge funds have also modified their holdings of CVX. Norges Bank acquired a new stake in Chevron during the 4th quarter worth $3,727,586,000. State Street Corp lifted its stake in shares of Chevron by 9.1% in the 3rd 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 purchasing an additional 12,789,399 shares during the period. Berkshire Hathaway Inc lifted its stake in shares of Chevron by 6.6% in the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock valued at $19,837,131,000 after purchasing an additional 8,091,570 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in shares of Chevron by 822.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company's stock worth $946,658,000 after purchasing an additional 5,537,580 shares during the last quarter. Finally, Amundi boosted its position in shares of Chevron by 41.8% in the 3rd quarter. Amundi now owns 11,760,376 shares of the oil and gas company's stock worth $1,811,333,000 after purchasing an additional 3,464,058 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Price Performance

CVX opened at $181.55 on Thursday. The stock has a market cap of $361.58 billion, a P/E ratio of 31.46, a P/E/G ratio of 0.64 and a beta of 0.50. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. 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 company has a fifty day simple moving average of $181.39 and a 200 day simple moving average of $182.17.

Chevron (NYSE:CVX - Get Free Report) last posted 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 firm had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. During the same period in the previous year, the company posted $2.18 earnings per share. The company's revenue for the quarter was up 2.1% on a year-over-year basis. On average, research analysts expect that Chevron Corporation will post 14.75 EPS for the current year.

Chevron Dividend Announcement

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

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 380,000 shares of the business's stock in a transaction that occurred 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 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.56% of the stock is owned by company insiders.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was highlighted as being “poised to beat earnings estimates again,” with articles pointing to its strong history of earnings surprises and favorable setup for the next quarterly report. Why Chevron (CVX) is Poised to Beat Earnings Estimates Again
• Positive Sentiment: Reuters-reported news that Chevron is offering its chemical technology to rival shale drillers could support future royalty, service, and technology-related revenue while reinforcing the company’s innovation story. Chevron (CVX) Offers Rival Drillers Chemical Technology to Increase Shale Oil Output, Reuters Reports
• Positive Sentiment: Several analyst and screening pieces continued to frame Chevron as an attractive dividend/blue-chip energy name, with BMO Capital reiterating a Buy rating and other commentary calling it a strong dividend aristocrat pick. BMO Capital Sticks to Its Buy Rating for Chevron (CVX)
• Positive Sentiment: Chevron is also being discussed as a beneficiary of stronger crude prices, which can improve upstream margins and earnings power if oil holds up. Shell, BP, and other energy stocks jump as crude oil prices rebound

Wall Street Analyst Weigh In

CVX has been the subject of a number of recent analyst reports. Tudor Pickering upgraded Chevron from a "hold" rating to a "buy" rating and set a $225.00 price objective for the company in a report on Thursday, April 9th. Zacks Research cut Chevron from a "strong-buy" rating to a "hold" rating in a report on Monday, June 8th. Sanford C. Bernstein decreased their target price on Chevron from $216.00 to $204.00 and set a "market perform" rating for the company in a research report on Monday, May 11th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $220.00 price target on shares of Chevron in a research note on Tuesday, May 5th. Finally, The Goldman Sachs Group reiterated a "buy" rating and issued a $216.00 price target on shares of Chevron in a research report on Wednesday, May 6th. Nineteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Chevron has an average rating of "Moderate Buy" and an average price target of $206.83.

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.

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