Northwestern Mutual Wealth Management Co. Boosts Stock Position in Chevron Corporation $CVX

Key Points

• Northwestern Mutual Wealth Management Co. increased its Chevron stake by 1.5% in the fourth quarter, bringing holdings to 683,782 shares valued at about $104.2 million. Institutional investors now own 72.42% of Chevron’s stock.
• Chevron reported better-than-expected earnings of $1.41 per share for the quarter, though revenue of $47.56 billion came in below estimates. The company also posted 2.1% year-over-year revenue growth.
• The company declared a quarterly dividend of $1.78 per share, equal to an annualized $7.12 dividend yield of 3.9%. Meanwhile, analysts remain broadly positive, with Chevron carrying a consensus Moderate Buy rating and a target price of $205.70.

Northwestern Mutual Wealth Management Co. grew its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 1.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 683,782 shares of the oil and gas company's stock after acquiring an additional 10,104 shares during the quarter. Northwestern Mutual Wealth Management Co.'s holdings in Chevron were worth $104,215,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CVX. Strategic Wealth Advisors LLC acquired a new stake in Chevron in the fourth quarter worth about $33,000. Daytona Street Capital LLC acquired a new stake in Chevron in the fourth quarter worth about $44,000. Maseco LLP acquired a new stake in Chevron in the fourth quarter worth about $49,000. Turning Point Benefit Group Inc. acquired a new stake in Chevron in the third quarter worth about $49,000. Finally, High Point Wealth Management LLC acquired a new stake in Chevron in the fourth quarter worth about $53,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Trading Down 0.3%

Shares of NYSE:CVX opened at $182.44 on Friday. Chevron Corporation has a 12-month low of $135.21 and a 12-month high of $214.71. The company has a market capitalization of $363.34 billion, a PE ratio of 31.62, a PEG ratio of 0.60 and a beta of 0.51. The business has a 50 day moving average of $192.27 and a two-hundred day moving average of $175.69. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21.

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 company had revenue of $47.56 billion during 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%.Chevron's revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.18 earnings per share. As a group, analysts forecast that Chevron Corporation will post 15.74 EPS for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be given 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 is Tuesday, May 19th. Chevron's payout ratio is presently 123.40%.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron CEO Mike Wirth warned that attacks on ships in the Strait of Hormuz highlight “very real” supply risks, reinforcing the case for tighter oil markets and potentially higher prices for Chevron’s production. Ships Attacked in Strait of Hormuz This Week, Chevron Says
• Positive Sentiment: Chevron and Exxon executives also warned that falling inventories could push oil higher, which would likely support Chevron’s cash flow and earnings if crude prices continue rising. Exxon, Chevron heads warn of higher oil prices amid falling inventories
• Positive Sentiment: Chevron filed to take a 70% stake in a Greek offshore gas block, signaling continued international expansion and a larger long-term resource base. Chevron files request to acquire offshore Greek block, energy ministry says
• Positive Sentiment: Chevron said it will not pay a toll to move ships through Hormuz, showing it is holding firm on operational and geopolitical terms while the region remains volatile. Chevron won't pay toll to move ships through Hormuz, CEO tells Bloomberg TV
• Neutral Sentiment: Chevron announced Scott A. Keller will become general counsel, while current chief legal officer R. Hewitt Pate’s retirement is expected later, a routine leadership transition with limited near-term operating impact. Chevron Names New General Counsel
• Neutral Sentiment: Market commentary and investor-interest pieces suggest Chevron remains on traders’ radar, but these items do not add major new fundamentals by themselves. Chevron Corporation (CVX) is Attracting Investor Attention: Here is What You Should Know
• Negative Sentiment: Oil prices softened on hopes for a U.S.-Iran truce extension, which could ease supply fears and weigh on Chevron shares if crude remains under pressure. Oil Prices Soften as Traders Bet on Renewal of US-Iran Truce
• Negative Sentiment: Draft ceasefire and shipping-normalization talks around the Strait of Hormuz could reduce the geopolitical risk premium embedded in oil prices, which may cap near-term upside for CVX. U.S. and Iran Reach Draft 60-Day Ceasefire and Nuclear Talks Framework Pending Trump Approval

Wall Street Analyst Weigh In

CVX has been the subject of several recent analyst reports. Zacks Research raised Chevron from a "hold" rating to a "strong-buy" rating in a report on Friday, April 3rd. Melius Research raised Chevron from a "hold" rating to a "buy" rating and set a $205.00 price target for the company in a report on Tuesday, February 17th. The Goldman Sachs Group reissued a "buy" rating and issued a $216.00 price target on shares of Chevron in a report on Wednesday, May 6th. Scotiabank upped their target price on Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. Finally, Wall Street Zen upgraded Chevron from a "sell" rating to a "hold" rating in a research report on Saturday, January 31st. 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 issued a Sell rating to the company's stock. According to data from MarketBeat, Chevron presently has a consensus rating of "Moderate Buy" and a consensus target price of $205.70.

Insider Activity

In other Chevron news, Director John B. Hess sold 380,000 shares of the company's stock in a transaction 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 sale, the director directly owned 278,045 shares in the company, valued at $53,718,294. This represents a 57.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R. Hewitt Pate sold 40,200 shares of the company's stock in a transaction on Monday, March 30th. The shares were sold at an average price of $213.30, for a total value of $8,574,660.00. Following the completion of the sale, the insider owned 8,638 shares of the company's stock, valued at approximately $1,842,485.40. The trade was a 82.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,144,224 shares of company stock valued at $218,075,038 in the last three months. Company insiders own 0.56% of the company's stock.

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.