Panagora Asset Management Inc. Lowers Stock Holdings in Chevron Corporation $CVX

Key Points

• Panagora Asset Management cut its Chevron stake by 18.3% in the fourth quarter, selling 53,369 shares and ending with 238,566 shares valued at about $36.36 million.
• Chevron reported Q1 EPS of $1.41, beating analyst estimates, even though revenue of $47.56 billion came in below expectations. The company also continues to pay a sizable dividend of $1.78 per share, or $7.12 annually, for a 3.9% yield.
• Insider selling has been notable, with executives and directors selling 615,200 shares worth about $118 million over the last three months. Despite that, analysts remain broadly positive, with a consensus rating of Moderate Buy and an average price target of $205.70.

Panagora Asset Management Inc. trimmed its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 18.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 238,566 shares of the oil and gas company's stock after selling 53,369 shares during the quarter. Panagora Asset Management Inc.'s holdings in Chevron were worth $36,360,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CVX. Core Wealth Advisors LLC purchased a new position in Chevron during the 4th quarter valued at about $26,000. Karpus Management Inc. purchased a new position in Chevron during the 4th quarter valued at about $27,000. Quattro Advisors LLC purchased a new position in Chevron during the 4th quarter valued at about $27,000. Strategic Wealth Advisors LLC purchased a new position in Chevron during the 4th quarter valued at about $33,000. Finally, Daytona Street Capital LLC purchased a new position in Chevron during the 4th quarter valued at about $44,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of CVX opened at $180.49 on Tuesday. The stock has a 50-day simple moving average of $188.38 and a 200-day simple moving average of $178.49. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The stock has a market capitalization of $359.47 billion, a PE ratio of 31.28, a PEG ratio of 0.61 and a beta of 0.48. Chevron Corporation has a 1 year low of $142.40 and a 1 year high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.41. The business had revenue of $47.56 billion during the quarter, compared to analysts' expectations of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business's quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.18 EPS. On average, analysts predict that Chevron Corporation will post 15.88 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

Insider Activity

In other news, insider R. Hewitt Pate sold 40,200 shares of the firm's stock in a transaction dated Monday, March 30th. The stock was sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the sale, the insider owned 8,638 shares of the company's stock, valued at approximately $1,842,485.40. This trade represents a 82.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction dated 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 sale, 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. Insiders have sold a total of 615,200 shares of company stock worth $118,022,760 in the last three months. Corporate insiders own 0.56% of the company's stock.

Analyst Upgrades and Downgrades

CVX has been the subject of a number of research analyst reports. Tudor Pickering upgraded Chevron from a "hold" rating to a "buy" rating and set a $225.00 target price for the company in a report on Thursday, April 9th. BNP Paribas Exane upgraded Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 target price for the company in a report on Friday, April 17th. Piper Sandler increased their price target on Chevron from $179.00 to $242.00 and gave the company an "overweight" rating in a research report on Thursday, March 12th. Morgan Stanley lifted their price objective on Chevron from $212.00 to $214.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. Finally, TD Cowen lifted their price objective on Chevron from $204.00 to $205.00 and gave the company a "hold" rating in a research note on Friday, May 8th. Eighteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Chevron has an average rating of "Moderate Buy" and a consensus target price of $205.70.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s long-term growth outlook could improve if its newly expanded asset base from the Hess acquisition and upcoming projects in Argentina boost production and cash generation. Chevron Stock Is an Absolute Steal at 11 Times Forward Earnings
• Positive Sentiment: Some analysts still view CVX as attractively valued and have price targets above the current share price, suggesting upside if oil stabilizes. Chevron (CVX) Stock Sinks As Market Gains: Here's Why
• Neutral Sentiment: Commentary from Jim Cramer highlighted Chevron during broader geopolitical discussions, but it did not point to any company-specific catalyst. Jim Cramer Discusses Chevron During Presidential War Related Talks
• Neutral Sentiment: Chevron’s Argentina investment push could reshape its growth profile over time, but the market appears focused today on oil’s sharp decline rather than this longer-term development. Chevron’s Argentina Push Reshapes Growth Outlook And Risk Profile
• Negative Sentiment: Crude prices fell to three-month lows on the U.S.-Iran deal news, pressuring integrated oil producers like Chevron as investors reduced expectations for near-term upstream profits and free cash flow. Oil Prices Slump to 3-Month Lows, Exxon and Chevron Stocks Fall After U.S., Iran Deal
• Negative Sentiment: Multiple reports said Chevron fell alongside the broader energy sector because the market expects lower crude realizations if geopolitical supply risks ease. Oil Prices Slump to 3-Month Lows, Exxon and Chevron Stocks Fall After U.S., Iran Deal

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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