Parr Mcknight Wealth Management Group LLC Lowers Stock Holdings in Chevron Corporation $CVX

Key Points

• Parr Mcknight Wealth Management Group reduced its Chevron stake by 16.1% in the first quarter, selling 11,585 shares and leaving it with 60,189 shares valued at about $12.45 million.
• Chevron reported stronger-than-expected quarterly earnings of $1.41 per share, though revenue of $47.56 billion came in below analyst estimates. The company also paid a quarterly dividend of $1.78 per share, implying a 4.0% annual yield.
• Market sentiment remains mostly supportive, with multiple analysts maintaining bullish ratings and geopolitical tensions helping lift oil prices, which could benefit Chevron’s upstream profits.

Parr Mcknight Wealth Management Group LLC cut its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 16.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,189 shares of the oil and gas company's stock after selling 11,585 shares during the period. Chevron makes up 1.6% of Parr Mcknight Wealth Management Group LLC's portfolio, making the stock its 10th biggest position. Parr Mcknight Wealth Management Group LLC's holdings in Chevron were worth $12,453,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of CVX. State Street Corp lifted its stake in Chevron by 9.1% during 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 acquiring an additional 12,789,399 shares during the period. Berkshire Hathaway Inc grew its stake in shares of Chevron by 6.6% in the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock worth $19,837,131,000 after acquiring an additional 8,091,570 shares during the period. Geode Capital Management LLC grew its stake in shares of Chevron by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company's stock worth $6,620,187,000 after acquiring an additional 134,890 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Chevron by 2.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company's stock valued at $5,492,377,000 after purchasing an additional 961,341 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Chevron during the fourth quarter valued at approximately $3,727,586,000. 72.42% of the stock is currently owned by institutional investors.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Rising Middle East tensions are pushing crude higher, which can improve Chevron’s upstream profits and make the stock look more attractive as a geopolitical hedge. With Iran Tensions Heating Up Again, Chevron Stock Looks Enticing
• Positive Sentiment: Bullish commentary from Bank of America and other analysts suggests Chevron is well positioned to benefit if Iran-related supply disruptions keep oil prices elevated. CVX Stock Has A New Bull Case
• Positive Sentiment: Chevron announced a five-year gas supply deal with Australia’s Alinta Energy, adding a stable long-term sales stream and reinforcing its gas business. Chevron Australia signs five-year gas supply agreement with Alinta Energy
• Positive Sentiment: Chevron also expanded its technology/licensing efforts and its Microsoft power partnership, which could support long-term growth beyond oil and gas pricing. Can Chevron's Microsoft Partnership Power the Next Leg of Growth?
• Neutral Sentiment: UBS reiterated a Buy rating, which may help sentiment but does not by itself change Chevron’s fundamentals. UBS Keeps Their Buy Rating on Chevron (CVX)
• Negative Sentiment: New U.S. Russia sanctions proposals could tighten global energy trade flows and add policy uncertainty, even if they may also support oil prices. Bipartisan Senators Reach Agreement With Trump Administration to Advance New Russia Sanctions Bill

Chevron Price Performance

Shares of Chevron stock opened at $176.29 on Monday. The stock has a market cap of $351.10 billion, a P/E ratio of 30.55, a P/E/G ratio of 0.60 and a beta of 0.50. 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's fifty day moving average is $181.92 and its 200 day moving average is $181.51. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results 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 analyst estimates 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 quarter in the previous year, the company posted $2.18 earnings per share. Sell-side analysts anticipate that Chevron Corporation will post 15.28 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were paid a dividend of $1.78 per share. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.0%. Chevron's payout ratio is 123.40%.

Analyst Upgrades and Downgrades

CVX has been the topic of several research reports. UBS Group restated a "buy" rating on shares of Chevron in a report on Tuesday, June 23rd. Tudor Pickering upgraded shares of Chevron from a "hold" rating to a "buy" rating and set a $225.00 target price for the company in a research note on Thursday, April 9th. Royal Bank Of Canada reissued an "outperform" rating and set a $220.00 price target on shares of Chevron in a report on Tuesday, May 5th. Morgan Stanley dropped their price target on Chevron from $214.00 to $210.00 and set an "overweight" rating on the stock in a research note on Monday, June 29th. Finally, Sanford C. Bernstein cut their price objective on Chevron from $216.00 to $204.00 and set a "market perform" rating for the company in a report on Monday, May 11th. Nineteen 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 stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $206.83.

Insider Activity

In related news, Director John B. Hess sold 380,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were 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 of the company's stock, valued at approximately $53,718,294. This represents a 57.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.56% of the company's stock.

About Chevron

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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