&PARTNERS Purchases 40,280 Shares of Chevron Corporation $CVX

Key Points

• &PARTNERS increased its Chevron stake by 8.4% in the fourth quarter, buying 40,280 additional shares and bringing its total holding to 520,512 shares worth about $79.3 million.
• Chevron insiders sold shares over the last three months, including director John B. Hess and insider R. Hewitt Pate, with total insider sales reaching 615,200 shares valued at $118.0 million.
• Analysts remain broadly constructive on Chevron, with 18 Buy ratings and an average price target of $205.70, even as recent earnings and stock moves reflect mixed near-term sentiment.

&PARTNERS increased its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 8.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 520,512 shares of the oil and gas company's stock after purchasing an additional 40,280 shares during the period. &PARTNERS's holdings in Chevron were worth $79,288,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in CVX. State Street Corp grew 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 buying an additional 12,789,399 shares during the period. Geode Capital Management LLC lifted 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 valued at $6,620,187,000 after buying an additional 134,890 shares in the last quarter. Charles Schwab Investment Management Inc. grew 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 buying an additional 961,341 shares during the last quarter. Norges Bank bought a new stake in shares of Chevron during the fourth quarter worth about $3,727,586,000. Finally, Northern Trust Corp raised its holdings in shares of Chevron by 15.3% in the 3rd quarter. Northern Trust Corp now owns 22,724,515 shares of the oil and gas company's stock worth $3,528,890,000 after acquiring an additional 3,007,403 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director John B. Hess sold 380,000 shares of the business's stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the transaction, the director owned 278,045 shares of the company's stock, valued at approximately $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R. Hewitt Pate sold 40,200 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the insider owned 8,638 shares in the company, valued at approximately $1,842,485.40. This trade represents a 82.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 615,200 shares of company stock valued at $118,022,760 in the last three months. 0.56% of the stock is owned by insiders.

Chevron Price Performance

Shares of NYSE:CVX opened at $179.94 on Wednesday. The company has a 50 day moving average of $188.01 and a 200 day moving average of $178.70. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The stock has a market cap of $358.38 billion, a P/E ratio of 31.19, a P/E/G ratio of 0.59 and a beta of 0.48. Chevron Corporation has a 12 month low of $142.40 and a 12 month high of $214.71.

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 (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.41. The business had revenue of $47.56 billion for the quarter, compared to analysts' expectations of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The business's revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the prior year, the company posted $2.18 EPS. As a group, sell-side analysts forecast that Chevron Corporation will post 15.88 EPS for the current fiscal year.

Chevron Announces Dividend

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

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron secured regulatory approval to take a 70% interest in Greece’s offshore Block 10, expanding its Eastern Mediterranean exploration footprint and adding a new strategic growth avenue. Chevron Secures Strategic Entry Into Greece's Offshore Block 10
• Neutral Sentiment: One recent article argued Chevron may be in a “wait-and-see” zone, noting that the stock has rallied from last summer’s lows but that a recent quarter’s cash flow data makes the dividend outlook look less compelling at the current valuation. Down From Its $209 Peak: This Is Why I’m Standing Pat on Chevron Stock
• Negative Sentiment: Chevron’s shares fell in tandem with crude after the U.S.-Iran news reduced the geopolitical risk premium in oil, pressuring the outlook for near-term earnings and free cash flow across energy stocks. Chevron (CVX) Stock Sinks As Market Gains: Here's Why

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CVX. Piper Sandler upped their price target on Chevron from $179.00 to $242.00 and gave the stock an "overweight" rating in a report on Thursday, March 12th. Weiss Ratings lowered Chevron from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, June 2nd. Bank of America upped their price objective on Chevron from $188.00 to $206.00 and gave the company a "buy" rating in a research note on Monday, March 2nd. Sanford C. Bernstein reduced their price target on shares of Chevron from $216.00 to $204.00 and set a "market perform" rating for the company in a research report on Monday, May 11th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. Eighteen 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's stock. According to MarketBeat, Chevron presently has an average rating of "Moderate Buy" and an average target price of $205.70.

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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