Profund Advisors LLC Cuts Position in Chevron Corporation $CVX

Key Points

• Profund Advisors LLC reduced its Chevron stake by 14.8% in the fourth quarter, selling 10,735 shares and ending with 61,966 shares valued at about $9.44 million.
• Chevron beat earnings expectations for the quarter, posting $1.41 EPS versus the $1.00 consensus, though revenue of $47.56 billion came in below estimates.
• The company will pay a quarterly dividend of $1.78 per share on June 10, implying an annualized dividend of $7.12 and a yield of 3.6%.

Profund Advisors LLC cut its stake in Chevron Corporation (NYSE:CVX - Free Report) by 14.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 61,966 shares of the oil and gas company's stock after selling 10,735 shares during the period. Profund Advisors LLC's holdings in Chevron were worth $9,444,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CVX. Dakota Wealth Management increased its stake in Chevron by 14.9% during the 4th quarter. Dakota Wealth Management now owns 83,265 shares of the oil and gas company's stock worth $12,690,000 after buying an additional 10,822 shares during the period. Brooklyn FI LLC purchased a new position in Chevron in the 3rd quarter valued at about $431,000. Clear Trail Advisors LLC acquired a new stake in shares of Chevron during the fourth quarter valued at about $10,167,000. Finemark National Bank & Trust increased its position in shares of Chevron by 40.3% during the third quarter. Finemark National Bank & Trust now owns 56,535 shares of the oil and gas company's stock worth $8,779,000 after acquiring an additional 16,243 shares during the last quarter. Finally, Curtis Advisory Group LLC acquired a new position in shares of Chevron in the 4th quarter valued at approximately $1,381,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Up 2.6%

Shares of NYSE:CVX opened at $196.08 on Tuesday. The company's fifty day moving average is $193.26 and its two-hundred day moving average is $173.68. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. Chevron Corporation has a 1-year low of $133.77 and a 1-year high of $214.71. The stock has a market capitalization of $390.52 billion, a price-to-earnings ratio of 33.98, a price-to-earnings-growth ratio of 0.64 and a beta of 0.51.

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 for the quarter, beating analysts' consensus estimates of $1.00 by $0.41. The business had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company's revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.18 EPS. Equities analysts anticipate that Chevron Corporation will post 15.43 EPS for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be issued a dividend of $1.78 per share. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.6%. Chevron's dividend payout ratio is 123.40%.

Insider Buying and Selling at Chevron

In related news, insider R. Hewitt Pate sold 40,200 shares of the firm'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 value 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 document filed with the SEC, which is accessible through this hyperlink. Also, insider Andrew Benjamin Walz sold 11,600 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $188.58, for a total value of $2,187,528.00. The SEC filing for this sale provides additional information. In the last three months, insiders sold 803,570 shares of company stock worth $151,969,798. Corporate insiders own 0.56% of the company's stock.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron agreed to sell some Asia-Pacific downstream assets and its SRC stake to Japan’s ENEOS for about $2.2 billion, a move that should help streamline the portfolio and unlock cash for higher-return uses. Article Title
• Positive Sentiment: Chevron’s CEO warning about possible physical oil shortages added to the bullish backdrop for energy prices, which can support upstream earnings and cash flow. Article Title
• Positive Sentiment: Unusually heavy call-option buying suggests traders are positioning for more upside in Chevron shares, often a sign of growing short-term optimism.
• Positive Sentiment: Recent commentary also highlighted Chevron as a trending and potentially attractive dividend stock, reinforcing the view that investors see it as a defensive income name with upside potential. Article Title
• Neutral Sentiment: Brokerage optimism and “buy” discussions from analysts may be supporting interest in the stock, but the article itself did not point to a new rating change or specific catalyst. Article Title

Wall Street Analyst Weigh In

A number of research firms have commented on CVX. Bank of America increased their price objective on shares of Chevron from $188.00 to $206.00 and gave the company a "buy" rating in a research note on Monday, March 2nd. Scotiabank upped their target price on shares of Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. Argus set a $203.00 price target on shares of Chevron in a research report on Tuesday, February 3rd. HSBC upgraded Chevron from a "hold" rating to a "buy" rating and set a $215.00 price target for the company in a research note on Friday, March 20th. Finally, TD Cowen upped 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. One 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 MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $204.13.

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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