Quotient Wealth Partners LLC Reduces Stake in Chevron Corporation $CVX

Key Points

• Quotient Wealth Partners LLC reduced its Chevron stake by 15.5% in the first quarter, selling 7,304 shares and leaving it with 39,891 shares valued at about $8.25 million.
• Chevron reported strong quarterly earnings of $1.41 EPS, beating estimates, though revenue of $47.56 billion came in below expectations. The company also paid a quarterly dividend of $1.78 per share, equal to a 4.1% annualized yield.
• Analysts remain mostly positive on Chevron, with 18 Buy ratings and an average Moderate Buy rating. The average price target stands at $205.70, above the recent trading level of $173.51.

Quotient Wealth Partners LLC cut its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 15.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 39,891 shares of the oil and gas company's stock after selling 7,304 shares during the quarter. Quotient Wealth Partners LLC's holdings in Chevron were worth $8,254,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Chevron in the fourth quarter valued at $3,727,586,000. State Street Corp raised its stake in shares of 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 worth $23,698,184,000 after buying an additional 12,789,399 shares during the last quarter. Berkshire Hathaway Inc boosted its position in shares of Chevron by 6.6% in the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock worth $19,837,131,000 after buying an additional 8,091,570 shares in the last quarter. Primecap Management Co. CA acquired a new stake in Chevron in the 3rd quarter valued at about $988,083,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Chevron by 822.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company's stock valued at $946,658,000 after acquiring an additional 5,537,580 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 380,000 shares of Chevron 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. The trade was a 57.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R. Hewitt Pate sold 40,200 shares of Chevron 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 sale, the insider directly owned 8,638 shares of the company's stock, valued at $1,842,485.40. The trade was a 82.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 615,200 shares of company stock valued at $118,022,760. Company insiders own 0.56% of the company's stock.

Chevron Trading Down 0.1%

Chevron stock opened at $173.51 on Monday. The stock has a 50-day moving average price of $186.63 and a 200 day moving average price of $179.20. Chevron Corporation has a 52 week low of $142.40 and a 52 week high of $214.71. The stock has a market cap of $345.56 billion, a PE ratio of 30.07, a P/E/G ratio of 0.57 and a beta of 0.48. 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 released its 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. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. During the same period in the prior year, the firm earned $2.18 EPS. The firm's quarterly revenue was up 2.1% on a year-over-year basis. Equities research analysts predict that Chevron Corporation will post 15.88 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were given a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron's payout ratio is currently 123.40%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CVX shares. Mizuho raised their target price on shares of Chevron from $225.00 to $230.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. BNP Paribas Exane upgraded shares of Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price target on the stock in a research report on Friday, April 17th. Citigroup increased their price target on shares of Chevron from $210.00 to $235.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. UBS Group raised their price objective on shares of Chevron from $218.00 to $220.00 and gave the stock a "buy" rating in a research note on Monday, May 4th. Finally, Wells Fargo & Company lifted their price objective on Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a research report on Thursday, April 9th. Eighteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Chevron currently has an average rating of "Moderate Buy" and an average price target 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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