Resona Asset Management Co. Ltd. Lowers Holdings in Chevron Corporation $CVX

Key Points

• Resona Asset Management reduced its Chevron stake by 5.1% in the fourth quarter, selling 33,169 shares and ending with 618,157 shares valued at about $94.1 million.
• Chevron reported better-than-expected earnings for the latest quarter, posting $1.41 per share versus the $1.00 consensus, even as revenue came in below estimates at $47.56 billion.
• The company remains active on shareholder returns and strategic moves, including a $1.78 quarterly dividend and a planned $2.2 billion asset sale to ENEOS that could help streamline the portfolio.

Resona Asset Management Co. Ltd. trimmed its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 5.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 618,157 shares of the oil and gas company's stock after selling 33,169 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Chevron were worth $94,051,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Strategic Wealth Advisors LLC purchased a new position in shares of Chevron in the fourth quarter valued at about $33,000. Daytona Street Capital LLC purchased a new position in shares of Chevron in the fourth quarter valued at about $44,000. Turning Point Benefit Group Inc. purchased a new position in shares of Chevron in the third quarter valued at about $49,000. Maseco LLP purchased a new position in shares of Chevron in the fourth quarter valued at about $49,000. Finally, High Point Wealth Management LLC purchased a new position in shares of Chevron in the fourth quarter valued at about $53,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Chevron

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

Chevron Price Performance

NYSE:CVX opened at $196.08 on Tuesday. 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 company has a market capitalization of $390.52 billion, a P/E ratio of 33.98, a P/E/G ratio of 0.64 and a beta of 0.51. Chevron Corporation has a 12 month low of $133.77 and a 12 month high of $214.71. The business's 50-day moving average is $193.26 and its 200 day moving average is $173.68.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.41. The company had revenue of $47.56 billion for the quarter, compared to the consensus estimate of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The firm's revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.18 earnings per share. On average, equities research analysts forecast that Chevron Corporation will post 15.43 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

Insider Activity at Chevron

In other Chevron news, insider Andrew Benjamin Walz sold 11,600 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $188.58, for a total transaction of $2,187,528.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael K. Wirth sold 272,624 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $189.35, for a total value of $51,621,354.40. Following the sale, the chief executive officer directly owned 31,266 shares in the company, valued at $5,920,217.10. The trade was a 89.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 803,570 shares of company stock valued at $151,969,798 over the last ninety days. 0.56% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. The Goldman Sachs Group restated a "buy" rating and issued a $216.00 price objective on shares of Chevron in a research report on Wednesday, May 6th. Barclays boosted their target price on Chevron from $180.00 to $192.00 and gave the stock an "equal weight" rating in a research report on Monday, May 4th. Melius Research upgraded Chevron from a "hold" rating to a "buy" rating and set a $205.00 target price on the stock in a research report on Tuesday, February 17th. Wells Fargo & Company boosted their target price on Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a research report on Thursday, April 9th. Finally, Wall Street Zen upgraded Chevron from a "sell" rating to a "hold" rating in a research report on Saturday, January 31st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Chevron has an average rating of "Moderate Buy" and an average target price of $204.13.

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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