Russell Investments Group Ltd. Sells 165,787 Shares of Chevron Corporation $CVX

Key Points

• Russell Investments Group Ltd. trimmed its Chevron stake by 14.2% in the fourth quarter, selling 165,787 shares and leaving it with 1,004,307 shares valued at about $153.1 million.
• Chevron continues to draw major institutional interest, with firms like Norges Bank, State Street, and Amundi making sizable positions or additions; institutional investors now hold 72.42% of the company.
• The company recently reported better-than-expected earnings of $1.41 per share, but revenue missed estimates, while Chevron also paid a $1.78 quarterly dividend for a 4.0% yield and carries a consensus analyst rating of “Moderate Buy.”

Russell Investments Group Ltd. decreased its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 14.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,004,307 shares of the oil and gas company's stock after selling 165,787 shares during the quarter. Russell Investments Group Ltd.'s holdings in Chevron were worth $153,064,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in Chevron in the 4th quarter valued at approximately $3,727,586,000. State Street Corp increased its holdings 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 worth $23,698,184,000 after purchasing an additional 12,789,399 shares in the last quarter. Primecap Management Co. CA bought a new stake in Chevron in the 3rd quarter worth approximately $988,083,000. Northwestern Mutual Wealth Management Co. grew its position 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 worth $946,658,000 after purchasing an additional 5,537,580 shares during the period. Finally, Amundi raised its stake in Chevron by 41.8% during the 3rd quarter. Amundi now owns 11,760,376 shares of the oil and gas company's stock valued at $1,811,333,000 after buying an additional 3,464,058 shares during the last quarter. Institutional investors own 72.42% of the company's stock.

Key Headlines 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

Insider Buying and Selling

In related news, Director John B. Hess sold 380,000 shares of the stock in a transaction dated 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 transaction, the director owned 278,045 shares of the company's stock, valued at approximately $53,718,294. This trade represents a 57.75% decrease in their position. The sale 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 the firm's stock in a transaction that occurred on Monday, March 30th. The shares were sold at an average price of $213.30, for a total value 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. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 615,200 shares of company stock worth $118,022,760. Corporate insiders own 0.56% of the company's stock.

Chevron Stock Down 0.3%

Shares of CVX stock opened at $179.94 on Wednesday. The company's fifty day simple moving average is $188.01 and its two-hundred day simple moving average is $178.70. 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 $358.38 billion, a P/E ratio of 31.19, a PEG ratio of 0.59 and a beta of 0.48. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX - Get Free Report) last issued 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. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The firm had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. During the same quarter last year, the business posted $2.18 earnings per share. The business's quarterly revenue was up 2.1% compared to the same quarter last year. Analysts predict that Chevron Corporation will post 15.88 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Melius Research upgraded Chevron from a "hold" rating to a "buy" rating and set a $205.00 price target on the stock in a research note on Tuesday, February 17th. Piper Sandler increased their target price on Chevron from $179.00 to $242.00 and gave the company an "overweight" rating in a report on Thursday, March 12th. Sanford C. Bernstein dropped their target price on Chevron from $216.00 to $204.00 and set a "market perform" rating on the stock in a research report on Monday, May 11th. The Goldman Sachs Group restated a "buy" rating and set a $216.00 price target on shares of Chevron in a research note on Wednesday, May 6th. Finally, HSBC upgraded shares of Chevron from a "hold" rating to a "buy" rating and set a $215.00 price objective on the stock in a research note on Friday, March 20th. Eighteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $205.70.

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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