State of Wisconsin Investment Board Sells 33,521 Shares of Chevron Corporation $CVX

Key Points

• State of Wisconsin Investment Board trimmed its Chevron stake by 3.2% in the fourth quarter, selling 33,521 shares and leaving it with 998,453 shares worth about $152.2 million.
• Chevron reported Q1 earnings of $1.41 per share, beating analyst expectations, though revenue of $47.56 billion came in below forecasts. The company also continues to pay a sizable quarterly dividend of $1.78 per share, equal to a 4.0% annualized yield.
• Wall Street sentiment remains broadly positive: several analysts raised price targets, and Chevron’s stock currently carries a Moderate Buy consensus with an average target price of $205.70.

State of Wisconsin Investment Board lowered its position in Chevron Corporation (NYSE:CVX - Free Report) by 3.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 998,453 shares of the oil and gas company's stock after selling 33,521 shares during the period. State of Wisconsin Investment Board's holdings in Chevron were worth $152,174,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Dakota Wealth Management lifted its stake in Chevron by 14.9% in the 4th quarter. Dakota Wealth Management now owns 83,265 shares of the oil and gas company's stock valued at $12,690,000 after purchasing an additional 10,822 shares during the last quarter. Brooklyn FI LLC acquired a new stake in Chevron in the 3rd quarter valued at about $431,000. Clear Trail Advisors LLC acquired a new stake in Chevron in the 4th quarter valued at about $10,167,000. Finemark National Bank & Trust lifted its stake in Chevron by 40.3% in the 3rd quarter. Finemark National Bank & Trust now owns 56,535 shares of the oil and gas company's stock valued at $8,779,000 after purchasing an additional 16,243 shares during the last quarter. Finally, Curtis Advisory Group LLC acquired a new stake in Chevron in the 4th quarter valued at about $1,381,000. Institutional investors own 72.42% of the company's stock.

Chevron Stock Performance

NYSE CVX opened at $179.94 on Wednesday. The firm's fifty day moving average price is $188.01 and its two-hundred day moving average price is $178.70. The stock has a market cap of $358.38 billion, a PE ratio of 31.19, a PEG ratio of 0.59 and a beta of 0.48. Chevron Corporation has a fifty-two week low of $142.40 and a fifty-two week high of $214.71. 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 (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 for the quarter, topping 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 firm had revenue of $47.56 billion for the quarter, compared to analysts' expectations of $51.86 billion. During the same quarter in the previous year, the firm posted $2.18 earnings per share. The company's revenue was up 2.1% on a year-over-year basis. On average, equities analysts expect that Chevron Corporation will post 15.88 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were given a dividend of $1.78 per share. 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 dividend payout ratio is 123.40%.

Insiders Place Their Bets

In other news, Director John B. Hess sold 380,000 shares of the company's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the transaction, the director owned 278,045 shares in the company, valued at approximately $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider R. Hewitt Pate sold 40,200 shares of the company's stock in a transaction dated Monday, March 30th. The shares were sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the transaction, the insider owned 8,638 shares in the company, valued at $1,842,485.40. This represents a 82.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 615,200 shares of company stock worth $118,022,760 in the last ninety days. Insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of several recent analyst reports. Mizuho raised their target price on shares of Chevron from $225.00 to $230.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. The Goldman Sachs Group reissued a "buy" rating and issued a $216.00 price target on shares of Chevron in a report on Wednesday, May 6th. Barclays increased their price target on shares of Chevron from $192.00 to $213.00 and gave the company an "equal weight" rating in a report on Tuesday, May 26th. Bank of America increased their price target on shares of Chevron from $188.00 to $206.00 and gave the company a "buy" rating in a report on Monday, March 2nd. Finally, Citigroup increased their price target on shares of Chevron from $210.00 to $235.00 and gave the company a "buy" rating in a report on Thursday, April 2nd. Eighteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $205.70.

Chevron News Roundup

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

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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