Torray Investment Partners LLC Sells 9,363 Shares of Chevron Corporation $CVX

Key Points

• Torray Investment Partners cut its Chevron stake by 6.5% in the first quarter, selling 9,363 shares and leaving it with 135,085 shares valued at about $27.9 million. Chevron remains the firm’s fourth-largest holding, representing roughly 4.1% of its portfolio.
• Chevron shares rose 1.3% to $176.29, and the company continues to attract heavy institutional ownership, with hedge funds and institutions holding 72.42% of the stock. Other major investors such as Norges Bank, State Street, and Berkshire Hathaway also maintained or increased large positions.
• Analysts remain broadly positive on Chevron, with the consensus rating at “Moderate Buy” and an average price target of $206.83. Recent results showed earnings of $1.41 per share, beating expectations, while the company also paid a $1.78 quarterly dividend, implying a 4.0% yield.

Torray Investment Partners LLC decreased its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 6.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 135,085 shares of the oil and gas company's stock after selling 9,363 shares during the quarter. Chevron accounts for about 4.1% of Torray Investment Partners LLC's holdings, making the stock its 4th biggest holding. Torray Investment Partners LLC's holdings in Chevron were worth $27,949,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CVX. Norges Bank acquired a new stake in Chevron during the 4th quarter worth approximately $3,727,586,000. State Street Corp grew its stake in shares of Chevron by 9.1% in the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock worth $23,698,184,000 after acquiring an additional 12,789,399 shares in the last quarter. Berkshire Hathaway Inc increased its position in shares of Chevron by 6.6% during the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock worth $19,837,131,000 after acquiring an additional 8,091,570 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in shares of Chevron by 822.0% during the fourth 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 acquiring an additional 5,537,580 shares during the period. Finally, Amundi raised its stake in shares of Chevron by 41.8% in the third quarter. Amundi now owns 11,760,376 shares of the oil and gas company's stock valued at $1,811,333,000 after acquiring an additional 3,464,058 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Up 1.3%

Shares of CVX stock traded up $2.24 on Friday, reaching $176.29. 5,984,338 shares of the stock were exchanged, compared to its average volume of 9,284,713. 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 business's 50 day moving average price is $181.92 and its 200 day moving average price is $181.29. The company has a market capitalization of $351.10 billion, a price-to-earnings ratio of 30.55, a PEG ratio of 0.59 and a beta of 0.50. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $47.56 billion for the quarter, compared to analysts' expectations of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.Chevron's quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the firm earned $2.18 earnings per share. As a group, sell-side analysts expect that Chevron Corporation will post 15.28 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the sale, 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 the SEC website. Company insiders own 0.56% of the company's stock.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Rising Middle East tensions are pushing crude higher, which can improve Chevron’s upstream profits and make the stock look more attractive as a geopolitical hedge. With Iran Tensions Heating Up Again, Chevron Stock Looks Enticing
• Positive Sentiment: Bullish commentary from Bank of America and other analysts suggests Chevron is well positioned to benefit if Iran-related supply disruptions keep oil prices elevated. CVX Stock Has A New Bull Case
• Positive Sentiment: Chevron announced a five-year gas supply deal with Australia’s Alinta Energy, adding a stable long-term sales stream and reinforcing its gas business. Chevron Australia signs five-year gas supply agreement with Alinta Energy
• Positive Sentiment: Chevron also expanded its technology/licensing efforts and its Microsoft power partnership, which could support long-term growth beyond oil and gas pricing. Can Chevron's Microsoft Partnership Power the Next Leg of Growth?
• Neutral Sentiment: UBS reiterated a Buy rating, which may help sentiment but does not by itself change Chevron’s fundamentals. UBS Keeps Their Buy Rating on Chevron (CVX)
• Negative Sentiment: New U.S. Russia sanctions proposals could tighten global energy trade flows and add policy uncertainty, even if they may also support oil prices. Bipartisan Senators Reach Agreement With Trump Administration to Advance New Russia Sanctions Bill

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. HSBC upgraded Chevron from a "hold" rating to a "buy" rating and set a $215.00 target price for the company in a report on Friday, March 20th. Barclays increased their price target on Chevron from $192.00 to $213.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 26th. Wolfe Research upgraded Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 price objective for the company in a research note on Thursday, July 2nd. TD Cowen boosted their price objective on Chevron from $204.00 to $205.00 and gave the stock a "hold" rating in a research report on Friday, May 8th. Finally, Sanford C. Bernstein lowered their price objective on Chevron from $216.00 to $204.00 and set a "market perform" rating for the company in a research report on Monday, May 11th. Nineteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Chevron presently has a consensus rating of "Moderate Buy" and an average target price of $206.83.

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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