Townsquare Capital LLC Sells 12,386 Shares of Chevron Corporation $CVX

Key Points

• Townsquare Capital LLC cut its Chevron stake by 22.3% in the fourth quarter, selling 12,386 shares and leaving it with 43,100 shares worth about $6.57 million.
• Chevron reported Q1 earnings of $1.41 per share, beating analyst estimates, though revenue of $47.56 billion came in below expectations. The company also lifted revenue 2.1% year over year.
• Chevron continues to support income investors with a quarterly dividend of $1.78, equal to an annualized yield of 3.7%, even as insiders have sold shares and one analyst recently downgraded the stock to hold.

Townsquare Capital LLC trimmed its position in Chevron Corporation (NYSE:CVX - Free Report) by 22.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,100 shares of the oil and gas company's stock after selling 12,386 shares during the period. Chevron accounts for 1.5% of Townsquare Capital LLC's portfolio, making the stock its 15th biggest position. Townsquare Capital LLC's holdings in Chevron were worth $6,569,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Core Wealth Advisors LLC purchased a new stake in Chevron in the fourth quarter worth $26,000. Strategic Wealth Advisors LLC purchased a new stake in Chevron in the fourth quarter worth $33,000. Daytona Street Capital LLC purchased a new stake in Chevron in the fourth quarter worth $44,000. Maseco LLP purchased a new stake in Chevron in the fourth quarter worth $49,000. Finally, Turning Point Benefit Group Inc. purchased a new stake in Chevron in the third quarter worth $49,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Up 1.7%

NYSE CVX opened at $189.89 on Thursday. Chevron Corporation has a 12 month low of $142.40 and a 12 month high of $214.71. The stock has a market cap of $378.19 billion, a P/E ratio of 32.91, a P/E/G ratio of 0.62 and a beta of 0.48. The stock's fifty day moving average price is $189.38 and its 200-day moving average price is $177.75. 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 EPS for the quarter, topping 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 for the quarter, compared to analysts' expectations of $51.86 billion. During the same period in the prior year, the firm posted $2.18 earnings per share. The company's quarterly revenue was up 2.1% on a year-over-year basis. As a group, equities analysts forecast that Chevron Corporation will post 15.74 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were paid a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron's dividend payout ratio is currently 123.40%.

Insiders Place Their Bets

In related news, insider R. Hewitt Pate sold 40,200 shares of the stock in a transaction 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 sale, the insider directly owned 8,638 shares of the company's stock, valued at $1,842,485.40. This trade represents a 82.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John B. Hess sold 380,000 shares of the stock in a transaction 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 sale, the director directly owned 278,045 shares in the company, valued at $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 615,200 shares of company stock worth $118,022,760. Insiders own 0.56% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Scotiabank upped their price target on Chevron from $168.00 to $187.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 22nd. Weiss Ratings cut Chevron from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, June 2nd. Zacks Research cut Chevron from a "strong-buy" rating to a "hold" rating in a research note on Monday. BNP Paribas Exane raised Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price target on the stock in a research note on Friday, April 17th. Finally, Tudor Pickering raised Chevron from a "hold" rating to a "buy" rating and set a $225.00 target price on the stock in a research note on Thursday, April 9th. Eighteen 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $205.70.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was highlighted as one of the top oil stocks to buy as energy investors look for resilient names, with articles emphasizing its defensive cash flows and income appeal. Article Title
• Positive Sentiment: Market commentary on Chevron’s Guyana assets pointed to a combined $7.6 billion profit for ExxonMobil and Chevron last year, reinforcing the value of its low-cost production base amid geopolitical tensions. Article Title
• Positive Sentiment: Chevron was also featured in a bullish technical forecast saying momentum is improving and buyers may be regaining control as the stock approaches a breakout level. Article Title
• Positive Sentiment: Reports that Chevron is advancing a major shale project in Argentina’s Vaca Muerta basin and moving closer to approval for a $13.8 billion investment could support future production growth. Article Title
• Neutral Sentiment: Chevron continues to attract attention as a dividend stock for retirement portfolios, which supports the investment case but does not represent a new catalyst. Article Title
• Negative Sentiment: Zacks Research downgraded Chevron from strong-buy to hold, which could temper enthusiasm despite the stock’s otherwise constructive news flow. Article Title

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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