Wellington Management Group LLP Reduces Stock Position in Chevron Corporation $CVX

Key Points

• Wellington Management reduced its Chevron position by 0.4%, selling 11,097 shares and retaining 2.51 million shares valued at approximately $415.6 million. Institutional investors and hedge funds collectively own 72.42% of Chevron.
• Chevron insiders have been net sellers, with executives selling 1.15 million shares worth about $225.9 million over the past 90 days; CEO Michael Wirth alone sold 317,100 shares.
• Chevron reported stronger-than-expected quarterly results, with $6.06 in earnings per share and $67.2 billion in revenue, while maintaining a quarterly dividend of $1.78 per share. Analysts give the stock a “Moderate Buy” rating with an average price target of $207.48.

Wellington Management Group LLP trimmed its position in Chevron Corporation (NYSE:CVX - Free Report) by 0.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,507,330 shares of the oil and gas company's stock after selling 11,097 shares during the quarter. Wellington Management Group LLP owned about 0.13% of Chevron worth $415,615,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CVX. Cornerstone Advisory LLC raised its holdings in shares of Chevron by 0.9% during the first quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company's stock worth $1,164,000 after purchasing an additional 52 shares during the last quarter. Compton Financial Group LLC grew its position in Chevron by 1.9% during the 1st quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company's stock worth $609,000 after purchasing an additional 56 shares during the period. Quantum Portfolio Management LLC raised its stake in shares of Chevron by 2.7% during the 1st quarter. Quantum Portfolio Management LLC now owns 2,101 shares of the oil and gas company's stock valued at $435,000 after buying an additional 56 shares during the last quarter. Wealthspire Retirement LLC raised its stake in shares of Chevron by 0.9% during the 1st quarter. Wealthspire Retirement LLC now owns 6,530 shares of the oil and gas company's stock valued at $1,351,000 after buying an additional 56 shares during the last quarter. Finally, D.B. Root & Company LLC lifted its holdings in shares of Chevron by 1.0% in the 4th quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company's stock valued at $846,000 after buying an additional 57 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Insiders Place Their Bets

In related news, CEO Michael K. Wirth sold 317,100 shares of the business's stock in a transaction on Friday, August 14th. The shares were sold at an average price of $200.46, for a total value of $63,565,866.00. Following the completion of the sale, the chief executive officer owned 26,308 shares of the company's stock, valued at approximately $5,273,701.68. The trade was a 92.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider R. Hewitt Pate sold 2,470 shares of the company's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total transaction of $506,621.70. Following the transaction, the insider owned 10,794 shares of the company's stock, valued at $2,213,957.34. This represents a 18.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 1,152,582 shares of company stock valued at $225,853,661. Corporate insiders own 0.56% of the company's stock.

Chevron Price Performance

NYSE:CVX opened at $202.04 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. The stock's 50-day moving average price is $187.44 and its 200-day moving average price is $188.85. The stock has a market capitalization of $399.18 billion, a PE ratio of 19.37, a price-to-earnings-growth ratio of 0.60 and a beta of 0.49.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping analysts' consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The company had revenue of $67.20 billion during the quarter, compared to analysts' expectations of $62.72 billion. During the same quarter in the prior year, the firm posted $1.77 EPS. Chevron's quarterly revenue was up 57.4% compared to the same quarter last year. As a group, equities analysts expect that Chevron Corporation will post 16.24 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron's dividend payout ratio is presently 68.26%.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is reportedly nearing a deal to migrate all of its Venezuelan joint ventures into a new energy framework, potentially allowing greater operational control and key oilfield expansions. The company already accounts for roughly one-quarter of Venezuela’s oil production. Reuters: Chevron to complete deal in Venezuela to migrate, expand oil projects
• Positive Sentiment: Reports indicate Chevron and oil-services company Halliburton are close to agreements to invest billions of dollars in Venezuelan fields. For Chevron, the opportunity could create a long-term production-growth platform and strengthen its position if Venezuela moves further away from OPEC restrictions. Wall Street Journal: Chevron, Other U.S. Firms Near Deal to Invest Billions in Venezuelan Oil Fields
• Neutral Sentiment: Analyst-oriented coverage is comparing Chevron’s performance with TotalEnergies, while other reports highlight Chevron’s investments in nuclear-fusion technology. Fusion could eventually diversify the company beyond hydrocarbons, but the projects remain experimental and are unlikely to materially affect near-term earnings. Yahoo Finance: What Does Chevron Want From Its Nuclear Fusion Push?
• Negative Sentiment: Venezuelan opposition groups have criticized reports that U.S. companies could receive a large stake in the country’s energy industry. Political resistance, sanctions or regulatory uncertainty could delay the agreement, raise investment costs or limit the expected benefits. The Guardian: Venezuelan opposition reacts to potential U.S. oil stake
• Negative Sentiment: Dividend-focused coverage notes that Chevron’s payout remains exposed to commodity-price cycles. Although the dividend is supported by the company’s scale and balance sheet, weaker oil prices or heavy Venezuelan investment requirements could pressure future cash-flow flexibility. 247WallSt: Chevron or PepsiCo: Whose Dividend Is Standing on Thinner Ice?

Analyst Upgrades and Downgrades

CVX has been the topic of a number of recent research reports. Bank of America upped their target price on Chevron from $210.00 to $227.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Sanford C. Bernstein lifted their price target on Chevron from $204.00 to $209.00 and gave the company a "market perform" rating in a research report on Monday, August 3rd. TD Cowen boosted their price target on Chevron from $200.00 to $205.00 and gave the company a "hold" rating in a report on Wednesday, August 5th. 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. Finally, Weiss Ratings raised shares of Chevron from a "hold (c)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Twenty equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $207.48.

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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