Y Intercept Hong Kong Ltd Sells 119,931 Shares of Chevron Corporation $CVX

Key Points

• Y Intercept Hong Kong Ltd sharply reduced its Chevron stake by 94.6% in the first quarter, selling 119,931 shares and leaving it with 6,839 shares worth about $1.415 million.
• Chevron insider selling also stood out, with Director John B. Hess selling 380,000 shares for about $73.4 million, cutting his ownership by 57.75%.
• Analyst sentiment remains positive overall, with 19 Buy ratings and an average price target of $206.83, while Chevron continues to draw support from its dividend yield and recent business developments, including a long-term gas supply deal and Microsoft-related partnerships.

Y Intercept Hong Kong Ltd lessened its position in Chevron Corporation (NYSE:CVX - Free Report) by 94.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,839 shares of the oil and gas company's stock after selling 119,931 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Chevron were worth $1,415,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in CVX. Midwest Capital Advisors LLC bought a new position in shares of Chevron during the 1st quarter valued at about $25,000. Core Wealth Advisors LLC bought a new position in Chevron during the fourth quarter valued at approximately $26,000. Phillip James Consulting Co. bought a new stake in shares of Chevron in the 4th quarter worth approximately $26,000. Basso Capital Management L.P. purchased a new stake in shares of Chevron in the 4th quarter valued at $27,000. Finally, Karpus Management Inc. purchased a new stake in shares of Chevron in the 4th quarter valued at $27,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 380,000 shares of the firm's 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 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 sale was disclosed in a filing with the SEC, which is available at this link. 0.56% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on CVX. Barclays lifted their price objective on Chevron from $192.00 to $213.00 and gave the stock an "equal weight" rating in a 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 report on Thursday, July 2nd. UBS Group reiterated a "buy" rating on shares of Chevron in a report on Tuesday, June 23rd. The Goldman Sachs Group reissued a "buy" rating and set a $216.00 price target on shares of Chevron in a research report on Wednesday, May 6th. Finally, Weiss Ratings cut shares of Chevron from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, June 2nd. Nineteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $206.83.

Key Stories 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

Chevron Trading Up 1.3%

NYSE:CVX traded up $2.24 during trading hours on Friday, hitting $176.29. The company had a trading volume of 5,984,338 shares, compared to its average volume of 9,284,713. The company has a market capitalization of $351.10 billion, a PE ratio of 30.55, a price-to-earnings-growth ratio of 0.59 and a beta of 0.50. The stock has a 50-day moving average price of $181.92 and a 200 day moving average price of $181.29. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The business had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. During the same period in the prior year, the business earned $2.18 EPS. The company's revenue for the quarter was up 2.1% on a year-over-year basis. On average, equities research analysts predict that Chevron Corporation will post 15.28 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were given a dividend of $1.78 per share. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 4.0%. Chevron's payout ratio is currently 123.40%.

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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