Chevron Corporation $CVX Shares Sold by Conning Inc.

Conning Inc. decreased its position in shares of Chevron Corporation (NYSE:CVX) by 14.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 198,576 shares of the oil and gas company’s stock after selling 33,516 shares during the quarter. Chevron comprises approximately 1.4% of Conning Inc.’s investment portfolio, making the stock its 6th largest position. Conning Inc.’s holdings in Chevron were worth $41,085,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Midwest Capital Advisors LLC acquired a new position in Chevron in the first quarter valued at $25,000. Core Wealth Advisors LLC bought a new position in shares of Chevron in the 4th quarter worth about $26,000. Phillip James Consulting Co. bought a new position in shares of Chevron in the 4th quarter worth about $26,000. Basso Capital Management L.P. acquired a new position in shares of Chevron in the 4th quarter valued at about $27,000. Finally, Karpus Management Inc. bought a new stake in shares of Chevron during the 4th quarter valued at about $27,000. Institutional investors and hedge funds own 72.42% 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

Analyst Ratings Changes

Several analysts have recently commented on CVX shares. TD Cowen raised their price objective on shares of Chevron from $204.00 to $205.00 and gave the stock a “hold” rating in a research report on Friday, May 8th. UBS Group reissued a “buy” rating on shares of Chevron in a research note on Tuesday, June 23rd. Citigroup raised their price target on shares of Chevron from $210.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Mizuho lifted their price target 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. Finally, Weiss Ratings lowered shares of Chevron from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Nineteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Chevron has an average rating of “Moderate Buy” and a consensus target price of $206.83.

Chevron Stock Up 1.3%

CVX opened at $176.29 on Friday. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $214.71. The firm has a market capitalization of $351.10 billion, a P/E ratio of 30.55, a PEG ratio of 0.59 and a beta of 0.50. The company’s 50-day moving average is $181.92 and its 200 day moving average is $181.29. 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) last posted its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.41. The business 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%.The business’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.18 earnings per share. Research analysts expect that Chevron Corporation will post 15.28 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 380,000 shares of the business’s stock in a transaction on 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 sale, the director owned 278,045 shares of the company’s stock, valued at $53,718,294. The trade was a 57.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.56% of the company’s stock.

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.