Chevron Corporation $CVX Shares Sold by Absher Wealth Management LLC

Absher Wealth Management LLC lessened its stake in shares of Chevron Corporation (NYSE:CVX) by 35.4% during the 1st quarter, Holdings Channel reports. The firm owned 118,727 shares of the oil and gas company’s stock after selling 65,154 shares during the quarter. Chevron comprises approximately 2.9% of Absher Wealth Management LLC’s investment portfolio, making the stock its 22nd largest position. Absher Wealth Management LLC’s holdings in Chevron were worth $24,565,000 as of its most recent filing with the Securities and Exchange Commission.

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

Wall Street Analyst Weigh In

A number of research firms recently commented on CVX. BNP Paribas Exane upgraded Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price objective on the stock in a report on Friday, April 17th. Sanford C. Bernstein reduced their target price on shares of Chevron from $216.00 to $204.00 and set a “market perform” rating on the stock in a report on Monday, May 11th. Wolfe Research upgraded shares of Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 target price on the stock in a research note on Thursday, July 2nd. Mizuho raised their price target on Chevron from $225.00 to $230.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $216.00 target price on shares of Chevron in a research report on Wednesday, May 6th. Nineteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $206.83.

Chevron Trading Down 0.1%

Shares of Chevron stock opened at $176.29 on Monday. The firm has a market cap of $351.10 billion, a price-to-earnings ratio of 30.55, a price-to-earnings-growth ratio of 0.60 and a beta of 0.50. The company’s 50-day simple moving average is $181.92 and its 200-day simple moving average is $181.51. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.00 by $0.41. The business had revenue of $47.56 billion during 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 company’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the firm earned $2.18 EPS. As a group, equities research analysts anticipate that Chevron Corporation will post 15.28 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were issued a $1.78 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $7.12 annualized dividend and a yield of 4.0%. Chevron’s dividend payout ratio is 123.40%.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 380,000 shares of the company’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 sale, the director owned 278,045 shares of the company’s stock, valued at $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.56% of the company’s stock.

More Chevron News

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 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.