Geneos Wealth Management Inc. Trims Stock Position in Chevron Corporation $CVX

Geneos Wealth Management Inc. trimmed its stake in Chevron Corporation (NYSE:CVX) by 3.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 88,781 shares of the oil and gas company’s stock after selling 3,029 shares during the quarter. Geneos Wealth Management Inc.’s holdings in Chevron were worth $18,369,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. United Bank increased its position in shares of Chevron by 7.7% during the second quarter. United Bank now owns 11,079 shares of the oil and gas company’s stock worth $1,586,000 after acquiring an additional 796 shares during the last quarter. Schnieders Capital Management LLC. boosted its holdings in Chevron by 9.0% in the second quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company’s stock valued at $7,280,000 after purchasing an additional 4,214 shares during the last quarter. BNP Paribas grew its stake in Chevron by 76.4% during the 2nd quarter. BNP Paribas now owns 441 shares of the oil and gas company’s stock valued at $63,000 after purchasing an additional 191 shares in the last quarter. Osterweis Capital Management Inc. grew its stake in Chevron by 678.9% during the 2nd quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company’s stock valued at $195,000 after purchasing an additional 1,188 shares in the last quarter. Finally, Main Street Financial Solutions LLC raised its position in shares of Chevron by 3.6% in the 2nd quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company’s stock valued at $2,299,000 after purchasing an additional 553 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the subject of a number of recent analyst reports. Mizuho increased their price objective on Chevron from $225.00 to $230.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Wells Fargo & Company raised their price objective on Chevron from $204.00 to $222.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. BNP Paribas Exane upgraded shares of Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price target on the stock in a report on Friday, April 17th. Weiss Ratings lowered Chevron from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Finally, Wolfe Research raised Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a research note on Thursday, July 2nd. Nineteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $206.83.

Chevron Stock Down 0.1%

CVX opened at $181.55 on Thursday. The business has a 50 day moving average of $181.39 and a 200-day moving average of $182.17. The stock has a market capitalization of $361.58 billion, a price-to-earnings ratio of 31.46, a P/E/G ratio of 0.64 and a beta of 0.50. 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 Corporation has a 1-year low of $146.49 and a 1-year high of $214.71.

Chevron (NYSE:CVX) last released its 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. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm had revenue of $47.56 billion during the quarter, compared to analysts’ expectations of $51.86 billion. During the same period in the prior year, the company earned $2.18 EPS. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Chevron Corporation will post 14.75 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were paid a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Tuesday, May 19th. Chevron’s dividend payout ratio (DPR) is presently 123.40%.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the sale, the director directly owned 278,045 shares of the company’s stock, valued at $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.56% of the company’s stock.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was highlighted as being “poised to beat earnings estimates again,” with articles pointing to its strong history of earnings surprises and favorable setup for the next quarterly report. Why Chevron (CVX) is Poised to Beat Earnings Estimates Again
• Positive Sentiment: Reuters-reported news that Chevron is offering its chemical technology to rival shale drillers could support future royalty, service, and technology-related revenue while reinforcing the company’s innovation story. Chevron (CVX) Offers Rival Drillers Chemical Technology to Increase Shale Oil Output, Reuters Reports
• Positive Sentiment: Several analyst and screening pieces continued to frame Chevron as an attractive dividend/blue-chip energy name, with BMO Capital reiterating a Buy rating and other commentary calling it a strong dividend aristocrat pick. BMO Capital Sticks to Its Buy Rating for Chevron (CVX)
• Positive Sentiment: Chevron is also being discussed as a beneficiary of stronger crude prices, which can improve upstream margins and earnings power if oil holds up. Shell, BP, and other energy stocks jump as crude oil prices rebound

Chevron 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.