Hartford Investment Management Co. Sells 3,457 Shares of Chevron Corporation $CVX

Hartford Investment Management Co. lessened its position in shares of Chevron Corporation (NYSE:CVX) by 3.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 109,279 shares of the oil and gas company’s stock after selling 3,457 shares during the period. Hartford Investment Management Co.’s holdings in Chevron were worth $16,655,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of CVX. Vanguard Group Inc. increased its holdings in shares of Chevron by 17.9% in the 3rd quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company’s stock worth $28,540,753,000 after buying an additional 27,961,463 shares during the last quarter. State Street Corp increased its holdings in shares of Chevron by 9.1% in the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock worth $23,698,184,000 after buying an additional 12,789,399 shares during the last quarter. Primecap Management Co. CA bought a new position in shares of Chevron in the 3rd quarter worth $988,083,000. Bank of New York Mellon Corp increased its holdings in shares of Chevron by 27.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company’s stock worth $3,047,900,000 after buying an additional 4,279,918 shares during the last quarter. Finally, Amundi increased its holdings in shares of Chevron by 41.8% in the 3rd quarter. Amundi now owns 11,760,376 shares of the oil and gas company’s stock worth $1,811,333,000 after buying an additional 3,464,058 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of research analyst reports. Citigroup increased 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. Weiss Ratings reissued a “hold (c)” rating on shares of Chevron in a report on Wednesday, January 21st. Scotiabank increased their price target on shares of Chevron from $168.00 to $187.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. BMO Capital Markets reissued an “outperform” rating and issued a $190.00 price target on shares of Chevron in a report on Monday, February 2nd. Finally, Morgan Stanley increased their price target on shares of Chevron from $174.00 to $212.00 and gave the stock an “overweight” rating in a report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $204.13.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 195,000 shares of the firm’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $184.78, for a total value of $36,032,100.00. Following the sale, the director owned 658,045 shares of the company’s stock, valued at $121,593,555.10. This trade represents a 22.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R. Hewitt Pate sold 40,200 shares of the firm’s stock in a transaction on Monday, March 30th. The stock was sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the completion of the sale, the insider directly owned 8,638 shares in the company, valued at approximately $1,842,485.40. This trade represents a 82.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 816,434 shares of company stock worth $154,338,976. 0.56% of the stock is currently owned by insiders.

Chevron Price Performance

CVX stock opened at $185.95 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. Chevron Corporation has a 52 week low of $133.77 and a 52 week high of $214.71. The firm’s fifty day moving average is $193.16 and its 200 day moving average is $172.71. The firm has a market cap of $370.33 billion, a P/E ratio of 32.23, a P/E/G ratio of 0.64 and a beta of 0.51.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.41. The business had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.18 EPS. Research analysts predict that Chevron Corporation will post 15.02 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be issued a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Tuesday, May 19th. Chevron’s dividend payout ratio (DPR) is 123.40%.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Higher crude prices and Middle East supply fears are lifting the outlook for oil producers, with several articles naming Chevron as a stock that could benefit if oil prices move higher. 3 Oil Stocks to Buy Before Prices Head Higher
• Positive Sentiment: Reuters reported that Syria selected an offshore block for its first deep-water oil and gas project with Chevron and Qatar’s UCC Holding, which could expand Chevron’s international exploration opportunities if the project advances. Syria selects offshore block for first deep-water oil, gas project with Chevron
• Neutral Sentiment: ADL and JLens urged Chevron shareholders to vote against Proposal 6 at the May 27 annual meeting, highlighting ongoing ESG and geopolitical controversy around the company’s Israel-related operations. ADL and JLens Urge Chevron Shareholders to Vote AGAINST Proposal 6
• Neutral Sentiment: Analysts are debating whether Chevron is still a safe bet after its sharp rally, with some commentary suggesting limited upside from current levels despite the recent strength in oil. Is Chevron a Safe Bet in the Energy Sector?
• Negative Sentiment: Some market commentary argues a drop in oil prices could signal weaker economic demand, which would be a risk for Chevron if crude cools off from recent highs. Here’s Why a Drop in Oil Prices Might Be a Warning Sign for the Economy

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.