Chevron Corporation $CVX is Torray Investment Partners LLC’s 4th Largest Position

Torray Investment Partners LLC lessened its stake in Chevron Corporation (NYSE:CVX) by 6.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 135,085 shares of the oil and gas company’s stock after selling 9,363 shares during the period. Chevron accounts for approximately 4.1% of Torray Investment Partners LLC’s portfolio, making the stock its 4th largest position. Torray Investment Partners LLC’s holdings in Chevron were worth $27,949,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Granite Bay Wealth Management LLC acquired a new stake in shares of Chevron during the first quarter worth about $227,000. Simplicity Wealth LLC grew its stake in Chevron by 15.3% during the 1st quarter. Simplicity Wealth LLC now owns 29,175 shares of the oil and gas company’s stock worth $6,036,000 after buying an additional 3,877 shares during the last quarter. Candriam S.C.A. increased its position in Chevron by 2.4% during the first quarter. Candriam S.C.A. now owns 6,842 shares of the oil and gas company’s stock worth $1,416,000 after buying an additional 160 shares during the period. Beacon Harbor Wealth Advisors Inc. increased its position in Chevron by 1.6% during the first quarter. Beacon Harbor Wealth Advisors Inc. now owns 42,441 shares of the oil and gas company’s stock worth $8,781,000 after buying an additional 663 shares during the period. Finally, ACR Alpine Capital Research LLC lifted its stake in Chevron by 1.4% in the first quarter. ACR Alpine Capital Research LLC now owns 2,748,684 shares of the oil and gas company’s stock valued at $568,703,000 after buying an additional 38,487 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CVX. Scotiabank increased their price objective on Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Royal Bank Of Canada reiterated an “outperform” rating and set a $220.00 price target on shares of Chevron in a research note on Tuesday, May 5th. Jefferies Financial Group reissued a “buy” rating and set a $216.00 price objective on shares of Chevron in a research report on Friday. Barclays lifted their price objective on shares of Chevron from $192.00 to $213.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 26th. Finally, Citigroup increased their target price on shares of Chevron from $210.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. Nineteen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $206.83.

Chevron Price Performance

Chevron stock traded up $2.24 during midday trading on Friday, reaching $176.29. The company’s stock had a trading volume of 5,984,338 shares, compared to its average volume of 9,284,713. The firm has a market capitalization of $351.10 billion, a PE ratio of 30.55, a P/E/G ratio of 0.59 and a beta of 0.50. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $214.71. The stock’s 50 day simple moving average is $181.92 and its 200 day simple moving average is $181.29. 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 (NYSE:CVX) last posted its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share 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 analysts’ expectations of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.18 EPS. On average, equities research analysts forecast that Chevron Corporation will post 15.28 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. Shareholders of record on Tuesday, May 19th were given a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 4.0%. The ex-dividend date was Tuesday, May 19th. Chevron’s dividend payout ratio is presently 123.40%.

Key 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

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 380,000 shares of the 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 transaction, the director directly owned 278,045 shares of the company’s stock, valued at approximately $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 accessible through the SEC website. Insiders own 0.56% of the company’s stock.

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.