Welch & Forbes LLC Decreases Stock Position in Chevron Corporation $CVX

Welch & Forbes LLC lessened its holdings in Chevron Corporation (NYSE:CVX) by 1.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 400,536 shares of the oil and gas company’s stock after selling 7,159 shares during the quarter. Chevron accounts for approximately 1.1% of Welch & Forbes LLC’s holdings, making the stock its 25th largest holding. Welch & Forbes LLC’s holdings in Chevron were worth $82,871,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Midwest Capital Advisors LLC purchased a new stake in Chevron during the 1st quarter worth approximately $25,000. Core Wealth Advisors LLC purchased a new position in shares of Chevron in the fourth quarter worth $26,000. Phillip James Consulting Co. acquired a new stake in shares of Chevron during the fourth quarter worth $26,000. Basso Capital Management L.P. purchased a new stake in shares of Chevron during the fourth quarter valued at $27,000. Finally, Karpus Management Inc. purchased a new stake in shares of Chevron during the fourth quarter valued at $27,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Transactions at Chevron

In related news, Director John B. Hess sold 380,000 shares of the 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 directly owned 278,045 shares of the company’s stock, valued at approximately $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.56% of the company’s stock.

Chevron Stock Performance

CVX stock traded up $2.24 during trading on Friday, hitting $176.29. 5,984,338 shares of the company traded hands, compared to its average volume of 9,284,713. 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 current ratio of 1.09 and a quick ratio of 0.84. The company has a market cap of $351.10 billion, a PE ratio of 30.55, a P/E/G ratio of 0.60 and a beta of 0.50. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $214.71.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS 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 analyst estimates of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.18 EPS. On average, equities analysts expect that Chevron Corporation will post 15.28 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company 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 4.0%. The ex-dividend date was Tuesday, May 19th. Chevron’s payout ratio is currently 123.40%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CVX. The Goldman Sachs Group reissued a “buy” rating and issued a $216.00 target price on shares of Chevron in a research report on Wednesday, May 6th. Wells Fargo & Company increased their price objective on Chevron from $204.00 to $222.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. Tudor Pickering upgraded Chevron from a “hold” rating to a “buy” rating and set a $225.00 price objective for the company in a research note on Thursday, April 9th. Mizuho lifted their target price on Chevron from $225.00 to $230.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Finally, HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $215.00 target price on the stock in a research report on Friday, March 20th. Nineteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $206.83.

Key Stories 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

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.