Clearbridge Investments LLC Sells 88,361 Shares of Chevron Corporation $CVX

Clearbridge Investments LLC reduced its holdings in Chevron Corporation (NYSE:CVX) by 3.5% in the fourth quarter, HoldingsChannel reports. The firm owned 2,412,287 shares of the oil and gas company’s stock after selling 88,361 shares during the period. Clearbridge Investments LLC’s holdings in Chevron were worth $367,657,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Chevron by 17.9% in the third quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company’s stock worth $28,540,753,000 after purchasing an additional 27,961,463 shares in the last quarter. State Street Corp increased its holdings in Chevron by 9.1% in the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock worth $23,698,184,000 after purchasing an additional 12,789,399 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Chevron by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company’s stock valued at $6,620,187,000 after acquiring an additional 134,890 shares in the last quarter. Norges Bank bought a new stake in shares of Chevron during the fourth quarter valued at approximately $3,727,586,000. Finally, Northern Trust Corp increased its holdings in shares of Chevron by 15.3% during the third quarter. Northern Trust Corp now owns 22,724,515 shares of the oil and gas company’s stock valued at $3,528,890,000 after acquiring an additional 3,007,403 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Several recent articles highlight Chevron as a durable, low-beta energy name with resilient assets, strong cash flow, and a dependable dividend, which can attract buyers during volatile markets. 4 Best Low-Beta Stocks to Buy Right Away: LQDA, CVX, OXY & VLO
• Positive Sentiment: Chevron has outperformed its industry and sector over the past month, with commentary pointing to dividend growth and 2030 cash flow targets as reasons investors remain constructive. CVX Stock Outpaces Industry in a Month: Should Investors Stay Bullish?
• Positive Sentiment: Oil-stock forecasts remain supportive as conflict-related supply worries keep crude in focus, which tends to benefit Chevron through improved upstream pricing and sector rotation into energy. CVX, XOM and SHEL Forecasts – Oil Stocks in Focus as Conflict Continues
• Positive Sentiment: Street commentary also suggests Chevron is still a long-term hold, with articles calling it an “ultra-safe” dividend stock and saying its long-term prospects remain rosy. Got $3,000? 1 Ultra-Safe Dow Dividend Stock to Buy and Hold Forever
• Neutral Sentiment: Analyst notes show a mixed valuation picture: some targets were lifted modestly, but others say Chevron looks fully valued if oil prices ease, leaving the stock sensitive to commodity assumptions. How The Chevron (CVX) Story Is Shifting With New Analyst Targets And Oil Market Risks
• Negative Sentiment: One recent downgrade argued Chevron could be pressured if an Iran deal or easing geopolitical risk sends oil prices lower, which would reduce the stock’s near-term upside. Chevron Looks Fully Valued As An Iran Deal Could Send Oil Lower (Rating Downgrade)

Insider Buying and Selling at Chevron

In related news, insider R. Hewitt Pate sold 40,200 shares of the company’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 owned 8,638 shares in the company, valued at approximately $1,842,485.40. This represents a 82.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John B. Hess sold 380,000 shares of the company’s stock in a transaction on Wednesday, May 20th. The stock was 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 trade represents a 57.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 615,200 shares of company stock valued at $118,022,760 in the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CVX shares. The Goldman Sachs Group restated a “buy” rating and set a $216.00 price objective on shares of Chevron in a report on Wednesday, May 6th. Sanford C. Bernstein decreased their price objective on Chevron from $216.00 to $204.00 and set a “market perform” rating for the company in a report on Monday, May 11th. HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $215.00 price objective for the company in a report on Friday, March 20th. Barclays boosted their price objective on Chevron from $192.00 to $213.00 and gave the company an “equal weight” rating in a report on Tuesday, May 26th. Finally, Wells Fargo & Company boosted 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. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $205.70.

Chevron Trading Down 0.5%

Shares of Chevron stock opened at $187.46 on Friday. The stock has a fifty day simple moving average of $190.66 and a 200 day simple moving average of $176.82. Chevron Corporation has a 12-month low of $138.09 and a 12-month high of $214.71. The company has a market capitalization of $373.35 billion, a P/E ratio of 32.49, a price-to-earnings-growth ratio of 0.62 and a beta of 0.48. 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 (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 the consensus estimate of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. During the same quarter in the prior year, the company posted $2.18 earnings per share. Chevron’s revenue was up 2.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Chevron Corporation will post 15.74 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be issued a dividend of $1.78 per share. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 annualized dividend and a yield of 3.8%. Chevron’s dividend payout ratio is 123.40%.

About Chevron

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.