Chevron Corporation $CVX Shares Sold by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC cut its position in Chevron Corporation (NYSE:CVX) by 87.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,395 shares of the oil and gas company’s stock after selling 66,123 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Chevron were worth $1,442,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position 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 valued at $28,540,753,000 after purchasing an additional 27,961,463 shares during the period. State Street Corp boosted its position 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 valued at $23,698,184,000 after purchasing an additional 12,789,399 shares during the period. Geode Capital Management LLC boosted its position in shares of Chevron by 0.3% in the 4th 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 purchasing an additional 134,890 shares during the period. Norges Bank acquired a new stake in shares of Chevron in the 4th quarter valued at about $3,727,586,000. Finally, Northern Trust Corp lifted its position in Chevron by 15.3% during the 3rd quarter. Northern Trust Corp now owns 22,724,515 shares of the oil and gas company’s stock worth $3,528,890,000 after acquiring an additional 3,007,403 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on CVX. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. Bank of America increased their price objective on Chevron from $188.00 to $206.00 and gave the stock a “buy” rating in a research report on Monday, March 2nd. Weiss Ratings cut Chevron from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Melius Research raised Chevron from a “hold” rating to a “buy” rating and set a $205.00 price objective for the company in a research report on Tuesday, February 17th. Finally, Tudor Pickering raised Chevron from a “hold” rating to a “buy” rating and set a $225.00 price objective for the company in a research report on Thursday, April 9th. Eighteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $205.70.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was highlighted as one of the top oil stocks to buy as energy investors look for resilient names, with articles emphasizing its defensive cash flows and income appeal. Article Title
• Positive Sentiment: Market commentary on Chevron’s Guyana assets pointed to a combined $7.6 billion profit for ExxonMobil and Chevron last year, reinforcing the value of its low-cost production base amid geopolitical tensions. Article Title
• Positive Sentiment: Chevron was also featured in a bullish technical forecast saying momentum is improving and buyers may be regaining control as the stock approaches a breakout level. Article Title
• Positive Sentiment: Reports that Chevron is advancing a major shale project in Argentina’s Vaca Muerta basin and moving closer to approval for a $13.8 billion investment could support future production growth. Article Title
• Neutral Sentiment: Chevron continues to attract attention as a dividend stock for retirement portfolios, which supports the investment case but does not represent a new catalyst. Article Title
• Negative Sentiment: Zacks Research downgraded Chevron from strong-buy to hold, which could temper enthusiasm despite the stock’s otherwise constructive news flow. Article Title

Insider Buying and Selling

In other news, Director John B. Hess sold 380,000 shares of the stock in a transaction that occurred on 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 completion of the transaction, 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider R. Hewitt Pate sold 40,200 shares of the stock in a transaction that occurred on Monday, March 30th. The stock was sold at an average price of $213.30, for a total value of $8,574,660.00. Following the transaction, the insider directly owned 8,638 shares of the company’s stock, valued at approximately $1,842,485.40. This trade represents a 82.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 615,200 shares of company stock valued at $118,022,760. Company insiders own 0.56% of the company’s stock.

Chevron Stock Performance

Shares of CVX stock opened at $189.89 on Thursday. The company has a market cap of $378.19 billion, a price-to-earnings ratio of 32.91, a price-to-earnings-growth ratio of 0.62 and a beta of 0.48. The stock has a 50 day simple moving average of $189.38 and a 200-day simple moving average of $177.75. Chevron Corporation has a 12-month low of $142.40 and a 12-month high of $214.71. 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 issued its 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 during the quarter, compared to the consensus estimate of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the business posted $2.18 EPS. On average, equities analysts forecast that Chevron Corporation will post 15.74 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were paid a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, May 19th. 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.