Outfitters Financial LLC Trims Stock Holdings in Chevron Corporation $CVX

Outfitters Financial LLC reduced its holdings in shares of Chevron Corporation (NYSE:CVX) by 17.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,977 shares of the oil and gas company’s stock after selling 2,525 shares during the quarter. Chevron comprises 1.4% of Outfitters Financial LLC’s investment portfolio, making the stock its 21st biggest position. Outfitters Financial LLC’s holdings in Chevron were worth $1,985,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of CVX. BlackRock Inc. bought a new stake in shares of Chevron during the 2nd quarter valued at $25,663,729,000. State Street Corp grew its holdings in Chevron by 9.1% during 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 buying an additional 12,789,399 shares in the last quarter. Berkshire Hathaway Inc increased its position in shares of Chevron by 6.6% during the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock valued at $19,837,131,000 after buying an additional 8,091,570 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Chevron by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company’s stock worth $6,620,187,000 after buying an additional 134,890 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Chevron by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company’s stock valued at $5,492,377,000 after acquiring an additional 961,341 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Performance

NYSE CVX opened at $211.76 on Thursday. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The company has a market capitalization of $418.39 billion, a P/E ratio of 20.30, a P/E/G ratio of 0.63 and a beta of 0.50. The company has a fifty day moving average of $189.56 and a 200-day moving average of $189.45.

Chevron (NYSE:CVX) last released its earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating analysts’ consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business had revenue of $67.20 billion for the quarter, compared to analysts’ expectations of $62.72 billion. During the same quarter in the prior year, the firm earned $1.77 earnings per share. The firm’s revenue was up 57.4% on a year-over-year basis. As a group, equities research analysts predict that Chevron Corporation will post 16.24 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be paid a $1.78 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.4%. Chevron’s dividend payout ratio is currently 68.26%.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Venezuela expansion: Chevron plans to invest more than $7 billion over the next five years under updated joint-venture terms with Venezuela. The company has received additional acreage in the Orinoco Belt and aims to more than double production from approximately 280,000 barrels per day to about 600,000 barrels per day. Chevron expands Venezuela position, to invest $7 billion in next five years
• Positive Sentiment: Potentially attractive economics: Reports indicate targeted production could carry operating costs below $20 per barrel, offering Chevron a potentially high-margin source of incremental volumes if Venezuela’s infrastructure and legal framework support the plan. The agreements reportedly include improved fiscal, commercial and legal protections. Chevron’s $7 Billion Venezuela Bet Targets 600,000 Barrels Daily
• Positive Sentiment: Strategic positioning: As the only major U.S. oil company with a substantial existing Venezuelan presence, Chevron is positioned to benefit from Washington’s effort to reopen and develop the country’s oil reserves. Additional supply could strengthen Chevron’s production growth and refining flexibility. Chevron confirms it will invest billions to expand operations in oil-rich Venezuela
• Neutral Sentiment: Oil-market support: Crude prices have risen above $90 per barrel amid concerns involving Iran, the Strait of Hormuz and threats to regional energy infrastructure. Higher prices generally support Chevron’s upstream earnings, although they may also increase geopolitical and supply volatility. Why oil just crossed $90 per barrel
• Negative Sentiment: Execution and political risks: Doubling Venezuelan output will require major infrastructure investment, reliable exports and sustained political stability. Investors also face uncertainty around sanctions, government control, funding and whether Venezuela can deliver the promised production growth on schedule. Can Venezuela double output?

Analysts Set New Price Targets

Several research firms have issued reports on CVX. Sanford C. Bernstein increased their target price on shares of Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. UBS Group reaffirmed a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. Morgan Stanley lifted their price objective on Chevron from $210.00 to $218.00 and gave the company an “overweight” rating in a research note on Wednesday, August 19th. Zacks Research cut Chevron from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. Finally, Barclays decreased their target price on Chevron from $216.00 to $208.00 and set an “equal weight” rating on the stock in a research note on Monday, August 17th. Twenty research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $207.48.

Insider Buying and Selling at Chevron

In related news, CEO Michael K. Wirth sold 317,100 shares of Chevron stock in a transaction on Friday, August 14th. The shares were sold at an average price of $200.46, for a total value of $63,565,866.00. Following the transaction, the chief executive officer owned 26,308 shares in the company, valued at $5,273,701.68. This trade represents a 92.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John B. Hess sold 710,665 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the completion of the sale, the director directly owned 363,711 shares of the company’s stock, valued at $70,596,305.10. This represents a 66.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,152,582 shares of company stock valued at $225,853,661 over the last ninety days. Insiders own 0.56% of the company’s stock.

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.