SCS Capital Management LLC Lowers Position in Chevron Corporation $CVX

SCS Capital Management LLC cut its stake in shares of Chevron Corporation (NYSE:CVX) by 4.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 86,607 shares of the oil and gas company’s stock after selling 4,160 shares during the period. SCS Capital Management LLC’s holdings in Chevron were worth $13,200,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of CVX. Vanguard Group Inc. lifted its position in Chevron by 17.9% during the third 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 in the last quarter. Norges Bank purchased a new position in Chevron during the fourth quarter valued at $3,727,586,000. State Street Corp lifted its position in Chevron by 9.1% during the third 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 in the last quarter. Primecap Management Co. CA purchased a new position in Chevron during the third quarter valued at $988,083,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in Chevron by 822.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company’s stock valued at $946,658,000 after purchasing an additional 5,537,580 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron CEO Mike Wirth warned that attacks on ships in the Strait of Hormuz highlight “very real” supply risks, reinforcing the case for tighter oil markets and potentially higher prices for Chevron’s production. Ships Attacked in Strait of Hormuz This Week, Chevron Says
• Positive Sentiment: Chevron and Exxon executives also warned that falling inventories could push oil higher, which would likely support Chevron’s cash flow and earnings if crude prices continue rising. Exxon, Chevron heads warn of higher oil prices amid falling inventories
• Positive Sentiment: Chevron filed to take a 70% stake in a Greek offshore gas block, signaling continued international expansion and a larger long-term resource base. Chevron files request to acquire offshore Greek block, energy ministry says
• Positive Sentiment: Chevron said it will not pay a toll to move ships through Hormuz, showing it is holding firm on operational and geopolitical terms while the region remains volatile. Chevron won’t pay toll to move ships through Hormuz, CEO tells Bloomberg TV
• Neutral Sentiment: Chevron announced Scott A. Keller will become general counsel, while current chief legal officer R. Hewitt Pate’s retirement is expected later, a routine leadership transition with limited near-term operating impact. Chevron Names New General Counsel
• Neutral Sentiment: Market commentary and investor-interest pieces suggest Chevron remains on traders’ radar, but these items do not add major new fundamentals by themselves. Chevron Corporation (CVX) is Attracting Investor Attention: Here is What You Should Know
• Negative Sentiment: Oil prices softened on hopes for a U.S.-Iran truce extension, which could ease supply fears and weigh on Chevron shares if crude remains under pressure. Oil Prices Soften as Traders Bet on Renewal of US-Iran Truce
• Negative Sentiment: Draft ceasefire and shipping-normalization talks around the Strait of Hormuz could reduce the geopolitical risk premium embedded in oil prices, which may cap near-term upside for CVX. U.S. and Iran Reach Draft 60-Day Ceasefire and Nuclear Talks Framework Pending Trump Approval

Chevron Trading Down 0.0%

Shares of CVX stock opened at $182.44 on Monday. Chevron Corporation has a 12-month low of $135.21 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. The stock’s 50-day moving average price is $192.27 and its 200-day moving average price is $175.83. The stock has a market capitalization of $363.34 billion, a price-to-earnings ratio of 31.62, a price-to-earnings-growth ratio of 0.60 and a beta of 0.48.

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 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 firm had revenue of $47.56 billion for the quarter, compared to analysts’ expectations of $51.86 billion. During the same period in the previous year, the firm posted $2.18 earnings per share. The business’s revenue was up 2.1% compared to the same quarter last year. Equities research analysts predict that Chevron Corporation will post 15.74 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be paid a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, May 19th. Chevron’s payout ratio is presently 123.40%.

Insider Activity at Chevron

In other Chevron news, insider R. Hewitt Pate sold 40,200 shares of the business’s stock in a transaction that occurred 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 sale, the insider directly owned 8,638 shares of the company’s stock, valued at $1,842,485.40. The trade was a 82.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John B. Hess sold 380,000 shares of the business’s stock in a transaction that occurred 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 directly owned 278,045 shares in the company, valued at $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 662,400 shares of company stock worth $127,090,824 over the last three months. 0.56% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CVX. Bank of America raised their price target on Chevron from $188.00 to $206.00 and gave the company a “buy” rating in a report on Monday, March 2nd. Zacks Research raised Chevron from a “hold” rating to a “strong-buy” rating in a report on Friday, April 3rd. Wells Fargo & Company raised their price target on Chevron from $204.00 to $222.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. BNP Paribas Exane raised Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price target on the stock in a report on Friday, April 17th. Finally, Scotiabank raised their price target on Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Chevron currently has a consensus rating of “Moderate Buy” and a consensus price target of $205.70.

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.