Bank of New York Mellon Corp Cuts Holdings in Chevron Corporation $CVX

Bank of New York Mellon Corp reduced its stake in shares of Chevron Corporation (NYSE:CVX) by 9.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,928,556 shares of the oil and gas company’s stock after selling 1,591,312 shares during the quarter. Chevron makes up 0.6% of Bank of New York Mellon Corp’s holdings, making the stock its 25th largest position. Bank of New York Mellon Corp’s holdings in Chevron were worth $3,088,718,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of CVX. Dakota Wealth Management raised its stake in Chevron by 14.9% during the fourth quarter. Dakota Wealth Management now owns 83,265 shares of the oil and gas company’s stock worth $12,690,000 after purchasing an additional 10,822 shares during the period. Clear Trail Advisors LLC acquired a new position in Chevron during the fourth quarter worth $10,167,000. Curtis Advisory Group LLC acquired a new position in Chevron during the 4th quarter worth about $1,381,000. Indivisible Partners purchased a new position in shares of Chevron in the fourth quarter valued at approximately $1,923,000. Finally, Cypress Wealth Services LLC boosted its position in Chevron by 64.0% in the 4th quarter. Cypress Wealth Services LLC now owns 16,591 shares of the oil and gas company’s stock valued at $2,529,000 after buying an additional 6,475 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was highlighted as being “poised to beat earnings estimates again,” with articles pointing to its strong history of earnings surprises and favorable setup for the next quarterly report. Why Chevron (CVX) is Poised to Beat Earnings Estimates Again
• Positive Sentiment: Reuters-reported news that Chevron is offering its chemical technology to rival shale drillers could support future royalty, service, and technology-related revenue while reinforcing the company’s innovation story. Chevron (CVX) Offers Rival Drillers Chemical Technology to Increase Shale Oil Output, Reuters Reports
• Positive Sentiment: Several analyst and screening pieces continued to frame Chevron as an attractive dividend/blue-chip energy name, with BMO Capital reiterating a Buy rating and other commentary calling it a strong dividend aristocrat pick. BMO Capital Sticks to Its Buy Rating for Chevron (CVX)
• Positive Sentiment: Chevron is also being discussed as a beneficiary of stronger crude prices, which can improve upstream margins and earnings power if oil holds up. Shell, BP, and other energy stocks jump as crude oil prices rebound

Wall Street Analysts Forecast Growth

Several research analysts have commented on CVX shares. Scotiabank boosted their price target on shares of Chevron from $168.00 to $187.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. BNP Paribas Exane upgraded Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price target on the stock in a research note on Friday, April 17th. TD Cowen lifted their target price on shares of Chevron from $204.00 to $205.00 and gave the company a “hold” rating in a report on Friday, May 8th. HSBC upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $215.00 price target for the company in a research report on Friday, March 20th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $216.00 price objective on shares of Chevron in a research note on Wednesday, May 6th. Nineteen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $206.83.

Chevron Stock Down 0.1%

CVX stock opened at $181.55 on Thursday. The stock has a market capitalization of $361.58 billion, a PE ratio of 31.46, a price-to-earnings-growth ratio of 0.64 and a beta of 0.50. The company has a fifty day moving average of $181.39 and a 200-day moving average of $182.17. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71.

Chevron (NYSE:CVX) last issued its quarterly 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 for the quarter, compared to analyst estimates of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The business’s revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the business posted $2.18 earnings per share. As a group, analysts expect that Chevron Corporation will post 14.75 EPS for the current year.

Chevron Announces Dividend

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

Insider Transactions at Chevron

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. Insiders own 0.56% of the company’s stock.

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.