Confluence Investment Management LLC Reduces Stock Position in Chevron Corporation $CVX

Confluence Investment Management LLC lessened its stake in Chevron Corporation (NYSE:CVX) by 3.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 742,863 shares of the oil and gas company’s stock after selling 29,380 shares during the quarter. Chevron comprises about 1.9% of Confluence Investment Management LLC’s holdings, making the stock its 11th largest holding. Confluence Investment Management LLC’s holdings in Chevron were worth $123,137,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in CVX. Cornerstone Advisory LLC raised its holdings in shares of Chevron by 0.9% during the 1st quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company’s stock worth $1,164,000 after acquiring an additional 52 shares during the period. Compton Financial Group LLC grew its holdings in shares of Chevron by 1.9% in the first quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company’s stock valued at $609,000 after purchasing an additional 56 shares during the period. Quantum Portfolio Management LLC grew its holdings in shares of Chevron by 2.7% in the first quarter. Quantum Portfolio Management LLC now owns 2,101 shares of the oil and gas company’s stock valued at $435,000 after purchasing an additional 56 shares during the period. Wealthspire Retirement LLC increased its position in Chevron by 0.9% during the first quarter. Wealthspire Retirement LLC now owns 6,530 shares of the oil and gas company’s stock worth $1,351,000 after purchasing an additional 56 shares during the last quarter. Finally, D.B. Root & Company LLC increased its position in Chevron by 1.0% during the fourth quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company’s stock worth $846,000 after purchasing an additional 57 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Strong Q2 earnings: Chevron reported adjusted earnings per share of $6.06, above the $5.55 consensus estimate, while revenue and other income reached $70.06 billion. Results were boosted by elevated oil prices and represented the company’s strongest performance in years. Analysts Raise Chevron Forecasts
• Positive Sentiment: Higher analyst targets: Barclays raised its price target to $216 from $213, while Sanford C. Bernstein increased its target to $209 from $204. Both firms retained neutral ratings, but the revisions signal improved earnings expectations. Analyst Price Target Updates
• Positive Sentiment: Operational and strategic developments: Chevron plans special employee bonuses following strong operational results, is expanding its North American base-oils distribution network through partnerships with HF Sinclair and Renkert Oil, and highlighted cost reductions, lower capital spending and power projects during its earnings call. Chevron Staff Bonus
• Neutral Sentiment: Geopolitical exposure: The Iran conflict has lifted crude prices and Chevron’s profits, but management and investors must now assess whether the gains are sustainable as negotiations could reduce supply-disruption fears.
• Negative Sentiment: Political pressure on profits and fuel prices: President Donald Trump criticized Chevron and ExxonMobil for making excessive profits and demanded lower gasoline prices. Potential government scrutiny, a Department of Justice probe and possible export restrictions could threaten future earnings or margins. Trump Demands Lower Gas Prices
• Negative Sentiment: Lower oil prices: Reports of U.S.-Iran talks triggered a crude selloff, weighing on energy shares and raising concerns that Chevron’s windfall earnings may fade if geopolitical risk premiums decline.
• Negative Sentiment: Berkshire stake reduction: Berkshire Hathaway reportedly cut its Chevron position by 35%, a notable negative signal for investors who track the company’s portfolio decisions.

Wall Street Analysts Forecast Growth

CVX has been the topic of several recent analyst reports. Mizuho set a $224.00 target price on shares of Chevron in a report on Monday. Weiss Ratings lowered shares of Chevron from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Jefferies Financial Group reiterated a “buy” rating and issued a $216.00 price objective on shares of Chevron in a report on Friday, July 10th. Bank of America increased their price objective on Chevron from $210.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Finally, Wells Fargo & Company raised their target price on Chevron from $204.00 to $222.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Eighteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $207.26.

Chevron Trading Down 1.8%

CVX opened at $193.19 on Tuesday. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. The business has a fifty day simple moving average of $181.98 and a 200-day simple moving average of $185.33. The firm has a market cap of $384.76 billion, a P/E ratio of 18.52, a P/E/G ratio of 0.61 and a beta of 0.49. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.55 by $0.51. Chevron had a return on equity of 11.14% and a net margin of 9.57%.The firm had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the previous year, the business earned $1.77 EPS. The company’s quarterly revenue was up 57.4% compared to the same quarter last year. On average, equities analysts expect that Chevron Corporation will post 15.64 earnings per share for the current 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 given a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron’s payout ratio is currently 68.26%.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the completion of the transaction, the director owned 278,045 shares in the company, valued at approximately $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.56% of the company’s stock.

Chevron 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.