Resona Asset Management Co. Ltd. Sells 33,169 Shares of Chevron Corporation $CVX

Resona Asset Management Co. Ltd. decreased its holdings in shares of Chevron Corporation (NYSE:CVX) by 5.1% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 618,157 shares of the oil and gas company’s stock after selling 33,169 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Chevron were worth $94,051,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Strategic Wealth Advisors LLC bought a new position in shares of Chevron during the fourth quarter valued at approximately $33,000. Daytona Street Capital LLC bought a new position in shares of Chevron during the fourth quarter valued at approximately $44,000. Maseco LLP bought a new position in shares of Chevron during the fourth quarter valued at approximately $49,000. Turning Point Benefit Group Inc. bought a new position in shares of Chevron during the third quarter valued at approximately $49,000. Finally, High Point Wealth Management LLC bought a new position in shares of Chevron during the fourth quarter valued at approximately $53,000. Institutional investors own 72.42% of the company’s stock.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron agreed to sell some Asia-Pacific downstream assets and its SRC stake to Japan’s ENEOS for about $2.2 billion, a move that should help streamline the portfolio and unlock cash for higher-return uses. Article Title
• Positive Sentiment: Chevron’s CEO warning about possible physical oil shortages added to the bullish backdrop for energy prices, which can support upstream earnings and cash flow. Article Title
• Positive Sentiment: Unusually heavy call-option buying suggests traders are positioning for more upside in Chevron shares, often a sign of growing short-term optimism.
• Positive Sentiment: Recent commentary also highlighted Chevron as a trending and potentially attractive dividend stock, reinforcing the view that investors see it as a defensive income name with upside potential. Article Title
• Neutral Sentiment: Brokerage optimism and “buy” discussions from analysts may be supporting interest in the stock, but the article itself did not point to a new rating change or specific catalyst. Article Title

Chevron Stock Up 2.6%

Shares of NYSE CVX opened at $196.08 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The firm has a market capitalization of $390.52 billion, a price-to-earnings ratio of 33.98, a PEG ratio of 0.64 and a beta of 0.51. The stock has a 50 day moving average price of $193.26 and a 200 day moving average price of $173.68. Chevron Corporation has a 52-week low of $133.77 and a 52-week high of $214.71.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.41. The firm had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.Chevron’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.18 earnings per share. Sell-side analysts expect that Chevron Corporation will post 15.43 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be issued a dividend of $1.78 per share. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.6%. Chevron’s dividend payout ratio is currently 123.40%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CVX shares. Mizuho upped their target price on Chevron from $206.00 to $217.00 and gave the company an “outperform” rating in a research note on Tuesday, March 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chevron in a research note on Wednesday, January 21st. Tudor Pickering raised Chevron from a “hold” rating to a “buy” rating and set a $225.00 target price on the stock in a research note on Thursday, April 9th. Barclays upped their target price on Chevron from $180.00 to $192.00 and gave the company an “equal weight” rating in a research note on Monday, May 4th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $190.00 price target on shares of Chevron in a report on Monday, February 2nd. One research 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 assigned a Sell rating to the company. According to MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and an average price target of $204.13.

Insider Activity at Chevron

In other Chevron news, insider Andrew Benjamin Walz sold 11,600 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $188.58, for a total transaction of $2,187,528.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael K. Wirth sold 272,624 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $189.35, for a total value of $51,621,354.40. Following the sale, the chief executive officer owned 31,266 shares of the company’s stock, valued at approximately $5,920,217.10. This represents a 89.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 803,570 shares of company stock valued at $151,969,798 over the last 90 days. 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.