Russell Investments Group Ltd. Trims Position in Chevron Corporation $CVX

Russell Investments Group Ltd. decreased its stake in shares of Chevron Corporation (NYSE:CVX) by 14.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,004,307 shares of the oil and gas company’s stock after selling 165,787 shares during the period. Russell Investments Group Ltd.’s holdings in Chevron were worth $153,064,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Ibex Wealth Advisors increased its position in shares of Chevron by 2.9% during the fourth quarter. Ibex Wealth Advisors now owns 52,425 shares of the oil and gas company’s stock worth $7,990,000 after acquiring an additional 1,457 shares during the period. Clark Capital Management Group Inc. boosted its holdings in shares of Chevron by 0.7% in the fourth quarter. Clark Capital Management Group Inc. now owns 330,914 shares of the oil and gas company’s stock valued at $50,435,000 after purchasing an additional 2,254 shares during the period. Van Den Berg Management I Inc. boosted its holdings in shares of Chevron by 24.5% in the fourth quarter. Van Den Berg Management I Inc. now owns 4,496 shares of the oil and gas company’s stock valued at $685,000 after purchasing an additional 886 shares during the period. Crawford Investment Counsel Inc. grew its stake in Chevron by 0.3% in the fourth quarter. Crawford Investment Counsel Inc. now owns 251,797 shares of the oil and gas company’s stock worth $38,376,000 after purchasing an additional 794 shares in the last quarter. Finally, Kemnay Advisory Services Inc. bought a new position in Chevron in the fourth quarter worth approximately $114,000. 72.42% of the stock is currently owned by institutional investors.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron secured regulatory approval to take a 70% interest in Greece’s offshore Block 10, expanding its Eastern Mediterranean exploration footprint and adding a new strategic growth avenue. Chevron Secures Strategic Entry Into Greece’s Offshore Block 10
• Neutral Sentiment: One recent article argued Chevron may be in a “wait-and-see” zone, noting that the stock has rallied from last summer’s lows but that a recent quarter’s cash flow data makes the dividend outlook look less compelling at the current valuation. Down From Its $209 Peak: This Is Why I’m Standing Pat on Chevron Stock
• Negative Sentiment: Chevron’s shares fell in tandem with crude after the U.S.-Iran news reduced the geopolitical risk premium in oil, pressuring the outlook for near-term earnings and free cash flow across energy stocks. Chevron (CVX) Stock Sinks As Market Gains: Here’s Why

Analysts Set New Price Targets

A number of brokerages have weighed in on CVX. Citigroup lifted their target price on Chevron from $210.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. Piper Sandler increased their price target on Chevron from $179.00 to $242.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. The Goldman Sachs Group restated a “buy” rating and set a $216.00 price target on shares of Chevron in a research note on Wednesday, May 6th. Weiss Ratings downgraded Chevron from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Finally, Wells Fargo & Company upped their price objective on shares of Chevron from $204.00 to $222.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Eighteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $205.70.

Insider Activity

In other Chevron news, insider R. Hewitt Pate sold 40,200 shares of the firm’s stock in a transaction that occurred on Monday, March 30th. The shares were sold at an average price of $213.30, for a total value of $8,574,660.00. Following the completion of the sale, the insider directly owned 8,638 shares in the company, valued at $1,842,485.40. This trade represents a 82.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John B. Hess sold 380,000 shares of the firm’s stock in a transaction 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 completion of the sale, the director directly owned 278,045 shares of the company’s stock, valued at $53,718,294. The trade was a 57.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 615,200 shares of company stock worth $118,022,760 in the last quarter. 0.56% of the stock is owned by insiders.

Chevron Stock Down 0.3%

Chevron stock opened at $179.94 on Wednesday. The business has a fifty day moving average of $188.01 and a two-hundred day moving average of $178.70. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. The firm has a market cap of $358.38 billion, a P/E ratio of 31.19, a P/E/G ratio of 0.59 and a beta of 0.48. Chevron Corporation has a twelve month low of $142.40 and a twelve month 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 business had revenue of $47.56 billion for the quarter, compared to the consensus estimate of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business’s revenue was up 2.1% compared to the same quarter last year. During the same period last year, the business posted $2.18 EPS. On average, analysts forecast that Chevron Corporation will post 15.88 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were given a dividend of $1.78 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a yield of 4.0%. Chevron’s dividend payout ratio (DPR) is presently 123.40%.

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.