Sequoia Financial Advisors LLC Boosts Stake in Chevron Corporation $CVX

Sequoia Financial Advisors LLC grew its holdings in Chevron Corporation (NYSE:CVX) by 2.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 160,718 shares of the oil and gas company’s stock after buying an additional 3,966 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Chevron were worth $33,252,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in CVX. Midwest Capital Advisors LLC purchased a new position in Chevron during the first quarter valued at $25,000. Core Wealth Advisors LLC acquired a new position in shares of Chevron during the 4th quarter worth about $26,000. Phillip James Consulting Co. purchased a new position in Chevron in the 4th quarter valued at about $26,000. Basso Capital Management L.P. acquired a new stake in Chevron in the 4th quarter worth about $27,000. Finally, Karpus Management Inc. acquired a new stake in Chevron in the 4th quarter worth about $27,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Rising Middle East tensions are pushing crude higher, which can improve Chevron’s upstream profits and make the stock look more attractive as a geopolitical hedge. With Iran Tensions Heating Up Again, Chevron Stock Looks Enticing
• Positive Sentiment: Bullish commentary from Bank of America and other analysts suggests Chevron is well positioned to benefit if Iran-related supply disruptions keep oil prices elevated. CVX Stock Has A New Bull Case
• Positive Sentiment: Chevron announced a five-year gas supply deal with Australia’s Alinta Energy, adding a stable long-term sales stream and reinforcing its gas business. Chevron Australia signs five-year gas supply agreement with Alinta Energy
• Positive Sentiment: Chevron also expanded its technology/licensing efforts and its Microsoft power partnership, which could support long-term growth beyond oil and gas pricing. Can Chevron’s Microsoft Partnership Power the Next Leg of Growth?
• Neutral Sentiment: UBS reiterated a Buy rating, which may help sentiment but does not by itself change Chevron’s fundamentals. UBS Keeps Their Buy Rating on Chevron (CVX)
• Negative Sentiment: New U.S. Russia sanctions proposals could tighten global energy trade flows and add policy uncertainty, even if they may also support oil prices. Bipartisan Senators Reach Agreement With Trump Administration to Advance New Russia Sanctions Bill

Chevron Trading Up 1.3%

CVX stock traded up $2.24 during midday trading on Friday, hitting $176.29. 5,984,338 shares of the company’s stock were exchanged, compared to its average volume of 9,284,713. Chevron Corporation has a 1-year low of $146.49 and a 1-year 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 has a market capitalization of $351.10 billion, a PE ratio of 30.55, a P/E/G ratio of 0.59 and a beta of 0.50. The business has a 50-day simple moving average of $181.92 and a two-hundred day simple moving average of $181.29.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating the consensus estimate 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 return on equity of 6.90% and a net margin of 5.79%.The company’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.18 EPS. On average, sell-side analysts predict that Chevron Corporation will post 15.28 EPS for the current fiscal year.

Chevron Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Royal Bank Of Canada restated an “outperform” rating and issued a $220.00 price objective on shares of Chevron in a report on Tuesday, May 5th. UBS Group reiterated a “buy” rating on shares of Chevron in a research report on Tuesday, June 23rd. Tudor Pickering raised shares of Chevron from a “hold” rating to a “buy” rating and set a $225.00 price target on the stock in a research note on Thursday, April 9th. Barclays boosted their price target on shares of Chevron from $192.00 to $213.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 26th. Finally, Sanford C. Bernstein dropped their price objective on shares of Chevron from $216.00 to $204.00 and set a “market perform” rating for the company in a research note on Monday, May 11th. Nineteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $206.83.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction dated 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 transaction, 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.56% of the stock is owned by company insiders.

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.