Jennison Associates LLC Sells 501,806 Shares of Chevron Corporation $CVX

Jennison Associates LLC lowered its position in shares of Chevron Corporation (NYSE:CVX) by 48.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 534,696 shares of the oil and gas company’s stock after selling 501,806 shares during the quarter. Jennison Associates LLC’s holdings in Chevron were worth $110,629,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in Chevron during the 4th quarter worth about $3,727,586,000. State Street Corp increased its position in shares of Chevron by 9.1% in the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock valued at $23,698,184,000 after acquiring an additional 12,789,399 shares during the last quarter. Berkshire Hathaway Inc raised its holdings in Chevron by 6.6% during the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock worth $19,837,131,000 after acquiring an additional 8,091,570 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Chevron by 822.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company’s stock valued at $946,658,000 after purchasing an additional 5,537,580 shares during the last quarter. Finally, Amundi grew its stake in Chevron by 41.8% in the third quarter. Amundi now owns 11,760,376 shares of the oil and gas company’s stock valued at $1,811,333,000 after purchasing an additional 3,464,058 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Trading Up 0.0%

Shares of NYSE:CVX opened at $187.39 on Monday. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71. The business has a 50 day moving average of $181.54 and a 200-day moving average of $182.66. 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 stock has a market cap of $373.21 billion, a PE ratio of 32.48, a P/E/G ratio of 0.66 and a beta of 0.50.

Chevron (NYSE:CVX) last announced its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.41. The company 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 firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.18 earnings per share. As a group, equities research analysts forecast that Chevron Corporation will post 14.78 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were issued a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron’s dividend payout ratio is currently 123.40%.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is expected to sign accords with Iraq to advance investments in major oil fields, including West Qurna 2 and Nassiriya, which could expand long-term production opportunities. Reuters article on Iraq oilfield MOUs
• Positive Sentiment: Reports that Chevron is exploring a pipeline alternative to the Strait of Hormuz suggest a potential way to boost Iraqi export capacity and lower shipping disruption risk, which investors may view as strategically important. The Motley Fool article on Hormuz bypass pipeline
• Positive Sentiment: Chevron is being highlighted as a relatively attractive long-term energy stock versus TotalEnergies because of its premium assets, strong balance sheet, and steadier earnings outlook. Yahoo Finance article comparing CVX and TTE
• Neutral Sentiment: Some commentary says Chevron stock looks closer to fairly valued after a strong five-year run, which may limit upside for investors expecting a clear bargain. Yahoo Finance article on valuation
• Neutral Sentiment: Chevron also benefited from broader energy-sector gains, with the sector rising even as the wider market was mixed. Yahoo Finance sector update

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 380,000 shares of the stock in a transaction 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 transaction, the director owned 278,045 shares in the company, valued at $53,718,294. This trade represents a 57.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.56% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Morgan Stanley dropped their price objective on Chevron from $214.00 to $210.00 and set an “overweight” rating on the stock in a research note on Monday, June 29th. Zacks Research downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a report on Monday, June 8th. Weiss Ratings cut shares of Chevron from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 2nd. Scotiabank lifted their price objective on shares of Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Finally, Tudor Pickering upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $225.00 price objective on the stock in a research note on Thursday, April 9th. Nineteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $206.83.

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.