Legal & General Group Plc Sells 679,029 Shares of Chevron Corporation $CVX

Legal & General Group Plc decreased its holdings in Chevron Corporation (NYSE:CVX) by 6.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,213,907 shares of the oil and gas company’s stock after selling 679,029 shares during the quarter. Legal & General Group Plc’s holdings in Chevron were worth $1,556,702,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Chevron by 17.9% in the 3rd quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company’s stock valued at $28,540,753,000 after buying an additional 27,961,463 shares during the period. State Street Corp increased its stake in shares of Chevron by 9.1% in the 3rd 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 buying an additional 12,789,399 shares during the period. Northern Trust Corp increased its stake in shares of Chevron by 15.3% in the 3rd quarter. Northern Trust Corp now owns 22,724,515 shares of the oil and gas company’s stock valued at $3,528,890,000 after buying an additional 3,007,403 shares during the period. Fisher Asset Management LLC increased its stake in shares of Chevron by 1.6% in the 3rd quarter. Fisher Asset Management LLC now owns 21,152,060 shares of the oil and gas company’s stock valued at $3,284,704,000 after buying an additional 325,255 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Chevron by 27.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company’s stock valued at $3,047,900,000 after buying an additional 4,279,918 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CVX shares. Tudor Pickering raised Chevron from a “hold” rating to a “buy” rating and set a $225.00 target price for the company in a research note on Thursday, April 9th. BMO Capital Markets reissued an “outperform” rating and issued a $190.00 target price on shares of Chevron in a research note on Monday, February 2nd. HSBC raised Chevron from a “hold” rating to a “buy” rating and set a $215.00 target price for the company in a research note on Friday, March 20th. Wells Fargo & Company lifted their target price on Chevron from $204.00 to $222.00 and gave the company an “overweight” rating in a research note on Thursday, April 9th. Finally, Sanford C. Bernstein lowered their target price on Chevron from $216.00 to $204.00 and set a “market perform” rating for the company in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $204.22.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: WTI crude above $95 per barrel is lifting Permian oil and associated gas economics, which should be a tailwind for Chevron’s upstream earnings and cash flow. More Gas Per Barrel of Oil: A Growth Lever for Permian Operators
• Positive Sentiment: Morgan Stanley raised its price target on Chevron to $214 from $212 and reiterated an overweight rating, signaling continued Wall Street confidence in the stock’s upside. Benzinga / The Fly analyst update
• Positive Sentiment: Chevron’s planned participation in a Bernstein conference next week keeps investor attention on management commentary and strategic updates. Chevron to Participate in Fireside Q&A at Bernstein 42nd Annual Strategic Decisions Conference
• Positive Sentiment: Chevron’s new next-generation Techron gasoline additive may help support brand strength and retail fuel performance over time. Chevron Introduces Next-gen Techron in U.S. Chevron and Texaco Gasolines
• Positive Sentiment: Chevron stands to receive about $2.17 billion from the sale of several Asia Pacific refining and retail assets to Eneos, which supports balance-sheet flexibility and portfolio simplification. Chevron Corporation (CVX) Poised for $2.17B Boost from Asia Pacific Asset Sale

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 380,000 shares of the business’s 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 approximately $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael K. Wirth sold 272,624 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $189.35, for a total value of $51,621,354.40. Following the completion of the sale, the chief executive officer owned 31,266 shares in the company, valued at approximately $5,920,217.10. This trade represents a 89.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 1,179,699 shares of company stock valued at $224,675,517. Insiders own 0.56% of the company’s stock.

Chevron Stock Up 0.0%

NYSE:CVX opened at $191.51 on Monday. Chevron Corporation has a 1 year low of $134.06 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 cap of $381.42 billion, a price-to-earnings ratio of 33.19, a PEG ratio of 0.64 and a beta of 0.51. The stock has a 50-day moving average price of $193.54 and a two-hundred day moving average price of $174.75.

Chevron (NYSE:CVX) last posted its 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. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The firm had revenue of $47.56 billion during the quarter, compared to analysts’ expectations of $51.86 billion. During the same period in the previous year, the firm earned $2.18 earnings per share. The company’s revenue was up 2.1% on a year-over-year basis. As a group, equities analysts expect that Chevron Corporation will post 15.74 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be paid a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, May 19th. Chevron’s payout ratio 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.