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

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

Other large investors have also recently bought and sold shares of the company. United Bank raised its holdings in Chevron by 7.7% during the 2nd quarter. United Bank now owns 11,079 shares of the oil and gas company’s stock worth $1,586,000 after purchasing an additional 796 shares during the last quarter. Schnieders Capital Management LLC. boosted its stake in shares of Chevron by 9.0% in the 2nd quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company’s stock valued at $7,280,000 after purchasing an additional 4,214 shares during the last quarter. BNP Paribas grew its position in shares of Chevron by 76.4% during the 2nd quarter. BNP Paribas now owns 441 shares of the oil and gas company’s stock worth $63,000 after buying an additional 191 shares during the period. Osterweis Capital Management Inc. grew its position in shares of Chevron by 678.9% during the 2nd quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company’s stock worth $195,000 after buying an additional 1,188 shares during the period. Finally, Main Street Financial Solutions LLC raised its stake in shares of Chevron by 3.6% during the second quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company’s stock worth $2,299,000 after buying an additional 553 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the topic of several analyst reports. Sanford C. Bernstein cut their price objective on shares of Chevron from $216.00 to $204.00 and set a “market perform” rating on the stock in a report on Monday, May 11th. Weiss Ratings lowered shares of Chevron from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. The Goldman Sachs Group reiterated a “buy” rating and set a $216.00 target price on shares of Chevron in a research report on Wednesday, May 6th. Scotiabank increased their price target on Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Finally, Jefferies Financial Group restated a “buy” rating and issued a $216.00 price target on shares of Chevron in a research report on Friday, July 10th. Nineteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $206.83.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 380,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The shares were 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 owned 278,045 shares in the company, valued at $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.56% of the stock is owned by company insiders.

Chevron News Summary

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

Chevron Trading Up 0.0%

NYSE CVX opened at $187.39 on Monday. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. The firm has a market cap of $373.21 billion, a P/E ratio of 32.48, a P/E/G ratio of 0.66 and a beta of 0.50. The stock’s 50-day moving average is $181.54 and its 200-day moving average is $182.66.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. During the same period in the previous year, the firm earned $2.18 EPS. Chevron’s quarterly revenue was up 2.1% compared to the same quarter last year. Sell-side analysts anticipate that Chevron Corporation will post 14.78 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were paid a $1.78 dividend. 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 3.8%. Chevron’s payout ratio is presently 123.40%.

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.