Berkshire Asset Management LLC PA Sells 5,893 Shares of Chevron Corporation $CVX

Berkshire Asset Management LLC PA cut its holdings in Chevron Corporation (NYSE:CVX) by 1.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 392,052 shares of the oil and gas company’s stock after selling 5,893 shares during the quarter. Chevron comprises about 2.6% of Berkshire Asset Management LLC PA’s investment portfolio, making the stock its 7th biggest holding. Berkshire Asset Management LLC PA’s holdings in Chevron were worth $59,753,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. D.B. Root & Company LLC raised its position in Chevron by 1.0% in the fourth quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company’s stock worth $846,000 after acquiring an additional 57 shares in the last quarter. Fox Hill Wealth Management raised its position in Chevron by 1.7% in the fourth quarter. Fox Hill Wealth Management now owns 3,443 shares of the oil and gas company’s stock worth $525,000 after acquiring an additional 57 shares in the last quarter. Cornerstone Planning Group LLC raised its position in Chevron by 6.8% in the fourth quarter. Cornerstone Planning Group LLC now owns 930 shares of the oil and gas company’s stock worth $142,000 after acquiring an additional 59 shares in the last quarter. MMA Asset Management LLC raised its position in Chevron by 3.4% in the fourth quarter. MMA Asset Management LLC now owns 1,820 shares of the oil and gas company’s stock worth $277,000 after acquiring an additional 59 shares in the last quarter. Finally, EWA LLC raised its position in Chevron by 2.8% in the fourth quarter. EWA LLC now owns 2,182 shares of the oil and gas company’s stock worth $333,000 after acquiring an additional 59 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on CVX shares. The Goldman Sachs Group reiterated a “buy” rating and issued a $216.00 price target on shares of Chevron in a research report on Wednesday, May 6th. Citigroup raised their price objective on Chevron from $210.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. BNP Paribas Exane raised Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price objective for the company in a research note on Friday, April 17th. UBS Group raised their price objective on Chevron from $218.00 to $220.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Finally, Bank of America raised their price objective on Chevron from $188.00 to $206.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Eighteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $205.70.

Trending Headlines about Chevron

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

Chevron Stock Performance

CVX opened at $179.94 on Wednesday. The firm has a market cap of $358.38 billion, a PE ratio of 31.19, a P/E/G ratio of 0.59 and a beta of 0.48. 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 business has a fifty day simple moving average of $188.01 and a 200-day simple moving average of $178.70. Chevron Corporation has a fifty-two week low of $142.40 and a fifty-two week high of $214.71.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.41. The business had revenue of $47.56 billion during 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 revenue was up 2.1% compared to the same quarter last year. During the same period last year, the company posted $2.18 EPS. As a group, equities analysts predict that Chevron Corporation will post 15.88 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Insider Buying and Selling at Chevron

In other news, insider R. Hewitt Pate sold 40,200 shares of the firm’s stock in a transaction on Monday, March 30th. The stock was 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 owned 8,638 shares of the company’s stock, 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 filing with the SEC, which is available at this link. 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 approximately $53,718,294. This trade represents a 57.75% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 615,200 shares of company stock valued at $118,022,760. 0.56% of the stock is currently owned by insiders.

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.