Cullinan Associates Inc. Decreases Stock Holdings in Chevron Corporation $CVX

Cullinan Associates Inc. lowered its stake in shares of Chevron Corporation (NYSE:CVX) by 23.9% during the 1st quarter, Holdings Channel.com reports. The fund owned 80,408 shares of the oil and gas company’s stock after selling 25,309 shares during the quarter. Chevron makes up approximately 1.3% of Cullinan Associates Inc.’s portfolio, making the stock its 18th largest holding. Cullinan Associates Inc.’s holdings in Chevron were worth $16,636,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Midwest Capital Advisors LLC bought a new stake in shares of Chevron during the 1st quarter valued at $25,000. Phillip James Consulting Co. bought a new position in Chevron in the 4th quarter worth approximately $26,000. Core Wealth Advisors LLC bought a new position in shares of Chevron during the fourth quarter worth $26,000. Karpus Management Inc. purchased a new position in shares of Chevron during the fourth quarter valued at about $27,000. Finally, Basso Capital Management L.P. purchased a new stake in shares of Chevron during the 4th quarter worth approximately $27,000. 72.42% of the stock is owned by institutional investors.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 380,000 shares of the firm’s stock in a transaction that occurred 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CVX. Zacks Research cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. Sanford C. Bernstein reduced their target price 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. Scotiabank upped their target price 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. Weiss Ratings lowered Chevron from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Finally, HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $215.00 price objective on the stock in a research report on Friday, March 20th. Nineteen equities 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 company’s stock. Based on data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and an average target price of $206.83.

Chevron News Summary

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%

Shares of CVX stock traded up $2.24 during trading hours on Friday, reaching $176.29. 5,984,338 shares of the stock were exchanged, compared to its average volume of 9,284,713. Chevron Corporation has a 12-month low of $146.49 and a 12-month 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 company’s 50-day moving average price is $181.92 and its 200-day moving average price is $181.29. The firm has a market capitalization of $351.10 billion, a price-to-earnings ratio of 30.55, a price-to-earnings-growth ratio of 0.60 and a beta of 0.50.

Chevron (NYSE:CVX) last posted its quarterly earnings data 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 net margin of 5.79% and a return on equity of 6.90%. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.18 EPS. As a group, equities analysts anticipate that Chevron Corporation will post 15.28 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were issued a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 4.0%. The ex-dividend date was Tuesday, May 19th. Chevron’s dividend 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.