Jennison Associates LLC Sells 408,512 Shares of Chevron Co. (NYSE:CVX)

Jennison Associates LLC lessened its stake in shares of Chevron Co. (NYSE:CVX) by 50.4% during the 1st quarter, Holdings Channel reports. The fund owned 401,922 shares of the oil and gas company’s stock after selling 408,512 shares during the period. Jennison Associates LLC’s holdings in Chevron were worth $63,399,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CVX. Alps Advisors Inc. purchased a new position in shares of Chevron during the 3rd quarter valued at about $347,000. Kampmann Melissa S. purchased a new position in shares of Chevron during the 3rd quarter valued at about $2,798,000. Rooted Wealth Advisors Inc. raised its stake in shares of Chevron by 13.9% during the 3rd quarter. Rooted Wealth Advisors Inc. now owns 1,987 shares of the oil and gas company’s stock valued at $335,000 after buying an additional 243 shares during the last quarter. Allen Mooney & Barnes Investment Advisors LLC purchased a new position in shares of Chevron during the 3rd quarter valued at about $3,127,000. Finally, GUNN & Co INVESTMENT MANAGEMENT INC. purchased a new position in shares of Chevron during the 3rd quarter valued at about $293,000. Institutional investors own 72.42% of the company’s stock.

Insider Activity

In other Chevron news, VP Jeff B. Gustavson sold 3,750 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total value of $600,862.50. Following the sale, the vice president now owns 477 shares of the company’s stock, valued at $76,429.71. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Chevron news, VP Jeff B. Gustavson sold 3,750 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total value of $600,862.50. Following the sale, the vice president now owns 477 shares of the company’s stock, valued at $76,429.71. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Alana K. Knowles sold 2,800 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $165.00, for a total value of $462,000.00. Following the completion of the sale, the vice president now directly owns 276 shares in the company, valued at approximately $45,540. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,746 shares of company stock valued at $2,727,971. 0.20% of the stock is currently owned by company insiders.

Chevron Trading Down 0.3 %

Shares of CVX stock traded down $0.40 during trading on Tuesday, hitting $153.93. 2,833,526 shares of the stock traded hands, compared to its average volume of 7,940,966. The firm has a market capitalization of $283.69 billion, a P/E ratio of 14.22, a price-to-earnings-growth ratio of 2.35 and a beta of 1.10. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.23 and a quick ratio of 0.93. The firm’s fifty day moving average price is $158.21 and its 200-day moving average price is $155.01. Chevron Co. has a 52-week low of $139.62 and a 52-week high of $171.70.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 EPS for the quarter, beating the consensus estimate of $2.84 by $0.09. The firm had revenue of $48.72 billion for the quarter, compared to analyst estimates of $48.42 billion. Chevron had a net margin of 10.21% and a return on equity of 14.40%. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.55 EPS. As a group, research analysts forecast that Chevron Co. will post 13.18 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 17th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.24%. The ex-dividend date was Thursday, May 16th. Chevron’s payout ratio is presently 59.98%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CVX. Mizuho raised their target price on Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, May 13th. The Goldman Sachs Group restated a “buy” rating on shares of Chevron in a research report on Monday, April 1st. Wells Fargo & Company raised their target price on Chevron from $198.00 to $206.00 and gave the company an “overweight” rating in a research report on Tuesday, April 30th. Raymond James raised their target price on Chevron from $170.00 to $174.00 and gave the company an “outperform” rating in a research report on Monday, April 15th. Finally, Barclays initiated coverage on Chevron in a research report on Wednesday, April 10th. They set an “overweight” rating and a $203.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $186.95.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.