Y Intercept Hong Kong Ltd Lowers Stock Position in Chevron Corporation $CVX

Y Intercept Hong Kong Ltd lessened its holdings in shares of Chevron Corporation (NYSE:CVX) by 94.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,839 shares of the oil and gas company’s stock after selling 119,931 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Chevron were worth $1,415,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Norges Bank bought a new stake in Chevron during the fourth quarter worth about $3,727,586,000. State Street Corp increased its stake in shares of Chevron by 9.1% during the third 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 purchasing an additional 12,789,399 shares in the last quarter. Berkshire Hathaway Inc lifted its holdings in shares of Chevron by 6.6% during the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock valued at $19,837,131,000 after purchasing an additional 8,091,570 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Chevron by 822.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company’s stock valued at $946,658,000 after purchasing an additional 5,537,580 shares during the last quarter. Finally, Amundi boosted its position in shares of Chevron by 41.8% in the 3rd quarter. Amundi now owns 11,760,376 shares of the oil and gas company’s stock worth $1,811,333,000 after purchasing an additional 3,464,058 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting Chevron

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

Analyst Ratings Changes

A number of research analysts recently weighed in on CVX shares. Wells Fargo & Company raised their price objective on Chevron from $204.00 to $222.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. BNP Paribas Exane upgraded Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price target for the company in a report on Friday, April 17th. Wolfe Research raised Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a research report on Thursday, July 2nd. TD Cowen increased their price target on shares of Chevron from $204.00 to $205.00 and gave the company a “hold” rating in a report on Friday, May 8th. Finally, Weiss Ratings cut shares of Chevron from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 2nd. Nineteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $206.83.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the transaction, the director owned 278,045 shares in the company, valued at approximately $53,718,294. The trade was a 57.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.56% of the company’s stock.

Chevron Stock Performance

Shares of NYSE:CVX traded up $2.24 during mid-day trading on Friday, reaching $176.29. 5,984,338 shares of the company traded hands, compared to its average volume of 9,284,713. 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 cap of $351.10 billion, a PE ratio of 30.55, a PEG ratio of 0.59 and a beta of 0.50. Chevron Corporation has a 52 week low of $146.49 and a 52 week 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.

Chevron (NYSE:CVX) last released its earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company had revenue of $47.56 billion for the quarter, compared to analysts’ expectations of $51.86 billion. During the same quarter last year, the business earned $2.18 EPS. The firm’s revenue was up 2.1% compared to the same quarter last year. On average, equities analysts expect that Chevron Corporation will post 15.28 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were given a dividend of $1.78 per share. 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 (DPR) 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.