MassMutual Private Wealth & Trust FSB Sells 9,916 Shares of Chevron Corporation $CVX

MassMutual Private Wealth & Trust FSB reduced its stake in Chevron Corporation (NYSE:CVX) by 3.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 275,637 shares of the oil and gas company’s stock after selling 9,916 shares during the period. Chevron makes up 1.2% of MassMutual Private Wealth & Trust FSB’s portfolio, making the stock its 18th largest holding. MassMutual Private Wealth & Trust FSB’s holdings in Chevron were worth $45,690,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Curtis Advisory Group LLC purchased a new position in shares of Chevron in the 4th quarter worth $1,381,000. Indivisible Partners purchased a new stake in shares of Chevron during the 4th quarter valued at about $1,923,000. Janney Montgomery Scott LLC raised its position in shares of Chevron by 6.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company’s stock valued at $258,853,000 after buying an additional 79,439 shares in the last quarter. Galaxy Digital Inc. bought a new position in shares of Chevron in the 1st quarter valued at about $2,028,000. Finally, Nations Financial Group Inc. IA ADV lifted its holdings in shares of Chevron by 35.0% in the 4th quarter. Nations Financial Group Inc. IA ADV now owns 42,882 shares of the oil and gas company’s stock valued at $6,536,000 after acquiring an additional 11,120 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Down 1.8%

Shares of NYSE:CVX opened at $193.19 on Tuesday. The business’s 50 day moving average is $181.98 and its 200 day moving average is $185.33. The stock has a market cap of $384.76 billion, a P/E ratio of 18.52, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating the consensus estimate of $5.55 by $0.51. The business had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.14%. The company’s quarterly revenue was up 57.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.77 EPS. Sell-side analysts predict that Chevron Corporation will post 15.64 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Wednesday, August 19th. Chevron’s payout ratio is 68.26%.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Strong Q2 earnings: Chevron reported adjusted earnings per share of $6.06, above the $5.55 consensus estimate, while revenue and other income reached $70.06 billion. Results were boosted by elevated oil prices and represented the company’s strongest performance in years. Analysts Raise Chevron Forecasts
• Positive Sentiment: Higher analyst targets: Barclays raised its price target to $216 from $213, while Sanford C. Bernstein increased its target to $209 from $204. Both firms retained neutral ratings, but the revisions signal improved earnings expectations. Analyst Price Target Updates
• Positive Sentiment: Operational and strategic developments: Chevron plans special employee bonuses following strong operational results, is expanding its North American base-oils distribution network through partnerships with HF Sinclair and Renkert Oil, and highlighted cost reductions, lower capital spending and power projects during its earnings call. Chevron Staff Bonus
• Neutral Sentiment: Geopolitical exposure: The Iran conflict has lifted crude prices and Chevron’s profits, but management and investors must now assess whether the gains are sustainable as negotiations could reduce supply-disruption fears.
• Negative Sentiment: Political pressure on profits and fuel prices: President Donald Trump criticized Chevron and ExxonMobil for making excessive profits and demanded lower gasoline prices. Potential government scrutiny, a Department of Justice probe and possible export restrictions could threaten future earnings or margins. Trump Demands Lower Gas Prices
• Negative Sentiment: Lower oil prices: Reports of U.S.-Iran talks triggered a crude selloff, weighing on energy shares and raising concerns that Chevron’s windfall earnings may fade if geopolitical risk premiums decline.
• Negative Sentiment: Berkshire stake reduction: Berkshire Hathaway reportedly cut its Chevron position by 35%, a notable negative signal for investors who track the company’s portfolio decisions.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 380,000 shares of the firm’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 sale, the director directly owned 278,045 shares in the company, valued at $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is owned by insiders.

Analysts Set New Price Targets

CVX has been the topic of several analyst reports. Scotiabank boosted their target price on Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Wolfe Research upgraded 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. The Goldman Sachs Group reaffirmed a “buy” rating and set a $216.00 price objective on shares of Chevron in a research note on Wednesday, May 6th. TD Cowen boosted their price objective on shares of Chevron from $197.00 to $200.00 and gave the company a “hold” rating in a research report on Wednesday, July 22nd. Finally, Zacks Research downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. Eighteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $207.26.

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.