NewEdge Wealth LLC Sells 17,788 Shares of Chevron Corporation $CVX

NewEdge Wealth LLC decreased its holdings in shares of Chevron Corporation (NYSE:CVX) by 20.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 67,966 shares of the oil and gas company’s stock after selling 17,788 shares during the quarter. NewEdge Wealth LLC’s holdings in Chevron were worth $14,062,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in CVX. Midwest Capital Advisors LLC bought a new position in Chevron in the 1st quarter worth about $25,000. Core Wealth Advisors LLC purchased a new position in Chevron during the 4th quarter valued at about $26,000. Phillip James Consulting Co. bought a new stake in shares of Chevron in the 4th quarter valued at about $26,000. Basso Capital Management L.P. bought a new stake in shares of Chevron in the 4th quarter valued at about $27,000. Finally, Karpus Management Inc. purchased a new stake in shares of Chevron in the 4th quarter worth approximately $27,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CVX shares. Weiss Ratings downgraded shares of Chevron from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 2nd. Royal Bank Of Canada reissued an “outperform” rating and issued a $220.00 price objective on shares of Chevron in a research note on Tuesday, May 5th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $216.00 target price on shares of Chevron in a research report on Wednesday, May 6th. UBS Group reiterated a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. Finally, BNP Paribas Exane raised Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price target for the company in a research report on Friday, April 17th. Nineteen investment 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. According to MarketBeat, Chevron currently has an average rating of “Moderate Buy” and an average price target of $206.62.

Chevron Trading Up 1.0%

Chevron stock opened at $193.04 on Thursday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The stock has a market cap of $384.45 billion, a PE ratio of 33.46, a price-to-earnings-growth ratio of 0.67 and a beta of 0.50. The stock has a 50-day moving average of $181.88 and a two-hundred day moving average of $183.48. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71.

Chevron (NYSE:CVX) last issued its quarterly earnings results 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. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. During the same quarter in the previous year, the firm earned $2.18 earnings per share. The company’s revenue was up 2.1% on a year-over-year basis. On average, research analysts anticipate that Chevron Corporation will post 14.78 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were given a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron’s payout ratio is currently 123.40%.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: TD Cowen lifted its price target on Chevron to $200 from $197, signaling continued analyst confidence despite keeping a hold rating. TD Cowen price target update
• Positive Sentiment: Chevron is being highlighted in dividend-focused articles as a steady income name, which may support demand from long-term investors. Dividend Aristocrats article
• Positive Sentiment: Rising oil prices amid geopolitical uncertainty are favorable for Chevron’s upstream business and could improve near-term earnings. Oil prices jump article
• Neutral Sentiment: Chevron shut production at a U.S. Gulf platform ahead of a tropical storm, a precautionary move that could limit output temporarily but is not necessarily a lasting operational issue. Production shutdown article
• Neutral Sentiment: Investors are awaiting Chevron’s second-quarter earnings, with expectations for a strong profit rebound; the report could become a major stock catalyst. Earnings preview article

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 380,000 shares of the company’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 transaction of $73,416,000.00. Following the transaction, the director owned 278,045 shares in the company, valued at approximately $53,718,294. This represents a 57.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.56% of the company’s stock.

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.