Parr Mcknight Wealth Management Group LLC Decreases Stake in Chevron Corporation $CVX

Parr Mcknight Wealth Management Group LLC decreased its holdings in Chevron Corporation (NYSE:CVX) by 16.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,189 shares of the oil and gas company’s stock after selling 11,585 shares during the period. Chevron accounts for about 1.6% of Parr Mcknight Wealth Management Group LLC’s portfolio, making the stock its 10th biggest holding. Parr Mcknight Wealth Management Group LLC’s holdings in Chevron were worth $12,453,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds 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 approximately $25,000. Core Wealth Advisors LLC bought a new stake in shares of Chevron during the fourth quarter valued at approximately $26,000. Phillip James Consulting Co. bought a new stake in shares of Chevron during the fourth quarter valued at approximately $26,000. Basso Capital Management L.P. purchased a new position in shares of Chevron in the fourth quarter worth $27,000. Finally, Karpus Management Inc. purchased a new position in shares of Chevron in the fourth quarter worth $27,000. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Down 0.1%

Shares of NYSE CVX opened at $176.29 on Monday. The firm’s 50-day moving average price is $181.92 and its 200-day moving average price is $181.51. 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 stock has a market capitalization of $351.10 billion, a price-to-earnings ratio of 30.55, a P/E/G ratio of 0.60 and a beta of 0.50. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71.

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

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were paid a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron’s dividend payout ratio (DPR) is presently 123.40%.

Chevron News Roundup

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

Analysts Set New Price Targets

CVX has been the subject of several research analyst reports. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $220.00 target price on shares of Chevron in a research note on Tuesday, May 5th. Wolfe Research upgraded shares of Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price target on the stock in a research note on Thursday, July 2nd. UBS Group reissued a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. Zacks Research lowered Chevron from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. Finally, Wells Fargo & Company lifted their target price on Chevron from $204.00 to $222.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Nineteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $206.83.

Insider Activity at Chevron

In other news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total value of $73,416,000.00. Following the completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company 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.