Cullen Frost Bankers Inc. boosted its stake in shares of Chevron Corporation (NYSE:CVX – Free Report) by 1.5% during the fourth quarter, Holdings Channel.com reports. The fund owned 427,741 shares of the oil and gas company’s stock after acquiring an additional 6,139 shares during the period. Cullen Frost Bankers Inc.’s holdings in Chevron were worth $65,192,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in CVX. Strategic Wealth Advisors LLC bought a new position in Chevron during the 4th quarter worth $33,000. Daytona Street Capital LLC bought a new position in Chevron during the 4th quarter worth $44,000. Maseco LLP bought a new position in Chevron during the 4th quarter worth $49,000. Turning Point Benefit Group Inc. bought a new position in Chevron during the 3rd quarter worth $49,000. Finally, High Point Wealth Management LLC bought a new position in Chevron during the 4th quarter worth $53,000. Institutional investors own 72.42% of the company’s stock.
Chevron Trading Up 0.6%
Shares of CVX stock opened at $197.38 on Wednesday. The stock’s fifty day moving average price is $193.41 and its two-hundred day moving average price is $173.98. The company has a market cap of $393.11 billion, a PE ratio of 34.21, a P/E/G ratio of 0.66 and a beta of 0.51. Chevron Corporation has a fifty-two week low of $133.77 and a fifty-two week high of $214.71. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09.
Chevron Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be issued a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Tuesday, May 19th. Chevron’s dividend payout ratio (DPR) is currently 123.40%.
Insider Activity at Chevron
In related news, insider R. Hewitt Pate sold 40,200 shares of the firm’s stock in a transaction on Monday, March 30th. The stock was sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the sale, the insider owned 8,638 shares of the company’s stock, valued at $1,842,485.40. This trade represents a 82.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael K. Wirth sold 272,624 shares of the firm’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $189.35, for a total value of $51,621,354.40. Following the sale, the chief executive officer directly owned 31,266 shares in the company, valued at approximately $5,920,217.10. This trade represents a 89.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 799,699 shares of company stock worth $151,259,517 over the last 90 days. 0.56% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
CVX has been the topic of a number of recent research reports. Argus set a $203.00 price objective on Chevron in a research note on Tuesday, February 3rd. Mizuho raised their price objective on Chevron from $206.00 to $217.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 17th. Bank of America raised their price objective on Chevron from $188.00 to $206.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. The Goldman Sachs Group restated a “buy” rating and set a $216.00 price objective on shares of Chevron in a research note on Wednesday, May 6th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $190.00 target price on shares of Chevron in a report on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $204.13.
View Our Latest Analysis on CVX
Chevron News Summary
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Wall Street commentary has turned more upbeat on Chevron, with Zacks noting rising earnings estimate revisions and arguing that CVX could keep moving higher in the near term. Article Title
- Positive Sentiment: Chevron was highlighted as a long-term blue-chip idea, reinforcing the view that the company remains attractive for dividend and energy investors. Article Title
- Positive Sentiment: Chevron also drew unusually heavy call-option buying, suggesting traders are positioning for more upside in the near term. Article Title
- Positive Sentiment: Chevron agreed to sell a stake in its Asia-Pacific refining business to Japan’s Eneos for $2.2 billion, a move that can help streamline operations and raise cash. Article Title
- Neutral Sentiment: Several articles framed Chevron as a stock to watch or a “hold” at current levels, which does not point to a major fundamental surprise but helps explain continued investor focus. Article Title
- Neutral Sentiment: Coverage around Berkshire Hathaway trimming its Chevron stake created headlines, but the broader message was that Berkshire still appears committed to the company despite the sale. Article Title
- Negative Sentiment: Buffett-related reports that Berkshire Hathaway sold the largest chunk of Chevron in its Q1 stock trimming campaign may create some pressure, since investors often read Berkshire’s moves as a cautionary signal. Article Title
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.
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