Larson Financial Group LLC raised its position in Chevron Corporation (NYSE:CVX – Free Report) by 23.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 26,113 shares of the oil and gas company’s stock after purchasing an additional 4,959 shares during the quarter. Larson Financial Group LLC’s holdings in Chevron were worth $3,980,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Strategic Wealth Advisors LLC purchased a new position in shares of Chevron in the fourth quarter valued at about $33,000. Daytona Street Capital LLC bought a new stake in shares of Chevron during the 4th quarter valued at about $44,000. Turning Point Benefit Group Inc. bought a new stake in shares of Chevron during the 3rd quarter valued at about $49,000. Maseco LLP bought a new stake in shares of Chevron during the 4th quarter valued at about $49,000. Finally, High Point Wealth Management LLC bought a new stake in shares of Chevron during the 4th quarter valued at about $53,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.
Chevron Trading Up 0.6%
NYSE:CVX opened at $197.38 on Wednesday. Chevron Corporation has a one year low of $133.77 and a one year 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. The company’s 50-day simple moving average is $193.41 and its 200 day simple moving average is $173.98. The firm has a market capitalization of $393.11 billion, a P/E ratio of 34.21, a PEG ratio of 0.66 and a beta of 0.51.
Chevron Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be paid a dividend of $1.78 per share. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $7.12 annualized dividend and a yield of 3.6%. Chevron’s payout ratio is presently 123.40%.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently weighed in on the stock. 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. Sanford C. Bernstein cut their target price on shares of Chevron from $216.00 to $204.00 and set a “market perform” rating on the stock in a research note on Monday, May 11th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $216.00 target price on shares of Chevron in a research note on Wednesday, May 6th. Morgan Stanley lifted their target price on shares of Chevron from $174.00 to $212.00 and gave the company an “overweight” rating in a research note on Friday, March 27th. Finally, Argus set a $203.00 target price on shares of Chevron in a research note on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Chevron has an average rating of “Moderate Buy” and a consensus target price of $204.13.
View Our Latest Stock Analysis on Chevron
Insider Buying and Selling at Chevron
In related news, Vice Chairman Mark A. Nelson sold 139,600 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $187.92, for a total transaction of $26,233,632.00. Following the sale, the insider owned 11,337 shares of the company’s stock, valued at $2,130,449.04. The trade was a 92.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John B. Hess sold 195,000 shares of the business’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $184.78, for a total transaction of $36,032,100.00. Following the sale, the director directly owned 658,045 shares in the company, valued at $121,593,555.10. The trade was a 22.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 799,699 shares of company stock valued at $151,259,517 over the last three months. 0.56% of the stock is currently owned by corporate insiders.
Key Stories Impacting Chevron
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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