First American Trust FSB increased its position in shares of Chevron Corporation (NYSE:CVX – Free Report) by 194.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 17,670 shares of the oil and gas company’s stock after buying an additional 11,668 shares during the quarter. First American Trust FSB’s holdings in Chevron were worth $2,693,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Core Wealth Advisors LLC purchased a new stake in shares of Chevron during the fourth quarter worth approximately $26,000. Strategic Wealth Advisors LLC purchased a new stake in shares of Chevron during the fourth quarter worth approximately $33,000. Daytona Street Capital LLC purchased a new stake in shares of Chevron during the fourth quarter worth approximately $44,000. Turning Point Benefit Group Inc. purchased a new stake in shares of Chevron during the third quarter worth approximately $49,000. Finally, Maseco LLP purchased a new stake in shares of Chevron during the fourth quarter worth approximately $49,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other Chevron news, Director John B. Hess sold 380,000 shares of the firm’s stock in a transaction 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 sale, the director owned 278,045 shares of the company’s stock, valued at approximately $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R. Hewitt Pate sold 40,200 shares of the firm’s stock in a transaction on Monday, March 30th. The shares were sold at an average price of $213.30, for a total value of $8,574,660.00. Following the completion of the sale, the insider directly owned 8,638 shares of the company’s stock, valued at approximately $1,842,485.40. This trade represents a 82.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 615,200 shares of company stock valued at $118,022,760. 0.56% of the stock is owned by corporate insiders.
Chevron Price Performance
Chevron (NYSE:CVX – Get Free Report) 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 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 firm had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. During the same period last year, the company earned $2.18 earnings per share. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. Sell-side analysts forecast that Chevron Corporation will post 15.74 EPS for the current year.
Chevron Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were issued a $1.78 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.7%. Chevron’s dividend payout ratio (DPR) is 123.40%.
More Chevron News
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Chevron was highlighted as one of the top oil stocks to buy as energy investors look for resilient names, with articles emphasizing its defensive cash flows and income appeal. Article Title
- Positive Sentiment: Market commentary on Chevron’s Guyana assets pointed to a combined $7.6 billion profit for ExxonMobil and Chevron last year, reinforcing the value of its low-cost production base amid geopolitical tensions. Article Title
- Positive Sentiment: Chevron was also featured in a bullish technical forecast saying momentum is improving and buyers may be regaining control as the stock approaches a breakout level. Article Title
- Positive Sentiment: Reports that Chevron is advancing a major shale project in Argentina’s Vaca Muerta basin and moving closer to approval for a $13.8 billion investment could support future production growth. Article Title
- Neutral Sentiment: Chevron continues to attract attention as a dividend stock for retirement portfolios, which supports the investment case but does not represent a new catalyst. Article Title
- Negative Sentiment: Zacks Research downgraded Chevron from strong-buy to hold, which could temper enthusiasm despite the stock’s otherwise constructive news flow. Article Title
Wall Street Analysts Forecast Growth
A number of research firms recently weighed in on CVX. Piper Sandler upped their target price on shares of Chevron from $179.00 to $242.00 and gave the stock an “overweight” rating in a research note on Thursday, March 12th. Tudor Pickering raised Chevron from a “hold” rating to a “buy” rating and set a $225.00 price objective for the company in a report on Thursday, April 9th. The Goldman Sachs Group reissued a “buy” rating and issued a $216.00 price objective on shares of Chevron in a report on Wednesday, May 6th. Melius Research raised Chevron from a “hold” rating to a “buy” rating and set a $205.00 price objective for the company in a report on Tuesday, February 17th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $220.00 price objective on shares of Chevron in a report on Tuesday, May 5th. Eighteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $205.70.
View Our Latest Stock Analysis on CVX
About Chevron
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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