Allstate Corp Has $22.65 Million Stock Holdings in Chevron Corporation $CVX

Key Points

• Allstate Corp more than doubled its Chevron stake in the fourth quarter, increasing holdings by 106.7% to 148,601 shares valued at about $22.65 million.
• Chevron continues to draw strong institutional interest, with hedge funds and other investors owning 72.42% of the company’s stock. At the same time, insider selling has been notable, including Vice Chairman Mark A. Nelson’s large share sale.
• Analysts remain largely upbeat on Chevron, with firms like Goldman Sachs, Bank of America, and Citigroup issuing buy ratings and price targets above the current stock price. Chevron also beat earnings estimates for the quarter and declared a $1.78 per share quarterly dividend.

Allstate Corp boosted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 106.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 148,601 shares of the oil and gas company's stock after acquiring an additional 76,714 shares during the period. Allstate Corp's holdings in Chevron were worth $22,648,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Dakota Wealth Management lifted its position in Chevron by 14.9% in the 4th quarter. Dakota Wealth Management now owns 83,265 shares of the oil and gas company's stock valued at $12,690,000 after acquiring an additional 10,822 shares in the last quarter. Brooklyn FI LLC bought a new stake in Chevron in the 3rd quarter valued at $431,000. Clear Trail Advisors LLC bought a new stake in Chevron in the 4th quarter valued at $10,167,000. Finemark National Bank & Trust lifted its position in Chevron by 40.3% in the 3rd quarter. Finemark National Bank & Trust now owns 56,535 shares of the oil and gas company's stock valued at $8,779,000 after acquiring an additional 16,243 shares in the last quarter. Finally, Curtis Advisory Group LLC bought a new stake in Chevron in the 4th quarter valued at $1,381,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Activity at Chevron

In other 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 transaction, the insider directly owned 11,337 shares in the company, valued at $2,130,449.04. The trade was a 92.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew Benjamin Walz sold 11,600 shares of the business's stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $188.58, for a total transaction of $2,187,528.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,179,699 shares of company stock worth $224,675,517 over the last ninety days. Company insiders own 0.56% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on CVX. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $216.00 price objective on shares of Chevron in a research report on Wednesday, May 6th. Bank of America boosted their price objective on shares of Chevron from $188.00 to $206.00 and gave the company a "buy" rating in a research report on Monday, March 2nd. Argus set a $203.00 price target on shares of Chevron in a research report on Tuesday, February 3rd. BNP Paribas Exane raised shares of Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price target on the stock in a research report on Friday, April 17th. Finally, Citigroup boosted their price target on shares of Chevron from $210.00 to $235.00 and gave the stock a "buy" rating in a research report on Thursday, April 2nd. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $204.22.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron began drilling a new well at Egypt’s Narges gas field, a sign it is pushing ahead with production growth in the Eastern Mediterranean and potentially adding future output. Chevron Begins Drilling New Well at Egypt's Narges Gas Field
• Positive Sentiment: Recent commentary highlighting Chevron CEO Mike Wirth’s warnings about tighter global oil supplies and a possible 1970s-style oil shock could be supportive for CVX, since sustained energy shortages and higher crude prices generally improve upstream producer economics. If Wirth Is Right About a 1970s-Style Oil Crisis, These Retail Stocks Could Take the Biggest Hit This Summer.
• Positive Sentiment: Another set of articles emphasized Chevron’s large production base and strong balance sheet, reinforcing the view that the company can benefit from elevated energy prices and navigate a tighter supply backdrop. Chevron Produces 3 Million Barrels a Day, and Its CEO Says Supply Buffers Are Running Out. Is It Time to Buy?
• Neutral Sentiment: News that proxy advisors recommended voting against certain board-related proposals at Chevron and Exxon Mobil adds governance noise, but it does not appear to be a major near-term operating catalyst. Why Exxon Mobil’s (XOM) Board Proposals Are Drawing Investor Attention
• Negative Sentiment: Reports that Chevron insiders sold about $179 million of stock may weigh on sentiment, as heavy insider selling is often viewed as a cautious signal about the shares’ near-term outlook. Chevron Insiders Sell US$179m Of Stock, Possibly Signalling Caution
• Negative Sentiment: California Governor Gavin Newsom’s public criticism of Chevron and calls for drivers to avoid the brand add political and reputational overhang, though the market impact is likely secondary to oil-price moves. Gavin Newsom warns Californians to 'avoid Chevron,' says big oil is 'making billions off Trump's Iran war'

Chevron Stock Up 0.0%

Chevron stock opened at $191.51 on Tuesday. The firm has a market capitalization of $381.42 billion, a PE ratio of 33.19, a P/E/G ratio of 0.64 and a beta of 0.51. The company's 50-day moving average is $193.43 and its 200-day moving average is $175.01. Chevron Corporation has a fifty-two week low of $134.06 and a fifty-two week 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.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. Chevron's revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.18 EPS. Sell-side analysts anticipate that Chevron Corporation will post 15.74 earnings per share for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be paid a dividend of $1.78 per share. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.7%. Chevron's payout ratio is currently 123.40%.

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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