Cary Street Partners Financial LLC Buys 6,444 Shares of Chevron Corporation $CVX

Key Points

• Cary Street Partners Financial LLC increased its Chevron stake by 8.3% in the fourth quarter, buying 6,444 additional shares and bringing its total holding to 83,824 shares worth about $12.8 million.
• Institutional interest in Chevron remains strong, with several other firms also adding shares and institutional investors now owning 72.42% of the stock.
• Chevron continues to draw support from analysts and earnings results: the company recently beat EPS estimates, analysts maintain a “Moderate Buy” consensus, and Chevron also announced a quarterly dividend yielding 3.7% annualized.

Cary Street Partners Financial LLC boosted its stake in Chevron Corporation (NYSE:CVX - Free Report) by 8.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 83,824 shares of the oil and gas company's stock after acquiring an additional 6,444 shares during the quarter. Cary Street Partners Financial LLC's holdings in Chevron were worth $12,776,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in 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 during the 3rd quarter worth about $431,000. Clear Trail Advisors LLC bought a new stake in Chevron during the 4th quarter worth about $10,167,000. Finemark National Bank & Trust lifted its position in Chevron by 40.3% during the 3rd quarter. Finemark National Bank & Trust now owns 56,535 shares of the oil and gas company's stock worth $8,779,000 after buying an additional 16,243 shares in the last quarter. Finally, Curtis Advisory Group LLC bought a new stake in Chevron during the 4th quarter worth about $1,381,000. 72.42% of the stock is owned by institutional investors.

Chevron News Summary

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'

Insiders Place Their Bets

In related news, Director John B. Hess sold 380,000 shares of the company's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the transaction, the director owned 278,045 shares in the company, valued at approximately $53,718,294. This represents a 57.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew Benjamin Walz sold 11,600 shares of the company's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $188.58, for a total transaction of $2,187,528.00. The SEC filing for this sale provides additional information. Insiders have sold 1,179,699 shares of company stock worth $224,675,517 in the last 90 days. Corporate insiders own 0.56% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. 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. HSBC raised shares of Chevron from a "hold" rating to a "buy" rating and set a $215.00 price target on the stock in a research report on Friday, March 20th. BNP Paribas Exane raised shares of Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 target price on the stock in a report on Friday, April 17th. Barclays upped their target price on shares of Chevron from $180.00 to $192.00 and gave the company an "equal weight" rating in a report on Monday, May 4th. Finally, Scotiabank upped their target price on shares of Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. One 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $204.22.

Chevron Stock Up 0.0%

Shares of CVX opened at $191.51 on Tuesday. Chevron Corporation has a 52 week low of $134.06 and a 52 week high of $214.71. The firm has a market cap of $381.42 billion, a P/E ratio of 33.19, a price-to-earnings-growth ratio of 0.64 and a beta of 0.51. The firm's 50-day simple moving average is $193.43 and its 200 day simple moving average is $175.01. 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 (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The business had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. During the same quarter in the prior year, the business earned $2.18 EPS. Chevron's quarterly revenue was up 2.1% on a year-over-year basis. On average, analysts forecast that Chevron Corporation will post 15.74 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be paid a $1.78 dividend. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.7%. Chevron's dividend payout ratio is 123.40%.

Chevron 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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