Chevron Corporation $CVX Shares Sold by Tocqueville Asset Management L.P.

Key Points

• Tocqueville Asset Management trimmed its Chevron stake by 9.1%, selling 35,229 shares and leaving 353,722 shares worth about $54.93 million (Chevron is 0.8% of its portfolio and its 24th-largest holding).
• Heavy insider selling: R. Hewitt Pate sold 47,200 shares for roughly $9.07 million, and insiders sold about 1,099,397 shares (~$196.2 million) over the quarter, leaving insiders with just 0.21% ownership.
• Dividend hike and analyst optimism: Chevron raised its quarterly dividend to $1.78 (annualized $7.12, yield ~3.6%), while analysts like Piper Sandler lifted price targets (to $242), even as policy moves and legal/asset-sale headlines pose potential downside risks.

Tocqueville Asset Management L.P. lowered its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 9.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 353,722 shares of the oil and gas company's stock after selling 35,229 shares during the period. Chevron comprises 0.8% of Tocqueville Asset Management L.P.'s investment portfolio, making the stock its 24th biggest position. Tocqueville Asset Management L.P.'s holdings in Chevron were worth $54,930,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of CVX. Perigon Wealth Management LLC grew its position in shares of Chevron by 19.3% in the third quarter. Perigon Wealth Management LLC now owns 73,448 shares of the oil and gas company's stock valued at $11,406,000 after purchasing an additional 11,875 shares in the last quarter. Brooklyn FI LLC purchased a new position in Chevron during the third quarter worth approximately $431,000. New York State Teachers Retirement System lifted its position in Chevron by 15.3% during the third quarter. New York State Teachers Retirement System now owns 1,620,231 shares of the oil and gas company's stock worth $251,606,000 after buying an additional 215,345 shares in the last quarter. Finemark National Bank & Trust boosted its stake in Chevron by 40.3% during the third 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 during the last quarter. Finally, Pictet North America Advisors SA acquired a new position in Chevron during the third quarter worth $5,662,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Piper Sandler raised its price target on Chevron to $242 and reiterated an Overweight rating, signaling material analyst upside that can attract buyers and support the stock. Article Title
• Positive Sentiment: Ongoing oil-price strength driven by Iran/Middle East tensions is the main bullish engine for CVX — higher crude boosts upstream margins and cash flow for integrated majors. (Coverage: MarketBeat, Fortune) MarketBeat Coverage
• Positive Sentiment: Chevron increased its Gulf of Mexico footprint via recent lease bids/auction participation, underscoring management’s commitment to high-return U.S. deepwater projects and future production upside. Lease Sale Article
• Positive Sentiment: Unusual options activity — a large spike in call purchases — suggests speculative and institutional bullish positioning that can amplify near-term upside. (Trading volume data reported)
• Neutral Sentiment: Worley won a FEED contract for Chevron’s planned Cyprus offshore gas project, indicating project progress but limited immediate earnings impact. Worley Article
• Neutral Sentiment: Coverage pieces question the sustainability of the rally (technical signals, momentum may be topping). These are cautionary but not immediate catalysts. Analysis
• Negative Sentiment: Policy responses could cap prices: reports of an IEA record release and U.S. statements about tapping the SPR are downside risks if they ease crude prices, which would pressure CVX’s rally. IEA/SPR Coverage
• Negative Sentiment: Chevron agreed to a DOJ settlement including a $1M penalty and retiring $3.6M of invalid renewable fuel credits — a modest hit to earnings and a regulatory reminder but immaterial to the company’s overall cash flow. DOJ Settlement
• Negative Sentiment: Energean’s planned purchase of Chevron stakes in Angolan blocks signals ongoing portfolio reshaping — proceeds could be positive, but near-term production could be reduced. Asset Sale

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Zacks Research raised Chevron from a "strong sell" rating to a "hold" rating in a research note on Tuesday, December 23rd. Morgan Stanley lowered their price target on shares of Chevron from $180.00 to $174.00 and set an "overweight" rating on the stock in a research report on Friday, January 23rd. Scotiabank reissued a "sector perform" rating and issued a $168.00 price objective on shares of Chevron in a report on Friday, January 16th. Piper Sandler lifted 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. Finally, Jefferies Financial Group boosted their target price on shares of Chevron from $174.00 to $189.00 and gave the company a "buy" rating in a report on Wednesday, January 14th. Thirteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $182.05.

Insider Buying and Selling at Chevron

In other news, insider R. Hewitt Pate sold 47,200 shares of the business's stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $192.12, for a total value of $9,068,064.00. Following the sale, the insider directly owned 8,558 shares of the company's stock, valued at approximately $1,644,162.96. The trade was a 84.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alana K. Knowles sold 2,408 shares of the company's stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $183.28, for a total transaction of $441,338.24. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 1,099,397 shares of company stock valued at $196,196,468. 0.21% of the stock is currently owned by company insiders.

Chevron Trading Down 0.8%

NYSE:CVX traded down $1.48 on Friday, reaching $195.49. The company's stock had a trading volume of 2,837,217 shares, compared to its average volume of 12,297,251. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $198.88. The stock has a 50 day moving average price of $176.51 and a 200 day moving average price of $161.75. The firm has a market cap of $390.07 billion, a price-to-earnings ratio of 29.35, a price-to-earnings-growth ratio of 1.93 and a beta of 0.67. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, January 30th. The oil and gas company reported $1.52 earnings per share for the quarter, topping analysts' consensus estimates of $1.44 by $0.08. The business had revenue of $45.79 billion during the quarter, compared to analysts' expectations of $48.18 billion. Chevron had a return on equity of 7.89% and a net margin of 6.51%.The company's revenue was down 10.2% compared to the same quarter last year. During the same period in the prior year, the business posted $2.06 EPS. On average, equities analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 17th were paid a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.6%. This is a boost from Chevron's previous quarterly dividend of $1.71. The ex-dividend date of this dividend was Tuesday, February 17th. Chevron's payout ratio is 106.91%.

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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