Comerica Bank Lowers Position in Chevron Corporation $CVX

Key Points

• Comerica Bank cut its position in Chevron by 4.6% in Q4, selling 37,961 shares and leaving it with 792,337 shares worth about $120.76 million, making CVX its 29th largest holding.
• Chevron raised its quarterly dividend to $1.78 (annualized $7.12) for a 3.8% yield, though the payout ratio is a high 106.91%, which may raise sustainability questions.
• Significant insider selling occurred recently, including Vice Chairman Mark A. Nelson’s sale of 139,600 shares and the CFO’s 32,100-share sale, with insiders offloading 779,407 shares (~$146 million) in the last quarter.

Comerica Bank lowered its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 4.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 792,337 shares of the oil and gas company's stock after selling 37,961 shares during the period. Chevron makes up 0.5% of Comerica Bank's investment portfolio, making the stock its 29th largest position. Comerica Bank's holdings in Chevron were worth $120,760,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of CVX. Decker Retirement Planning Inc. purchased a new stake in shares of Chevron in the 3rd quarter valued at about $34,000. Marquette Asset Management LLC purchased a new stake in shares of Chevron in the 3rd quarter valued at about $41,000. Barnes Dennig Private Wealth Management LLC raised its holdings in shares of Chevron by 306.1% in the 3rd quarter. Barnes Dennig Private Wealth Management LLC now owns 268 shares of the oil and gas company's stock valued at $42,000 after acquiring an additional 202 shares in the last quarter. Daytona Street Capital LLC purchased a new stake in shares of Chevron in the 4th quarter valued at about $44,000. Finally, Maseco LLP purchased a new stake in shares of Chevron in the 4th quarter valued at about $49,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Wheatstone LNG has fully resumed production after cyclone repairs, restoring expected cash flow from the Australian LNG asset and removing a short-term production drag. Chevron resumes full production at Wheatstone LNG after repairs for cyclone damage
• Positive Sentiment: Chevron says it reached an asset-swap agreement that expands its stake in Venezuelan heavy oil operations — a move that could lift reserves and long-term production potential if implemented. Chevron Corporation (CVX) Expands Stakes in Venezuela Oil Operations
• Positive Sentiment: Warren Buffett’s ongoing stake and commentary on Chevron continue to be cited as a vote of confidence for long-term investors, supporting sentiment versus peers. Deepening Growth Pipeline Sustains Warren Buffett’s Confidence In Chevron (CVX)
• Positive Sentiment: Zacks has highlighted Chevron as a Bull of the Day and it's included in lists of high-flying "old economy" stocks with room to run — analyst attention can help prop up demand in a pullback. Chevron and Avis Budget have been highlighted as Zacks Bull and Bear of the Day
• Neutral Sentiment: Chevron is a trending stock with increased retail and analyst attention; that raises liquidity and volatility but is ambivalent for direction without fresh catalysts. Chevron Corporation (CVX) Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: Venezuelan partner Suelopetrol says it was not informed of Chevron’s reported expansion — a public dispute that raises execution, legal and geopolitical risk around the asset-swap and could delay realization of the announced upside. Suelopetrol says it has not been Informed of Chevron’s (CVX) Expansion at Venezuela Joint Venture
• Negative Sentiment: Zacks preview flags an expected decline in Q1 earnings, which raises the risk of a disappointing release and near-term downside if results or guidance miss. Earnings Preview: Chevron (CVX) Q1 Earnings Expected to Decline
• Negative Sentiment: After a strong YTD rally, articles note a month-long cooldown and profit-taking in big oil names; that broader flow explains part of today’s pullback even without company-specific bad news. Exxon Stock and Chevron Stock Are Up 20%+ YTD – Why the Long Oil Trade Is Stalling Out

Chevron Stock Performance

Shares of NYSE CVX opened at $185.13 on Monday. The stock has a market cap of $368.82 billion, a price-to-earnings ratio of 27.80, a P/E/G ratio of 0.78 and a beta of 0.60. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. Chevron Corporation has a 1-year low of $133.77 and a 1-year high of $214.71. The stock's 50-day moving average is $192.56 and its 200 day moving average is $170.28.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, January 30th. The oil and gas company reported $1.52 earnings per share for the quarter, beating analysts' consensus estimates of $1.44 by $0.08. The company had revenue of $45.79 billion for 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%.Chevron's revenue for the quarter was down 10.2% compared to the same quarter last year. During the same period last year, the firm posted $2.06 EPS. On average, sell-side analysts anticipate that Chevron Corporation will post 12.49 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 10th. Investors of record on Tuesday, February 17th were issued a dividend of $1.78 per share. The ex-dividend date of this dividend was Tuesday, February 17th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.8%. This is a positive change from Chevron's previous quarterly dividend of $1.71. Chevron's payout ratio is 106.91%.

Insider Activity at Chevron

In related news, Vice Chairman Mark A. Nelson sold 139,600 shares of the firm's stock in a transaction that occurred on Monday, March 2nd. The stock was 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. This trade represents a 92.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Eimear P. Bonner sold 32,100 shares of the firm's stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $175.01, for a total value of $5,617,821.00. Following the transaction, the chief financial officer owned 4,366 shares in the company, valued at approximately $764,093.66. The trade was a 88.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 779,407 shares of company stock worth $145,972,971 in the last quarter. 0.56% of the stock is owned by company insiders.

Analyst Ratings Changes

CVX has been the topic of several recent analyst reports. Wall Street Zen raised Chevron from a "sell" rating to a "hold" rating in a report on Saturday, January 31st. Zacks Research raised Chevron from a "hold" rating to a "strong-buy" rating in a report on Friday, April 3rd. UBS Group reissued a "buy" rating and set a $212.00 price objective on shares of Chevron in a report on Monday, February 2nd. Weiss Ratings reissued a "hold (c)" rating on shares of Chevron in a report on Wednesday, January 21st. Finally, Tudor Pickering raised Chevron from a "hold" rating to a "buy" rating and set a $225.00 price objective on the stock in a report on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $198.09.

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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