Conning Inc. Acquires 9,327 Shares of Chevron Corporation $CVX

Key Points

• Conning Inc. increased its Chevron stake by 4.2% in the fourth quarter, buying 9,327 additional shares and bringing its total holding to 232,092 shares worth about $35.4 million.
• Wall Street sentiment remains broadly positive on Chevron, with an average “Moderate Buy” rating and an average price target of $204.13, even as some analysts are more cautious.
• Chevron reported better-than-expected Q1 earnings of $1.41 per share and also announced a quarterly dividend of $1.78 per share, implying a 3.8% yield.

Conning Inc. boosted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 4.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 232,092 shares of the oil and gas company's stock after purchasing an additional 9,327 shares during the period. Chevron accounts for approximately 1.2% of Conning Inc.'s holdings, making the stock its 12th largest holding. Conning Inc.'s holdings in Chevron were worth $35,373,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Strategic Wealth Advisors LLC acquired a new stake in shares of Chevron in the fourth quarter valued at $33,000. Daytona Street Capital LLC bought a new position in shares of Chevron in the fourth quarter valued at about $44,000. Maseco LLP acquired a new position in Chevron during the 4th quarter worth about $49,000. Turning Point Benefit Group Inc. acquired a new position in Chevron during the 3rd quarter worth about $49,000. Finally, High Point Wealth Management LLC bought a new stake in Chevron during the 4th quarter worth about $53,000. Institutional investors own 72.42% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CVX shares. Barclays boosted their target price on shares of Chevron from $180.00 to $192.00 and gave the stock an "equal weight" rating in a research note on Monday, May 4th. Bank of America increased their price target on shares of Chevron from $188.00 to $206.00 and gave the company a "buy" rating in a research note on Monday, March 2nd. Weiss Ratings reissued a "hold (c)" rating on shares of Chevron in a report on Wednesday, January 21st. Tudor Pickering upgraded shares of Chevron from a "hold" rating to a "buy" rating and set a $225.00 price objective for the company in a research report on Thursday, April 9th. Finally, Mizuho upped their price objective on Chevron from $206.00 to $217.00 and gave the stock an "outperform" rating in a report on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $204.13.

Insider Transactions at Chevron

In other news, Director John B. Hess sold 195,000 shares of Chevron stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $184.78, for a total transaction of $36,032,100.00. Following the transaction, the director owned 658,045 shares in the company, valued at $121,593,555.10. The trade was a 22.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael K. Wirth sold 272,624 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $189.35, for a total value of $51,621,354.40. Following the completion of the transaction, the chief executive officer owned 31,266 shares of the company's stock, valued at $5,920,217.10. This represents a 89.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 803,570 shares of company stock valued at $151,969,798. Insiders own 0.56% of the company's stock.

Chevron Stock Performance

Shares of NYSE:CVX opened at $186.41 on Friday. The firm's 50 day simple moving average is $193.04 and its 200 day simple moving average is $173.13. Chevron Corporation has a fifty-two week low of $133.77 and a fifty-two week high of $214.71. The company has a market capitalization of $371.25 billion, a price-to-earnings ratio of 32.31, a P/E/G ratio of 0.63 and a beta of 0.51. 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 issued its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.41. The firm had revenue of $47.56 billion during the quarter, compared to analysts' expectations of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The business's revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.18 earnings per share. As a group, sell-side analysts forecast that Chevron Corporation will post 15.23 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be issued a dividend of $1.78 per share. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 annualized dividend and a yield of 3.8%. Chevron's payout ratio is currently 123.40%.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron agreed to sell its Singapore refinery stake and other downstream assets in Southeast Asia and Australia to ENEOS for about $2.17 billion to $2.2 billion. Investors often view asset sales like this as a way to streamline the portfolio, raise cash, and focus on higher-return operations. Article Title
• Positive Sentiment: Jim Cramer reiterated a bullish view on Chevron, saying he would “pull the trigger” on the stock and pointing to its strong cash flow and dividend yield. That kind of media endorsement can reinforce investor confidence. Article Title
• Positive Sentiment: Several market commentaries noted renewed optimism around Chevron’s rising production and strong cash returns, with some analysts saying its Q1 output growth supports the investment case. Article Title
• Neutral Sentiment: Weak statutory earnings from Chevron’s latest report were described as not telling the whole story, suggesting the market is focusing more on underlying cash generation and asset quality than on the headline earnings miss. Article Title
• Neutral Sentiment: Proxy advisory firms recommended some shareholder votes against Chevron’s board positions ahead of the annual meeting, which adds governance noise but is less likely to drive the stock in the near term. Article Title
• Negative Sentiment: Morgan Stanley reportedly trimmed its enthusiasm for oil stocks, emphasizing spending discipline as a key issue for Chevron and peers. Concerns about capital allocation can weigh on sentiment even when oil prices are favorable. Article Title

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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