Cullen Frost Bankers Inc. Grows Stock Holdings in Chevron Corporation $CVX

Key Points

• Cullen Frost Bankers Inc. increased its stake in Chevron Corporation by 11.3% in Q2, owning a total of 304,492 shares valued at approximately $43.6 million.
• Numerous hedge funds have also adjusted their positions in Chevron, with GAMMA Investing LLC increasing its holdings by 27.3% in Q1, reflecting growing interest from institutional investors.
• Chevron has recently announced a quarterly dividend of $1.71, which represents an annual yield of 4.4% and reflects the company's commitment to returning value to shareholders.

Cullen Frost Bankers Inc. boosted its position in Chevron Corporation (NYSE:CVX - Free Report) by 11.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 304,492 shares of the oil and gas company's stock after purchasing an additional 30,990 shares during the period. Cullen Frost Bankers Inc.'s holdings in Chevron were worth $43,600,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in Chevron by 27.3% in the first quarter. GAMMA Investing LLC now owns 32,329 shares of the oil and gas company's stock valued at $5,408,000 after buying an additional 6,928 shares in the last quarter. Walkner Condon Financial Advisors LLC purchased a new position in Chevron in the first quarter valued at about $251,000. Chapin Davis Inc. increased its holdings in Chevron by 15.4% in the first quarter. Chapin Davis Inc. now owns 36,629 shares of the oil and gas company's stock valued at $6,128,000 after buying an additional 4,877 shares in the last quarter. Narwhal Capital Management increased its holdings in Chevron by 1.8% in the first quarter. Narwhal Capital Management now owns 34,997 shares of the oil and gas company's stock valued at $5,855,000 after buying an additional 633 shares in the last quarter. Finally, Asset Management One Co. Ltd. increased its holdings in Chevron by 5.2% in the first quarter. Asset Management One Co. Ltd. now owns 820,518 shares of the oil and gas company's stock valued at $137,264,000 after buying an additional 40,293 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CVX. Morgan Stanley began coverage on shares of Chevron in a report on Monday, August 4th. They issued an "overweight" rating and a $174.00 target price for the company. Raymond James Financial reaffirmed an "outperform" rating and issued a $160.00 target price (down from $170.00) on shares of Chevron in a report on Friday. Barclays dropped their target price on shares of Chevron from $160.00 to $158.00 and set an "equal weight" rating for the company in a report on Tuesday, October 7th. Wells Fargo & Company assumed coverage on shares of Chevron in a research note on Friday, October 17th. They set an "overweight" rating and a $190.00 price objective for the company. Finally, Bank of America raised their price objective on shares of Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research note on Wednesday, September 10th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $165.25.

Insider Activity at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the sale, the vice president directly owned 1,181 shares of the company's stock, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the sale, the director directly owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by insiders.

Chevron Stock Down 0.4%

CVX stock opened at $153.80 on Wednesday. The stock has a market capitalization of $265.76 billion, a P/E ratio of 19.79, a PEG ratio of 2.06 and a beta of 0.84. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The company has a 50 day moving average price of $156.04 and a two-hundred day moving average price of $148.08.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. Chevron's revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the previous year, the company earned $2.55 EPS. As a group, sell-side analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's payout ratio is presently 88.03%.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.

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