Cullen Frost Bankers Inc. Has $65.19 Million Position in Chevron Corporation $CVX

Key Points

• Cullen Frost Bankers Inc. increased its Chevron stake by 1.5% in Q4, ending with 427,741 shares valued at about $65.19 million.
• Analysts remain generally upbeat on Chevron, with several firms raising price targets; the stock currently carries a “Moderate Buy” consensus and an average target price of $204.13.
• Chevron reported quarterly EPS of $1.41, beating expectations, and also announced a quarterly dividend of $1.78 per share for a 3.6% annualized yield.

Cullen Frost Bankers Inc. lifted its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 1.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 427,741 shares of the oil and gas company's stock after buying an additional 6,139 shares during the period. Cullen Frost Bankers Inc.'s holdings in Chevron were worth $65,192,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Strategic Wealth Advisors LLC acquired a new position in shares of Chevron during the fourth quarter worth about $33,000. Daytona Street Capital LLC acquired a new position in shares of Chevron during the fourth quarter worth about $44,000. Maseco LLP acquired a new position in shares of Chevron during the fourth quarter worth about $49,000. Turning Point Benefit Group Inc. acquired a new position in shares of Chevron during the third quarter worth about $49,000. Finally, High Point Wealth Management LLC acquired a new position in shares of Chevron during the fourth quarter worth about $53,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on CVX. Barclays upped their price objective on Chevron from $180.00 to $192.00 and gave the stock an "equal weight" rating in a research report on Monday, May 4th. Citigroup upped their price objective on Chevron from $210.00 to $235.00 and gave the stock a "buy" rating in a research report on Thursday, April 2nd. HSBC raised Chevron from a "hold" rating to a "buy" rating and set a $215.00 price objective for the company in a research report on Friday, March 20th. Royal Bank Of Canada reissued an "outperform" rating and set a $220.00 price target on shares of Chevron in a research report on Tuesday, May 5th. Finally, Mizuho increased their price target on Chevron from $206.00 to $217.00 and gave the company an "outperform" rating in a research report on Tuesday, March 17th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $204.13.

Chevron Stock Performance

CVX opened at $197.38 on Wednesday. Chevron Corporation has a 12-month low of $133.77 and a 12-month high of $214.71. The stock has a market cap of $393.11 billion, a price-to-earnings ratio of 34.21, a PEG ratio of 0.66 and a beta of 0.51. The business has a 50 day moving average of $193.41 and a 200-day moving average of $173.98. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX - Get Free Report) last released 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. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The company had revenue of $47.56 billion during the quarter, compared to analysts' expectations of $51.86 billion. During the same period last year, the firm posted $2.18 earnings per share. The business's revenue was up 2.1% on a year-over-year basis. On average, equities research analysts expect that Chevron Corporation will post 15.43 earnings per share for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be paid a dividend of $1.78 per share. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.6%. Chevron's dividend payout ratio (DPR) is 123.40%.

Insider Activity at Chevron

In other news, CEO Michael K. Wirth sold 272,624 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $189.35, for a total transaction of $51,621,354.40. Following the transaction, the chief executive officer owned 31,266 shares in the company, valued at approximately $5,920,217.10. This trade represents a 89.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Hess sold 195,000 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $184.78, for a total value of $36,032,100.00. Following the transaction, the director owned 658,045 shares in the company, valued at approximately $121,593,555.10. This trade represents a 22.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 799,699 shares of company stock valued at $151,259,517 in the last 90 days. Corporate insiders own 0.56% of the company's stock.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Wall Street commentary has turned more upbeat on Chevron, with Zacks noting rising earnings estimate revisions and arguing that CVX could keep moving higher in the near term. Article Title
• Positive Sentiment: Chevron was highlighted as a long-term blue-chip idea, reinforcing the view that the company remains attractive for dividend and energy investors. Article Title
• Positive Sentiment: Chevron also drew unusually heavy call-option buying, suggesting traders are positioning for more upside in the near term. Article Title
• Positive Sentiment: Chevron agreed to sell a stake in its Asia-Pacific refining business to Japan’s Eneos for $2.2 billion, a move that can help streamline operations and raise cash. Article Title
• Neutral Sentiment: Several articles framed Chevron as a stock to watch or a “hold” at current levels, which does not point to a major fundamental surprise but helps explain continued investor focus. Article Title
• Neutral Sentiment: Coverage around Berkshire Hathaway trimming its Chevron stake created headlines, but the broader message was that Berkshire still appears committed to the company despite the sale. Article Title
• Negative Sentiment: Buffett-related reports that Berkshire Hathaway sold the largest chunk of Chevron in its Q1 stock trimming campaign may create some pressure, since investors often read Berkshire’s moves as a cautionary signal. Article Title

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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