Evercore Wealth Management LLC Sells 9,445 Shares of Chevron Corporation $CVX

Key Points

• Evercore Wealth Management reduced its Chevron stake by 6.1%, selling 9,445 shares and retaining 144,505 shares valued at approximately $29.9 million.
• Institutional ownership remains substantial at 72.42%, with State Street, Berkshire Hathaway, Geode Capital and Charles Schwab increasing their positions; however, Director John B. Hess sold 380,000 shares worth $73.4 million.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $205.17. Chevron also reported quarterly EPS of $1.41, above expectations, and pays a $1.78 quarterly dividend, although its payout ratio is elevated at 123.4%.

Evercore Wealth Management LLC cut its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 6.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 144,505 shares of the oil and gas company's stock after selling 9,445 shares during the period. Evercore Wealth Management LLC's holdings in Chevron were worth $29,898,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in CVX. State Street Corp increased its stake in shares of Chevron by 9.1% during the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock worth $23,698,184,000 after purchasing an additional 12,789,399 shares during the period. Berkshire Hathaway Inc boosted its stake in Chevron by 6.6% in the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock valued at $19,837,131,000 after purchasing an additional 8,091,570 shares during the period. Geode Capital Management LLC boosted its stake in Chevron by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company's stock valued at $6,620,187,000 after purchasing an additional 134,890 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Chevron by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company's stock valued at $5,492,377,000 after buying an additional 961,341 shares in the last quarter. Finally, Norges Bank acquired a new position in Chevron in the 4th quarter valued at $3,727,586,000. Institutional investors own 72.42% of the company's stock.

Insider Activity at Chevron

In other news, Director John B. Hess sold 380,000 shares of the company's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the sale, the director owned 278,045 shares of the company's stock, valued at approximately $53,718,294. This represents a 57.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.56% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CVX. UBS Group reissued a "buy" rating on shares of Chevron in a research report on Tuesday, June 23rd. Piper Sandler assumed coverage on shares of Chevron in a research note on Thursday. They issued an "overweight" rating and a $207.00 price objective for the company. Weiss Ratings downgraded shares of Chevron from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, June 2nd. Morgan Stanley decreased their target price on shares of Chevron from $214.00 to $210.00 and set an "overweight" rating on the stock in a research report on Monday, June 29th. Finally, Sanford C. Bernstein lowered their target price on shares of Chevron from $216.00 to $204.00 and set a "market perform" rating on the stock in a report on Monday, May 11th. Nineteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $205.17.

Chevron Stock Performance

CVX opened at $189.84 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71. The firm has a market cap of $378.09 billion, a P/E ratio of 32.90, a price-to-earnings-growth ratio of 0.65 and a beta of 0.50. The business's fifty day moving average is $181.99 and its 200-day moving average is $184.20.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The business had revenue of $47.56 billion during the quarter, compared to analysts' expectations of $51.86 billion. During the same quarter in the prior year, the business posted $2.18 earnings per share. Chevron's revenue was up 2.1% compared to the same quarter last year. Sell-side analysts expect that Chevron Corporation will post 15.6 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were given a $1.78 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.8%. Chevron's payout ratio is presently 123.40%.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron raised its quarterly dividend, extending its decades-long streak of dividend increases and reinforcing its appeal to income-focused investors. Chevron lifts quarterly dividend
• Positive Sentiment: A Chevron subsidiary awarded Velesto a multiyear, $51 million drilling contract for the North Malay Basin gas development in Malaysia. The agreement supports Chevron’s offshore growth plans, although its direct financial impact is likely modest relative to the company’s overall scale. Chevron North Malay Basin contract
• Neutral Sentiment: CEO Mike Wirth reportedly met with U.S. officials about protecting Chevron’s Kazakhstan oil assets from becoming entangled in the Russia-Ukraine war. The discussions highlight the strategic importance of the assets but also underscore geopolitical and regulatory risks. Chevron Kazakhstan assets discussions
• Negative Sentiment: Brent crude settled 12% lower at $86.49 per barrel, while West Texas Intermediate fell 7.5% to $82.61, after President Trump suggested a potential breakthrough with Iran. Lower oil prices can pressure Chevron’s upstream revenue, cash flow and earnings expectations. Oil prices slide on Iran negotiations
• Negative Sentiment: The broader energy sector also declined as crude prices weakened, while investors favored technology and AI-related stocks ahead of major earnings reports. This sector rotation added to selling pressure on Chevron. Energy sector update

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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