Ferguson Wellman Capital Management Inc. Raises Stake in Chevron Corporation $CVX

Key Points

• Ferguson Wellman Capital Management boosted its Chevron stake by 20.0% in Q4 to 898,382 shares (about $136.9M), making CVX its 12th‑largest holding and ~2.2% of the firm's portfolio.
• Bullish momentum: oil prices near $100/bbl and multiple analyst upgrades (e.g., Piper Sandler to $242, HSBC to buy) have pushed up earnings estimates and price targets, supporting Chevron's cash flow and dividend outlook.
• Near‑term risks include production outages at the Gorgon and Wheatstone gas facilities from Tropical Cyclone Narelle and potential policy risk from the proposed Big Oil Windfall Profits Tax (S.4111), while insiders have executed sizable stock sales recently.

Ferguson Wellman Capital Management Inc. boosted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 20.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 898,382 shares of the oil and gas company's stock after buying an additional 149,959 shares during the quarter. Chevron makes up approximately 2.2% of Ferguson Wellman Capital Management Inc.'s portfolio, making the stock its 12th largest holding. Ferguson Wellman Capital Management Inc.'s holdings in Chevron were worth $136,922,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Decker Retirement Planning Inc. bought a new position in shares of Chevron during the 3rd quarter valued at approximately $34,000. Vermillion & White Wealth Management Group LLC raised its holdings in shares of Chevron by 86.1% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 255 shares of the oil and gas company's stock worth $37,000 after purchasing an additional 118 shares during the period. Marquette Asset Management LLC purchased a new position in Chevron in the third quarter valued at approximately $41,000. Barnes Dennig Private Wealth Management LLC lifted its stake in Chevron by 306.1% in the third quarter. Barnes Dennig Private Wealth Management LLC now owns 268 shares of the oil and gas company's stock valued at $42,000 after purchasing an additional 202 shares during the last quarter. Finally, Evolution Wealth Management Inc. bought a new position in Chevron during the second quarter valued at $49,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Analyst bullishness — Bernstein raised its price target on Chevron citing a stronger crude backdrop, supporting higher upside expectations for CVX. Chevron (CVX) price target raised by Bernstein on stronger crude backdrop
• Positive Sentiment: Commodity tailwinds — Multiple outlets note oil has spiked (near $100/bbl), which benefits Chevron given its low breakeven cost structure and strong cash flow generation. This supports dividend safety and capital returns. Oil Just Hit $100 a Barrel. Here's the 1 Energy Stock Built to Win Whether Prices Stay High or Crash.
• Positive Sentiment: Analyst estimates lifted — Erste Group raised FY2027 EPS estimates for Chevron, reinforcing expectations for stronger earnings if elevated oil prices persist. Erste Group raises FY2027 EPS estimate for Chevron
• Neutral Sentiment: Strategic moves — Chevron’s crude offtake deal with Sable Offshore increases West Coast supply exposure; useful for refining feed but introduces localized logistics and environmental considerations. Chevron’s Sable Offshore Deal Adds West Coast Supply And Risk Considerations
• Neutral Sentiment: Corporate governance update — Board bylaws were updated post‑Hess acquisition; routine but worth watching for any governance changes that could affect investor rights. Chevron Updates Board Bylaws Following Hess Acquisition
• Negative Sentiment: Operational hit — Chevron reported production outages at its Gorgon and Wheatstone gas facilities in Australia due to Tropical Cyclone Narelle; this could trim near‑term volumes and revenues until production is restored. Chevron reports outage at Australian gas facilities due to cyclone
• Negative Sentiment: Regulatory risk — A proposed “Big Oil Windfall Profits Tax” (S.4111) would target large producers (including CVX) and could materially raise tax burdens if enacted, adding policy risk to the upside in commodity prices. New Bill: Senator Sheldon Whitehouse introduces S. 4111: Big Oil Windfall Profits Tax Act
• Negative Sentiment: Regional supply concerns — Chevron warns of a potential California fuel crisis as imports slow and refining constraints persist; such supply stresses can spur political scrutiny and local price volatility. Chevron Raises Alarm Over California Energy Crisis as Imports Slow

Analyst Ratings Changes

CVX has been the subject of a number of recent research reports. Piper Sandler raised their target price on Chevron from $179.00 to $242.00 and gave the stock an "overweight" rating in a research report on Thursday, March 12th. HSBC upgraded Chevron from a "hold" rating to a "buy" rating and set a $215.00 price target for the company in a research note on Friday, March 20th. Jefferies Financial Group lifted their price objective on Chevron from $174.00 to $189.00 and gave the stock a "buy" rating in a report on Wednesday, January 14th. BMO Capital Markets restated an "outperform" rating and issued a $190.00 price objective on shares of Chevron in a research note on Monday, February 2nd. Finally, Argus set a $203.00 price objective on shares of Chevron in a report on Tuesday, February 3rd. Fourteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $184.77.

Chevron Trading Up 1.3%

NYSE:CVX opened at $207.81 on Friday. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $209.79. The stock's fifty day moving average price is $184.62 and its two-hundred day moving average price is $164.74. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.15 and a quick ratio of 0.86. The company has a market cap of $414.67 billion, a P/E ratio of 31.20, a P/E/G ratio of 1.90 and a beta of 0.67.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, January 30th. The oil and gas company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.08. Chevron had a return on equity of 7.89% and a net margin of 6.51%.The company had revenue of $45.79 billion during the quarter, compared to analysts' expectations of $48.18 billion. During the same period in the previous year, the business earned $2.06 earnings per share. The firm's quarterly revenue was down 10.2% compared to the same quarter last year. As a group, analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 17th were issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Tuesday, February 17th. This is a boost from Chevron's previous quarterly dividend of $1.71. Chevron's payout ratio is presently 106.91%.

Insider Buying and Selling

In other news, Vice Chairman Mark A. Nelson sold 139,600 shares of the company's stock in a transaction dated 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 sale, the insider directly owned 11,337 shares in the company, valued at $2,130,449.04. This represents a 92.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael K. Wirth sold 320,700 shares of the stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $162.99, for a total transaction of $52,270,893.00. Following the completion of the sale, the chief executive officer directly owned 14,450 shares in the company, valued at approximately $2,355,205.50. The trade was a 95.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,099,397 shares of company stock worth $196,196,468 over the last quarter. 0.21% of the stock is owned by corporate insiders.

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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