Madison Asset Management LLC Boosts Stake in Chevron Corporation $CVX

Key Points

• Madison Asset Management increased its Chevron stake by 32.3% in the fourth quarter, adding 39,026 shares to bring its total to 159,868 shares worth about $24.4 million.
• Several other institutional investors also raised their Chevron positions, and hedge funds now own 72.42% of the company’s stock.
• Chevron reported quarterly EPS of $1.41, beating analyst estimates, while analysts remain broadly positive with a Moderate Buy consensus and an average price target of $204.13.

Madison Asset Management LLC grew its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 32.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 159,868 shares of the oil and gas company's stock after acquiring an additional 39,026 shares during the quarter. Madison Asset Management LLC's holdings in Chevron were worth $24,365,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CVX. Patrick M Sweeney & Associates Inc. increased its holdings in shares of Chevron by 6.6% in the 4th quarter. Patrick M Sweeney & Associates Inc. now owns 3,989 shares of the oil and gas company's stock worth $608,000 after buying an additional 247 shares during the last quarter. West Tower Group LLC bought a new stake in shares of Chevron during the 4th quarter worth $274,000. Community Bank N.A. grew its position in Chevron by 1.8% in the fourth quarter. Community Bank N.A. now owns 34,302 shares of the oil and gas company's stock worth $5,228,000 after acquiring an additional 605 shares in the last quarter. World Investment Advisors grew its position in Chevron by 24.2% in the fourth quarter. World Investment Advisors now owns 85,213 shares of the oil and gas company's stock worth $12,987,000 after acquiring an additional 16,596 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al increased its stake in Chevron by 2.9% in the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 215,871 shares of the oil and gas company's stock valued at $32,901,000 after acquiring an additional 6,100 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Buying and Selling

In other Chevron news, insider R. Hewitt Pate sold 58,000 shares of the business's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $188.65, for a total value of $10,941,700.00. Following the transaction, the insider owned 8,558 shares in the company, valued at approximately $1,614,466.70. The trade was a 87.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Hess sold 195,000 shares of the company's stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $184.78, for a total transaction of $36,032,100.00. Following the transaction, the director directly owned 658,045 shares of the company's stock, valued at approximately $121,593,555.10. This trade represents a 22.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 816,434 shares of company stock valued at $154,338,976 over the last quarter. Company insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CVX. JPMorgan Chase & Co. upgraded Chevron from a "neutral" rating to an "overweight" rating and set a $176.00 price target on the stock in a research report on Tuesday, January 20th. Piper Sandler increased their price objective on Chevron from $179.00 to $242.00 and gave the company an "overweight" rating in a research report on Thursday, March 12th. Bank of America raised their price objective on Chevron from $188.00 to $206.00 and gave the company a "buy" rating in a report on Monday, March 2nd. BNP Paribas Exane upgraded Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 target price for the company in a research report on Friday, April 17th. Finally, Wells Fargo & Company increased their price target on shares of Chevron from $204.00 to $222.00 and gave the company an "overweight" rating in a research report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Chevron currently has an average rating of "Moderate Buy" and a consensus target price of $204.13.

Chevron Trading Up 0.7%

NYSE CVX opened at $185.95 on Wednesday. Chevron Corporation has a 1-year low of $133.77 and a 1-year high of $214.71. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The stock has a 50-day moving average of $193.16 and a 200-day moving average of $172.71. The firm has a market cap of $370.33 billion, a PE ratio of 32.23, a price-to-earnings-growth ratio of 0.64 and a beta of 0.51.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.41. The business had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.Chevron's revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the company earned $2.18 EPS. As a group, sell-side analysts forecast that Chevron Corporation will post 15.02 EPS for the current year.

Chevron Announces Dividend

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

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Higher crude prices and Middle East supply fears are lifting the outlook for oil producers, with several articles naming Chevron as a stock that could benefit if oil prices move higher. 3 Oil Stocks to Buy Before Prices Head Higher
• Positive Sentiment: Reuters reported that Syria selected an offshore block for its first deep-water oil and gas project with Chevron and Qatar’s UCC Holding, which could expand Chevron’s international exploration opportunities if the project advances. Syria selects offshore block for first deep-water oil, gas project with Chevron
• Neutral Sentiment: ADL and JLens urged Chevron shareholders to vote against Proposal 6 at the May 27 annual meeting, highlighting ongoing ESG and geopolitical controversy around the company’s Israel-related operations. ADL and JLens Urge Chevron Shareholders to Vote AGAINST Proposal 6
• Neutral Sentiment: Analysts are debating whether Chevron is still a safe bet after its sharp rally, with some commentary suggesting limited upside from current levels despite the recent strength in oil. Is Chevron a Safe Bet in the Energy Sector?
• Negative Sentiment: Some market commentary argues a drop in oil prices could signal weaker economic demand, which would be a risk for Chevron if crude cools off from recent highs. Here's Why a Drop in Oil Prices Might Be a Warning Sign for the Economy

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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