Maple Capital Management Inc. Increases Holdings in Chevron Corporation $CVX

Key Points

• Maple Capital Management Inc. raised its stake in Chevron Corporation by 2.7%, now holding 162,849 shares valued at approximately $27.24 million.
• Insider selling occurred with VP Alana K. Knowles and Director John B. Hess reducing their stakes significantly, indicating potential shifts within the company's leadership.
• The latest earnings report showed Chevron beating earnings expectations with a reported EPS of $1.77, despite a 12.4% year-over-year revenue decline.

Maple Capital Management Inc. increased its stake in Chevron Corporation (NYSE:CVX - Free Report) by 2.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 162,849 shares of the oil and gas company's stock after purchasing an additional 4,226 shares during the quarter. Chevron comprises about 2.1% of Maple Capital Management Inc.'s holdings, making the stock its 20th largest position. Maple Capital Management Inc.'s holdings in Chevron were worth $27,243,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in CVX. Bank Pictet & Cie Europe AG grew its position in shares of Chevron by 7.9% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock valued at $5,212,000 after purchasing an additional 2,641 shares in the last quarter. Quadcap Wealth Management LLC grew its position in shares of Chevron by 1.6% in the fourth quarter. Quadcap Wealth Management LLC now owns 19,221 shares of the oil and gas company's stock valued at $2,784,000 after purchasing an additional 294 shares in the last quarter. ProShare Advisors LLC grew its position in shares of Chevron by 11.0% in the fourth quarter. ProShare Advisors LLC now owns 1,699,478 shares of the oil and gas company's stock valued at $246,152,000 after purchasing an additional 168,788 shares in the last quarter. Polar Asset Management Partners Inc. purchased a new position in shares of Chevron in the fourth quarter valued at $24,043,000. Finally, Rockbridge Capital Management LLC purchased a new position in shares of Chevron in the fourth quarter valued at $390,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares of the company's stock, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John B. Hess sold 375,000 shares of the business's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value 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 approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company's stock.

Chevron Trading Up 0.3%

Shares of CVX stock opened at $158.26 on Friday. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The business has a 50-day moving average price of $154.49 and a two-hundred day moving average price of $148.88. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The firm has a market cap of $273.47 billion, a P/E ratio of 20.37, a price-to-earnings-growth ratio of 1.99 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same quarter in the previous year, the company posted $2.55 earnings per share. The company's revenue was down 12.4% compared to the same quarter last year. Equities analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were paid a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.3%. Chevron's payout ratio is 88.03%.

Analyst Ratings Changes

CVX has been the subject of several research analyst reports. Evercore ISI reissued an "outperform" rating and set a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. TD Cowen lifted their price objective on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research note on Monday, August 4th. Piper Sandler lifted their price objective on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Scotiabank reissued a "sector perform" rating and set a $160.00 price objective (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. Finally, Raymond James Financial reissued an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Chevron has a consensus rating of "Hold" and an average target price of $164.80.

Chevron 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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