M&T Bank Corp Sells 875,242 Shares of Chevron Corporation $CVX

Key Points

• M&T Bank sold 875,242 Chevron shares in Q4, cutting its position by 92.4% to 72,479 shares worth about $11.05 million at the end of the period.
• Large insider selling has taken place recently — Vice Chairman Mark A. Nelson sold 139,600 shares (~$26.2M) and R. Hewitt Pate sold 58,000 shares (~$10.9M), with insiders offloading 779,407 shares (~$146M) over the last three months.
• Chevron raised its quarterly dividend to $1.78 ($7.12 annual, ~3.8% yield) even as the stock traded down (~1.3% on the day); analysts' consensus is a Moderate Buy with an average target of $198.09.

M&T Bank Corp lowered its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 92.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 72,479 shares of the oil and gas company's stock after selling 875,242 shares during the period. M&T Bank Corp's holdings in Chevron were worth $11,047,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Barlow Wealth Partners LLC grew its position in shares of Chevron by 1.1% in the 4th quarter. Barlow Wealth Partners LLC now owns 5,363 shares of the oil and gas company's stock valued at $869,000 after buying an additional 60 shares during the last quarter. Stone House Investment Management LLC grew its position in shares of Chevron by 6.1% in the 4th quarter. Stone House Investment Management LLC now owns 1,065 shares of the oil and gas company's stock valued at $162,000 after buying an additional 61 shares during the last quarter. TigerOak Management L.L.C. grew its position in shares of Chevron by 0.7% in the 4th quarter. TigerOak Management L.L.C. now owns 9,020 shares of the oil and gas company's stock valued at $1,375,000 after buying an additional 62 shares during the last quarter. Heritage Wealth Management Inc. grew its position in shares of Chevron by 0.3% in the 4th quarter. Heritage Wealth Management Inc. now owns 23,896 shares of the oil and gas company's stock valued at $3,642,000 after buying an additional 62 shares during the last quarter. Finally, Wilkins Miller Wealth Management LLC grew its position in shares of Chevron by 0.7% in the 4th quarter. Wilkins Miller Wealth Management LLC now owns 8,645 shares of the oil and gas company's stock valued at $1,318,000 after buying an additional 63 shares during the last quarter. 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: Wheatstone LNG has fully resumed production after cyclone repairs, restoring expected cash flow from the Australian LNG asset and removing a short-term production drag. Chevron resumes full production at Wheatstone LNG after repairs for cyclone damage
• Positive Sentiment: Chevron says it reached an asset-swap agreement that expands its stake in Venezuelan heavy oil operations — a move that could lift reserves and long-term production potential if implemented. Chevron Corporation (CVX) Expands Stakes in Venezuela Oil Operations
• Positive Sentiment: Warren Buffett’s ongoing stake and commentary on Chevron continue to be cited as a vote of confidence for long-term investors, supporting sentiment versus peers. Deepening Growth Pipeline Sustains Warren Buffett’s Confidence In Chevron (CVX)
• Positive Sentiment: Zacks has highlighted Chevron as a Bull of the Day and it's included in lists of high-flying "old economy" stocks with room to run — analyst attention can help prop up demand in a pullback. Chevron and Avis Budget have been highlighted as Zacks Bull and Bear of the Day
• Neutral Sentiment: Chevron is a trending stock with increased retail and analyst attention; that raises liquidity and volatility but is ambivalent for direction without fresh catalysts. Chevron Corporation (CVX) Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: Venezuelan partner Suelopetrol says it was not informed of Chevron’s reported expansion — a public dispute that raises execution, legal and geopolitical risk around the asset-swap and could delay realization of the announced upside. Suelopetrol says it has not been Informed of Chevron’s (CVX) Expansion at Venezuela Joint Venture
• Negative Sentiment: Zacks preview flags an expected decline in Q1 earnings, which raises the risk of a disappointing release and near-term downside if results or guidance miss. Earnings Preview: Chevron (CVX) Q1 Earnings Expected to Decline
• Negative Sentiment: After a strong YTD rally, articles note a month-long cooldown and profit-taking in big oil names; that broader flow explains part of today’s pullback even without company-specific bad news. Exxon Stock and Chevron Stock Are Up 20%+ YTD – Why the Long Oil Trade Is Stalling Out

Insider Buying and Selling

In other news, Vice Chairman Mark A. Nelson sold 139,600 shares of the business's stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $187.92, for a total value of $26,233,632.00. Following the transaction, the insider directly owned 11,337 shares of the company's stock, valued at $2,130,449.04. The trade was a 92.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider R. Hewitt Pate sold 58,000 shares of the company's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $188.65, for a total value of $10,941,700.00. Following the transaction, the insider directly owned 8,558 shares in the company, valued at approximately $1,614,466.70. This trade represents a 87.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 779,407 shares of company stock worth $145,972,971 over the last three months. Insiders own 0.56% of the company's stock.

Chevron Stock Down 1.3%

Shares of NYSE:CVX opened at $185.13 on Friday. The company has a market capitalization of $368.82 billion, a price-to-earnings ratio of 27.80, a P/E/G ratio of 0.79 and a beta of 0.60. 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 business's 50-day moving average is $192.56 and its 200-day moving average is $170.05. Chevron Corporation has a 1 year low of $133.77 and a 1 year high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, January 30th. The oil and gas company reported $1.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.44 by $0.08. The company had revenue of $45.79 billion for the quarter, compared to the consensus estimate of $48.18 billion. Chevron had a return on equity of 7.89% and a net margin of 6.51%.The firm's revenue was down 10.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.06 EPS. Equities research analysts predict that Chevron Corporation will post 12.49 earnings per share for the current year.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 17th were paid a $1.78 dividend. The ex-dividend date of this dividend was Tuesday, February 17th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.8%. This is a positive change from Chevron's previous quarterly dividend of $1.71. Chevron's dividend payout ratio (DPR) is presently 106.91%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CVX shares. 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 upped their price target on Chevron from $179.00 to $242.00 and gave the company 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 on the stock in a research report on Friday, March 20th. Weiss Ratings reiterated a "hold (c)" rating on shares of Chevron in a research report on Wednesday, January 21st. Finally, Zacks Research upgraded Chevron from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 3rd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Chevron presently has a consensus rating of "Moderate Buy" and an average target price of $198.09.

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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