Pinnacle Associates Ltd. Has $29.46 Million Stake in Chevron Corporation $CVX

Key Points

• Pinnacle Associates Ltd. trimmed its Chevron stake by 2.9% in the fourth quarter, but still held 193,299 shares valued at about $29.46 million as of the latest filing.
• Wall Street remains broadly positive on Chevron, with an average rating of “Moderate Buy” and an average price target of $204.13; several firms recently reiterated or lifted targets.
• Chevron reported $1.41 EPS for the latest quarter, beating estimates, and also announced a quarterly dividend of $1.78 per share, implying an annualized yield of about 3.8%.

Pinnacle Associates Ltd. decreased its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 2.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 193,299 shares of the oil and gas company's stock after selling 5,769 shares during the quarter. Pinnacle Associates Ltd.'s holdings in Chevron were worth $29,461,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Strategic Wealth Advisors LLC acquired a new stake in Chevron in the fourth quarter valued at approximately $33,000. Daytona Street Capital LLC acquired a new position in Chevron in the 4th quarter worth about $44,000. Turning Point Benefit Group Inc. acquired a new position in Chevron in the 3rd quarter worth about $49,000. Maseco LLP acquired a new position in Chevron in the 4th quarter worth about $49,000. Finally, High Point Wealth Management LLC acquired a new position in Chevron in the 4th quarter worth about $53,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of recent research reports. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $216.00 target price on shares of Chevron in a report on Wednesday, May 6th. Scotiabank lifted their target price on shares of Chevron from $168.00 to $187.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 22nd. Argus set a $203.00 target price on shares of Chevron in a research report on Tuesday, February 3rd. TD Cowen lifted their target price on shares of Chevron from $204.00 to $205.00 and gave the stock a "hold" rating in a research report on Friday, May 8th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $220.00 target price on shares of Chevron in a research report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Chevron presently has an average rating of "Moderate Buy" and an average price target of $204.13.

Chevron Stock Performance

NYSE CVX opened at $185.90 on Thursday. The stock has a fifty day simple moving average of $193.09 and a 200 day simple moving average of $172.92. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $370.24 billion, a price-to-earnings ratio of 32.22, a PEG ratio of 0.63 and a beta of 0.51. Chevron Corporation has a twelve month low of $133.77 and a twelve month high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.41. The company 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%.The firm's quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.18 earnings per share. Sell-side analysts expect that Chevron Corporation will post 15.23 EPS for the current year.

Chevron Dividend Announcement

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

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Analysts and commentators are highlighting Chevron’s strong Q1 output growth, rising production, and improved high-margin oil assets, supporting a more optimistic outlook for 2026. Article Title
• Positive Sentiment: Jim Cramer said he likes Chevron, citing its 3.8% yield, strong cash flow, and what he sees as limited downside. Article Title
• Positive Sentiment: Reports that physical oil shortages may be starting could be a tailwind for Chevron if crude prices stay elevated. Article Title
• Neutral Sentiment: Proxy advisory firms are encouraging shareholders to oppose some board positions ahead of Chevron’s annual meeting, adding governance uncertainty. Article Title
• Neutral Sentiment: Some market commentary says Chevron has already run up sharply, raising valuation questions even as oil fundamentals improve. Article Title
• Negative Sentiment: One recent note argued investors are still focused on spending discipline across the oil sector, which can limit enthusiasm if Chevron’s capital allocation is seen as too aggressive. Article Title

Insider Activity at Chevron

In other news, Director John B. Hess sold 195,000 shares of the stock in a transaction on 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 completion of the sale, the director directly owned 658,045 shares in the company, valued at $121,593,555.10. This represents a 22.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider R. Hewitt Pate sold 40,200 shares of the stock in a transaction on Monday, March 30th. The stock was sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the sale, the insider owned 8,638 shares of the company's stock, valued at approximately $1,842,485.40. This trade represents a 82.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 804,692 shares of company stock valued at $152,174,418 over the last 90 days. 0.56% of the stock is owned by company insiders.

About Chevron

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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