PNC Financial Services Group Inc. Sells 114,689 Shares of Chevron Corporation $CVX

Key Points

• PNC Financial Services Group trimmed its Chevron stake by 2.9% in the fourth quarter, selling 114,689 shares but still holding 3.9 million shares valued at about $595.3 million.
• Chevron continues to attract heavy institutional interest, with firms like Vanguard, State Street, and Northern Trust increasing their positions; overall, 72.42% of the stock is owned by hedge funds and other institutions.
• Analyst sentiment remains constructive, with Chevron carrying a Moderate Buy consensus and a target price of $204.13, while the company also recently posted earnings of $1.41 per share and announced a quarterly dividend of $1.78 per share.

PNC Financial Services Group Inc. reduced its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 2.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,906,180 shares of the oil and gas company's stock after selling 114,689 shares during the quarter. PNC Financial Services Group Inc. owned 0.19% of Chevron worth $595,341,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. raised its position in Chevron by 17.9% in the 3rd quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company's stock worth $28,540,753,000 after buying an additional 27,961,463 shares during the last quarter. State Street Corp boosted its holdings in shares of Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock valued at $23,698,184,000 after acquiring an additional 12,789,399 shares during the last quarter. Northern Trust Corp grew its stake in shares of Chevron by 15.3% in the third quarter. Northern Trust Corp now owns 22,724,515 shares of the oil and gas company's stock worth $3,528,890,000 after acquiring an additional 3,007,403 shares during the period. Fisher Asset Management LLC grew its stake in shares of Chevron by 1.6% in the third quarter. Fisher Asset Management LLC now owns 21,152,060 shares of the oil and gas company's stock worth $3,284,704,000 after acquiring an additional 325,255 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Chevron by 27.9% during the third quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company's stock valued at $3,047,900,000 after purchasing an additional 4,279,918 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CVX has been the topic of a number of research analyst reports. Piper Sandler increased their price objective on shares of Chevron from $179.00 to $242.00 and gave the company an "overweight" rating in a research report on Thursday, March 12th. BMO Capital Markets reiterated an "outperform" rating and set a $190.00 target price on shares of Chevron in a research note on Monday, February 2nd. Melius Research raised Chevron from a "hold" rating to a "buy" rating and set a $205.00 price target on the stock in a report on Tuesday, February 17th. Sanford C. Bernstein dropped their price target on Chevron from $216.00 to $204.00 and set a "market perform" rating on the stock in a research note on Monday, May 11th. Finally, Wells Fargo & Company lifted their price objective on Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a report on Thursday, April 9th. One equities research 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 issued a Sell rating to the company. According to MarketBeat, Chevron has a consensus rating of "Moderate Buy" and a consensus target price of $204.13.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Wall Street commentary has turned more upbeat on Chevron, with Zacks noting rising earnings estimate revisions and arguing that CVX could keep moving higher in the near term. Article Title
• Positive Sentiment: Chevron was highlighted as a long-term blue-chip idea, reinforcing the view that the company remains attractive for dividend and energy investors. Article Title
• Positive Sentiment: Chevron also drew unusually heavy call-option buying, suggesting traders are positioning for more upside in the near term. Article Title
• Positive Sentiment: Chevron agreed to sell a stake in its Asia-Pacific refining business to Japan’s Eneos for $2.2 billion, a move that can help streamline operations and raise cash. Article Title
• Neutral Sentiment: Several articles framed Chevron as a stock to watch or a “hold” at current levels, which does not point to a major fundamental surprise but helps explain continued investor focus. Article Title
• Neutral Sentiment: Coverage around Berkshire Hathaway trimming its Chevron stake created headlines, but the broader message was that Berkshire still appears committed to the company despite the sale. Article Title
• Negative Sentiment: Buffett-related reports that Berkshire Hathaway sold the largest chunk of Chevron in its Q1 stock trimming campaign may create some pressure, since investors often read Berkshire’s moves as a cautionary signal. Article Title

Chevron Stock Up 0.6%

CVX opened at $197.38 on Wednesday. The stock has a market cap of $393.11 billion, a price-to-earnings ratio of 34.21, a price-to-earnings-growth ratio of 0.66 and a beta of 0.51. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The firm's fifty day moving average is $193.41 and its 200 day moving average is $173.98. Chevron Corporation has a fifty-two week low of $133.77 and a fifty-two week high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business had revenue of $47.56 billion for the quarter, compared to analysts' expectations of $51.86 billion. During the same period last year, the firm earned $2.18 earnings per share. The business's quarterly revenue was up 2.1% on a year-over-year basis. On average, sell-side analysts forecast that Chevron Corporation will post 15.43 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm 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 dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, May 19th. Chevron's dividend payout ratio (DPR) is 123.40%.

Insider Activity at Chevron

In other Chevron news, Vice Chairman Mark A. Nelson sold 139,600 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, the insider owned 11,337 shares in the company, valued at $2,130,449.04. This trade represents a 92.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Andrew Benjamin Walz sold 11,600 shares of the company's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $188.58, for a total value of $2,187,528.00. The SEC filing for this sale provides additional information. Insiders have sold 799,699 shares of company stock worth $151,259,517 in the last three months. Corporate insiders own 0.56% of the company's stock.

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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