Rockefeller Capital Management L.P. Buys 167,792 Shares of Chevron Corporation $CVX

Key Points

• Rockefeller Capital Management increased its Chevron stake by 13% in the fourth quarter, buying 167,792 additional shares and bringing its total holdings to 1,456,172 shares worth about $221.9 million.
• Chevron reported better-than-expected earnings of $1.41 per share for the latest quarter, though revenue of $47.56 billion came in below analyst forecasts. Analysts currently see the company earning 15.88 per share for the full year.
• The company recently paid a quarterly dividend of $1.78 per share, equal to a 4.1% annualized yield, while several analysts maintained bullish views with a consensus rating of Moderate Buy and an average price target of $205.70.

Rockefeller Capital Management L.P. grew its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 13.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,456,172 shares of the oil and gas company's stock after purchasing an additional 167,792 shares during the period. Rockefeller Capital Management L.P. owned approximately 0.07% of Chevron worth $221,936,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CVX. Dakota Wealth Management increased its holdings in shares of Chevron by 14.9% in the 4th quarter. Dakota Wealth Management now owns 83,265 shares of the oil and gas company's stock worth $12,690,000 after buying an additional 10,822 shares during the last quarter. Brooklyn FI LLC bought a new position in shares of Chevron in the 3rd quarter valued at about $431,000. Clear Trail Advisors LLC bought a new position in shares of Chevron in the 4th quarter valued at about $10,167,000. Finemark National Bank & Trust grew its position in Chevron by 40.3% in the third quarter. Finemark National Bank & Trust now owns 56,535 shares of the oil and gas company's stock worth $8,779,000 after acquiring an additional 16,243 shares in the last quarter. Finally, Curtis Advisory Group LLC purchased a new position in Chevron in the fourth quarter worth about $1,381,000. 72.42% of the stock is owned by institutional investors.

Chevron Stock Down 0.1%

Shares of NYSE CVX opened at $173.51 on Friday. Chevron Corporation has a 1 year low of $142.40 and a 1 year high of $214.71. The firm has a 50-day simple moving average of $186.63 and a two-hundred day simple moving average of $179.01. The company has a market cap of $345.56 billion, a P/E ratio of 30.07, a PEG ratio of 0.57 and a beta of 0.48. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84.

Chevron (NYSE:CVX - Get Free Report) last released its 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 firm had revenue of $47.56 billion for the quarter, compared to analysts' expectations of $51.86 billion. During the same quarter in the prior year, the firm posted $2.18 earnings per share. The company's quarterly revenue was up 2.1% on a year-over-year basis. Research analysts anticipate that Chevron Corporation will post 15.88 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were given a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron's dividend payout ratio is 123.40%.

Insiders Place Their Bets

In other news, Director John B. Hess sold 380,000 shares of the company's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the transaction, the director directly owned 278,045 shares in the company, valued at approximately $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider R. Hewitt Pate sold 40,200 shares of the firm's stock in a transaction dated 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 completion of the transaction, the insider directly owned 8,638 shares in the company, valued at $1,842,485.40. This represents a 82.31% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 615,200 shares of company stock worth $118,022,760. Insiders own 0.56% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CVX shares. Royal Bank Of Canada restated an "outperform" rating and set a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. Morgan Stanley lifted their target price on Chevron from $212.00 to $214.00 and gave the stock an "overweight" rating in a report on Friday, May 22nd. Wells Fargo & Company boosted their target price on Chevron from $204.00 to $222.00 and gave the company an "overweight" rating in a research report on Thursday, April 9th. UBS Group increased their price target on Chevron from $218.00 to $220.00 and gave the company a "buy" rating in a report on Monday, May 4th. Finally, Piper Sandler raised their price target on Chevron from $179.00 to $242.00 and gave the stock an "overweight" rating in a research report on Thursday, March 12th. Eighteen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Chevron presently has a consensus rating of "Moderate Buy" and an average target price of $205.70.

Chevron 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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