Spinnaker Trust Decreases Stake in Chevron Corporation $CVX

Key Points

• Spinnaker Trust cut its Chevron stake by 12.4% in the fourth quarter, selling 7,058 shares and leaving it with 49,671 shares valued at about $7.57 million. Other institutional investors also made smaller new buys, and institutions now own 72.42% of the stock.
• Wall Street sentiment remains generally constructive, with several firms raising price targets on Chevron. The stock currently carries a consensus rating of “Moderate Buy” and a consensus target price of $205.70.
• Chevron reported stronger-than-expected quarterly earnings of $1.41 per share, beating estimates, while revenue came in below forecasts at $47.56 billion. The company also declared a $1.78 quarterly dividend, equal to an annualized yield of 3.8%.

Spinnaker Trust reduced its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 12.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 49,671 shares of the oil and gas company's stock after selling 7,058 shares during the quarter. Spinnaker Trust's holdings in Chevron were worth $7,570,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CVX. Core Wealth Advisors LLC bought a new stake in shares of Chevron in the 4th quarter worth approximately $26,000. Strategic Wealth Advisors LLC bought a new stake in shares of Chevron in the 4th quarter worth approximately $33,000. Daytona Street Capital LLC bought a new stake in shares of Chevron in the 4th quarter worth approximately $44,000. Maseco LLP bought a new stake in shares of Chevron in the 4th quarter worth approximately $49,000. Finally, Turning Point Benefit Group Inc. bought a new stake in shares of Chevron in the 3rd quarter worth approximately $49,000. 72.42% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on CVX. Barclays lifted their price target on Chevron from $192.00 to $213.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 26th. 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 report on Monday, May 11th. Bank of America lifted their price target on Chevron from $188.00 to $206.00 and gave the company a "buy" rating in a research report on Monday, March 2nd. Morgan Stanley lifted their price target on Chevron from $212.00 to $214.00 and gave the company an "overweight" rating in a research report on Friday, May 22nd. Finally, Piper Sandler lifted 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. 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, Chevron presently has a consensus rating of "Moderate Buy" and a consensus target price of $205.70.

Insider Activity

In related news, insider R. Hewitt Pate sold 40,200 shares of the 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 sale, the insider owned 8,638 shares in the company, valued at approximately $1,842,485.40. This trade represents a 82.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hess sold 380,000 shares of the stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total value of $73,416,000.00. Following the sale, the director owned 278,045 shares of the company's stock, valued at $53,718,294. This represents a 57.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 662,400 shares of company stock valued at $127,090,824 in the last quarter. 0.56% of the stock is currently owned by company insiders.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Escalating Middle East tensions are lifting oil prices and raising the risk of supply disruptions, which could improve Chevron’s realized pricing and earnings. Exxon and Chevron Are Warning That Oil Prices Could Skyrocket in the Coming Weeks. Here's What That Could Mean for Investors.
• Positive Sentiment: Analysts are highlighting Chevron as a beneficiary of the Iran crisis, and one note recently raised the stock’s price target to $230, reflecting confidence in the company’s exposure to stronger crude markets. Here’s Why Chevron (CVX) is Among the 8 Best Natural Resources Stocks to Buy Now
• Neutral Sentiment: Recent commentary also points to Chevron’s underlying production growth as a long-term support factor, even though the latest quarter showed lower year-over-year earnings due to hedge timing effects. Chevron's Earnings Dropped Year Over Year, but Production Surged. Here's What Investors Need to Know.
• Neutral Sentiment: Chevron’s offshore expansion in Guyana and Greece underscores its growth strategy, but the market appears to be focusing more on near-term oil price and geopolitical catalysts today. Chevron Deepens Offshore Bets In Guyana And Greece As Risk Profile Shifts

Chevron Trading Up 1.7%

Shares of NYSE:CVX opened at $185.58 on Tuesday. The company has a market cap of $369.60 billion, a P/E ratio of 32.16, a PEG ratio of 0.60 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 Corporation has a 1 year low of $136.43 and a 1 year high of $214.71. The stock's fifty day moving average price is $191.96 and its 200-day moving average price is $176.04.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share 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 company had revenue of $47.56 billion for the quarter, compared to the consensus estimate of $51.86 billion. During the same quarter in the prior year, the company earned $2.18 earnings per share. Chevron's revenue was up 2.1% on a year-over-year basis. Sell-side analysts expect that Chevron Corporation will post 15.74 earnings per share for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be given a $1.78 dividend. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.8%. Chevron's dividend payout ratio is presently 123.40%.

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.

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.