Chevron Corporation (NYSE:CVX) Shares Purchased by TCTC Holdings LLC

Key Points

• TCTC Holdings LLC increased its stake in Chevron by 5.9%, owning a total of 51,878 shares worth approximately $8.68 million after acquiring 2,898 additional shares.
• Institutional investors own 72.42% of Chevron's stock, with notable increases from firms like GAMMA Investing LLC increasing their position by 21,191.5% during the first quarter.
• Chevron's most recent quarterly earnings report showed $2.18 EPS, exceeding expectations, but with a 2.3% decline in revenue year-over-year.

TCTC Holdings LLC boosted its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 5.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 51,878 shares of the oil and gas company's stock after acquiring an additional 2,898 shares during the period. TCTC Holdings LLC's holdings in Chevron were worth $8,679,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in shares of Chevron by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock valued at $5,247,142,000 after acquiring an additional 392,916 shares in the last quarter. Northern Trust Corp raised its stake in shares of Chevron by 7.3% in the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock valued at $2,965,135,000 after acquiring an additional 1,394,091 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Chevron by 0.5% in the fourth quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company's stock valued at $2,502,850,000 after acquiring an additional 79,917 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Chevron by 1.3% in the fourth quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company's stock valued at $2,421,564,000 after acquiring an additional 211,023 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Chevron by 6.9% in the fourth quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company's stock valued at $2,176,579,000 after acquiring an additional 964,426 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CVX. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a research note on Friday. TD Cowen dropped their target price on Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a report on Monday, May 5th. HSBC lowered Chevron from a "buy" rating to a "hold" rating and dropped their target price for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. Wells Fargo & Company reissued an "overweight" rating and issued a $178.00 target price on shares of Chevron in a report on Friday. Finally, Redburn Atlantic reissued a "sell" rating and issued a $124.00 target price (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Three analysts have rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $163.18.

Chevron Stock Performance

CVX traded up $0.03 during trading on Friday, reaching $151.67. The company's stock had a trading volume of 7,760,854 shares, compared to its average volume of 9,476,183. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company's fifty day moving average price is $146.57 and its 200-day moving average price is $148.90. The company has a market capitalization of $264.87 billion, a price-to-earnings ratio of 17.35, a price-to-earnings-growth ratio of 2.42 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The company had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same quarter in the previous year, the company earned $2.55 EPS. The firm's revenue for the quarter was down 12.4% compared to the same quarter last year. On average, equities analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.