Welch & Forbes LLC Has $62.14 Million Holdings in Chevron Corporation $CVX

Key Points

• Welch & Forbes LLC trimmed its Chevron stake by 1.8% in the fourth quarter, though it still held 407,695 shares valued at about $62.14 million.
• Chevron reported Q1 earnings of $1.41 per share, beating analyst expectations, but revenue of $47.56 billion came in below forecasts. The company also posted year-over-year revenue growth of 2.1%.
• The company declared a quarterly dividend of $1.78 per share, equal to an annualized yield of 3.9%, while analysts currently rate the stock Moderate Buy with a consensus price target of $205.70.

Welch & Forbes LLC lessened its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 1.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 407,695 shares of the oil and gas company's stock after selling 7,513 shares during the quarter. Welch & Forbes LLC's holdings in Chevron were worth $62,137,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Chevron by 17.9% during 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 period. State Street Corp increased its holdings in 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 worth $23,698,184,000 after purchasing an additional 12,789,399 shares in the last quarter. Geode Capital Management LLC increased its holdings in Chevron by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company's stock worth $6,620,187,000 after purchasing an additional 134,890 shares in the last quarter. Norges Bank bought a new position in Chevron during the 4th quarter worth about $3,727,586,000. Finally, Northern Trust Corp increased its holdings in Chevron by 15.3% during the 3rd quarter. Northern Trust Corp now owns 22,724,515 shares of the oil and gas company's stock worth $3,528,890,000 after purchasing an additional 3,007,403 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the transaction, the director owned 278,045 shares in the company, valued at approximately $53,718,294. This trade 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 this hyperlink. Also, CEO Michael K. Wirth sold 272,624 shares of Chevron stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $189.35, for a total value of $51,621,354.40. Following the transaction, the chief executive officer owned 31,266 shares of the company's stock, valued at $5,920,217.10. The trade was a 89.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,144,224 shares of company stock valued at $218,075,038 in the last three months. Corporate insiders own 0.56% of the company's stock.

Chevron Price Performance

Shares of NYSE CVX opened at $182.44 on Friday. The stock has a market capitalization of $363.34 billion, a price-to-earnings ratio of 31.62, a PEG ratio of 0.60 and a beta of 0.51. The business has a 50-day moving average of $192.27 and a 200-day moving average of $175.69. 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 fifty-two week low of $135.21 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, topping 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 during the quarter, compared to analysts' expectations of $51.86 billion. During the same quarter last year, the company posted $2.18 earnings per share. Chevron's quarterly revenue was up 2.1% on a year-over-year basis. As a group, sell-side analysts predict that Chevron Corporation will post 15.74 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be issued a dividend of $1.78 per share. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.9%. Chevron's dividend payout ratio (DPR) is presently 123.40%.

Analyst Ratings Changes

CVX has been the subject of a number of research reports. Sanford C. Bernstein lowered their target price on Chevron from $216.00 to $204.00 and set a "market perform" rating for the company in a report on Monday, May 11th. Piper Sandler increased their target price on Chevron from $179.00 to $242.00 and gave the stock an "overweight" rating in a report on Thursday, March 12th. Royal Bank Of Canada reiterated an "outperform" rating and set a $220.00 target price on shares of Chevron in a report on Tuesday, May 5th. Melius Research upgraded Chevron from a "hold" rating to a "buy" rating and set a $205.00 target price for the company in a report on Tuesday, February 17th. Finally, Citigroup increased their target price on Chevron from $210.00 to $235.00 and gave the stock a "buy" rating in a report on Thursday, April 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $205.70.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron CEO Mike Wirth warned that attacks on ships in the Strait of Hormuz highlight “very real” supply risks, reinforcing the case for tighter oil markets and potentially higher prices for Chevron’s production. Ships Attacked in Strait of Hormuz This Week, Chevron Says
• Positive Sentiment: Chevron and Exxon executives also warned that falling inventories could push oil higher, which would likely support Chevron’s cash flow and earnings if crude prices continue rising. Exxon, Chevron heads warn of higher oil prices amid falling inventories
• Positive Sentiment: Chevron filed to take a 70% stake in a Greek offshore gas block, signaling continued international expansion and a larger long-term resource base. Chevron files request to acquire offshore Greek block, energy ministry says
• Positive Sentiment: Chevron said it will not pay a toll to move ships through Hormuz, showing it is holding firm on operational and geopolitical terms while the region remains volatile. Chevron won't pay toll to move ships through Hormuz, CEO tells Bloomberg TV
• Neutral Sentiment: Chevron announced Scott A. Keller will become general counsel, while current chief legal officer R. Hewitt Pate’s retirement is expected later, a routine leadership transition with limited near-term operating impact. Chevron Names New General Counsel
• Neutral Sentiment: Market commentary and investor-interest pieces suggest Chevron remains on traders’ radar, but these items do not add major new fundamentals by themselves. Chevron Corporation (CVX) is Attracting Investor Attention: Here is What You Should Know
• Negative Sentiment: Oil prices softened on hopes for a U.S.-Iran truce extension, which could ease supply fears and weigh on Chevron shares if crude remains under pressure. Oil Prices Soften as Traders Bet on Renewal of US-Iran Truce
• Negative Sentiment: Draft ceasefire and shipping-normalization talks around the Strait of Hormuz could reduce the geopolitical risk premium embedded in oil prices, which may cap near-term upside for CVX. U.S. and Iran Reach Draft 60-Day Ceasefire and Nuclear Talks Framework Pending Trump Approval

Chevron Company 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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