Cary Street Partners Financial LLC Has $12.78 Million Holdings in Chevron Corporation $CVX

Cary Street Partners Financial LLC grew its holdings in shares of Chevron Corporation (NYSE:CVX) by 8.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 83,824 shares of the oil and gas company’s stock after acquiring an additional 6,444 shares during the quarter. Cary Street Partners Financial LLC’s holdings in Chevron were worth $12,776,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Strategic Wealth Advisors LLC acquired a new position in shares of Chevron during the 4th quarter worth approximately $33,000. Daytona Street Capital LLC acquired a new position in shares of Chevron during the 4th quarter worth approximately $44,000. Turning Point Benefit Group Inc. acquired a new position in shares of Chevron during the 3rd quarter worth approximately $49,000. Maseco LLP acquired a new position in shares of Chevron during the 4th quarter worth approximately $49,000. Finally, High Point Wealth Management LLC acquired a new position in shares of Chevron during the 4th quarter worth approximately $53,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron began drilling a new well at Egypt’s Narges gas field, a sign it is pushing ahead with production growth in the Eastern Mediterranean and potentially adding future output. Chevron Begins Drilling New Well at Egypt’s Narges Gas Field
• Positive Sentiment: Recent commentary highlighting Chevron CEO Mike Wirth’s warnings about tighter global oil supplies and a possible 1970s-style oil shock could be supportive for CVX, since sustained energy shortages and higher crude prices generally improve upstream producer economics. If Wirth Is Right About a 1970s-Style Oil Crisis, These Retail Stocks Could Take the Biggest Hit This Summer.
• Positive Sentiment: Another set of articles emphasized Chevron’s large production base and strong balance sheet, reinforcing the view that the company can benefit from elevated energy prices and navigate a tighter supply backdrop. Chevron Produces 3 Million Barrels a Day, and Its CEO Says Supply Buffers Are Running Out. Is It Time to Buy?
• Neutral Sentiment: News that proxy advisors recommended voting against certain board-related proposals at Chevron and Exxon Mobil adds governance noise, but it does not appear to be a major near-term operating catalyst. Why Exxon Mobil’s (XOM) Board Proposals Are Drawing Investor Attention
• Negative Sentiment: Reports that Chevron insiders sold about $179 million of stock may weigh on sentiment, as heavy insider selling is often viewed as a cautious signal about the shares’ near-term outlook. Chevron Insiders Sell US$179m Of Stock, Possibly Signalling Caution
• Negative Sentiment: California Governor Gavin Newsom’s public criticism of Chevron and calls for drivers to avoid the brand add political and reputational overhang, though the market impact is likely secondary to oil-price moves. Gavin Newsom warns Californians to ‘avoid Chevron,’ says big oil is ‘making billions off Trump’s Iran war’

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CVX. Citigroup upped their price target on shares of Chevron from $210.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. BNP Paribas Exane raised shares of Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price target for the company in a report on Friday, April 17th. BMO Capital Markets reaffirmed an “outperform” rating and set a $190.00 price target on shares of Chevron in a report on Monday, February 2nd. Sanford C. Bernstein cut their price target on shares of Chevron from $216.00 to $204.00 and set a “market perform” rating for the company in a report on Monday, May 11th. Finally, Bank of America upped their price target on shares of Chevron from $188.00 to $206.00 and gave the stock a “buy” rating in a report on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $204.22.

Insider Activity

In other news, insider R. Hewitt Pate sold 58,000 shares of the firm’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $188.65, for a total transaction of $10,941,700.00. Following the completion of the transaction, the insider owned 8,558 shares of the company’s stock, valued at approximately $1,614,466.70. This trade represents a 87.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Mark A. Nelson sold 139,600 shares of the firm’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $187.92, for a total transaction of $26,233,632.00. Following the transaction, the insider directly owned 11,337 shares of the company’s stock, valued at $2,130,449.04. The trade was a 92.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 1,179,699 shares of company stock valued at $224,675,517. 0.56% of the stock is currently owned by company insiders.

Chevron Price Performance

Shares of NYSE:CVX opened at $191.51 on Tuesday. The company has a market cap of $381.42 billion, a price-to-earnings ratio of 33.19, a PEG ratio of 0.64 and a beta of 0.51. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. The firm has a 50 day simple moving average of $193.43 and a 200 day simple moving average of $175.01. Chevron Corporation has a one year low of $134.06 and a one year high of $214.71.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.00 by $0.41. The business had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.18 EPS. Research analysts predict that Chevron Corporation will post 15.74 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be paid a dividend of $1.78 per share. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.7%. Chevron’s dividend payout ratio (DPR) 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.