Chevron Corporation $CVX Holdings Lifted by CIBC Asset Management Inc

CIBC Asset Management Inc raised its holdings in shares of Chevron Corporation (NYSE:CVX) by 2.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 632,439 shares of the oil and gas company’s stock after buying an additional 16,147 shares during the period. CIBC Asset Management Inc’s holdings in Chevron were worth $96,390,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Core Wealth Advisors LLC bought a new stake in Chevron during the fourth quarter worth approximately $26,000. Strategic Wealth Advisors LLC bought a new stake in Chevron during the fourth quarter worth approximately $33,000. Daytona Street Capital LLC bought a new stake in Chevron during the fourth quarter worth approximately $44,000. Turning Point Benefit Group Inc. bought a new stake in Chevron during the third quarter worth approximately $49,000. Finally, Maseco LLP bought a new stake in Chevron during the fourth quarter worth approximately $49,000. 72.42% of the stock is currently owned by institutional investors.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is attracting fresh bullish research coverage, with several reports highlighting its earnings momentum, growth drivers, and valuation appeal. Barclays also raised its price target on Chevron to $213 from $192 while keeping an Equal Weight rating. Top Research Reports for Chevron, Goldman Sachs & Philip Morris
• Positive Sentiment: Chevron applied to join Argentina’s incentive regime for a $13.8 billion unconventional oil project in Vaca Muerta, signaling a major long-term investment that could expand production and future cash flow. Chevron applies for Argentina tax break program with $13.8 billion investment plan
• Positive Sentiment: Recent commentary also points to Chevron’s production growth and offshore expansion strategy, including its completed Hess acquisition in Guyana and new exploration ambitions in Greece, reinforcing the company’s reserve and output growth story. Chevron Deepens Offshore Bets In Guyana And Greece As Risk Profile Shifts

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CVX shares. Bank of America increased 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. Sanford C. Bernstein decreased their price target on Chevron from $216.00 to $204.00 and set a “market perform” rating for the company in a research report on Monday, May 11th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $220.00 price target on shares of Chevron in a research report on Tuesday, May 5th. Wells Fargo & Company increased their price target on Chevron from $204.00 to $222.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. Finally, Argus set a $203.00 price target on Chevron in a research report on Tuesday, February 3rd. One 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 company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $205.70.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 380,000 shares of the firm’s 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 sale, the director directly owned 278,045 shares in the company, valued at approximately $53,718,294. This trade represents a 57.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 value of $8,574,660.00. Following the sale, the insider owned 8,638 shares of the company’s stock, valued at $1,842,485.40. The trade was a 82.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 662,400 shares of company stock valued at $127,090,824 over the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Chevron Trading Up 1.0%

Chevron stock opened at $187.77 on Wednesday. The company has a 50 day moving average price of $191.96 and a 200 day moving average price of $176.04. Chevron Corporation has a 52 week low of $136.60 and a 52 week high of $214.71. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The firm has a market capitalization of $373.95 billion, a price-to-earnings ratio of 32.54, a P/E/G ratio of 0.61 and a beta of 0.48.

Chevron (NYSE:CVX) last announced its quarterly earnings data 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 firm had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. During the same period last year, the company posted $2.18 EPS. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. Research analysts forecast that Chevron Corporation will post 15.74 EPS for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be given 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 3.8%. 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.