Choate Investment Advisors Raises Holdings in Chevron Corporation $CVX

Choate Investment Advisors raised its position in shares of Chevron Corporation (NYSE:CVX) by 9.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 34,538 shares of the oil and gas company’s stock after buying an additional 3,069 shares during the period. Choate Investment Advisors’ holdings in Chevron were worth $5,264,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Sandy Cove Advisors LLC boosted its position in shares of Chevron by 11.3% during the fourth quarter. Sandy Cove Advisors LLC now owns 2,691 shares of the oil and gas company’s stock worth $410,000 after buying an additional 274 shares during the period. 44 Wealth Management LLC boosted its position in shares of Chevron by 19.0% during the fourth quarter. 44 Wealth Management LLC now owns 12,751 shares of the oil and gas company’s stock worth $1,943,000 after buying an additional 2,032 shares during the period. CYBER HORNET ETFs LLC boosted its position in shares of Chevron by 5.1% during the fourth quarter. CYBER HORNET ETFs LLC now owns 5,774 shares of the oil and gas company’s stock worth $880,000 after buying an additional 282 shares during the period. Clearstead Advisors LLC boosted its position in shares of Chevron by 4.8% during the fourth quarter. Clearstead Advisors LLC now owns 170,540 shares of the oil and gas company’s stock worth $25,992,000 after buying an additional 7,764 shares during the period. Finally, Churchill Financial Advisors LLC purchased a new position in shares of Chevron during the fourth quarter worth $3,593,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Chevron news, CEO Michael K. Wirth sold 272,624 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer directly owned 31,266 shares in the company, valued at $5,920,217.10. This trade represents a 89.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John B. Hess sold 380,000 shares of the firm’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the completion of the sale, the director owned 278,045 shares in the company, valued at approximately $53,718,294. This represents a 57.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,179,699 shares of company stock valued at $224,675,517 over the last 90 days. 0.56% of the stock is currently owned by corporate insiders.

Chevron Stock Up 0.0%

Shares of NYSE CVX opened at $191.51 on Monday. The stock has a market cap of $381.42 billion, a P/E ratio of 33.19, a PEG ratio of 0.64 and a beta of 0.51. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. Chevron Corporation has a 12-month low of $134.06 and a 12-month high of $214.71. The business’s fifty day simple moving average is $193.54 and its 200-day simple moving average is $174.75.

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

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be paid 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 3.7%. Chevron’s dividend payout ratio (DPR) is currently 123.40%.

Analysts Set New Price Targets

CVX has been the subject of several research analyst reports. Citigroup raised their price target on Chevron from $210.00 to $235.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $215.00 price target for the company in a research report on Friday, March 20th. Barclays raised their price target on Chevron from $180.00 to $192.00 and gave the stock an “equal weight” rating in a research report on Monday, May 4th. Wall Street Zen upgraded Chevron from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Finally, Melius Research upgraded Chevron from a “hold” rating to a “buy” rating and set a $205.00 price objective on the stock in a research note on Tuesday, February 17th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $204.22.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: WTI crude above $95 per barrel is lifting Permian oil and associated gas economics, which should be a tailwind for Chevron’s upstream earnings and cash flow. More Gas Per Barrel of Oil: A Growth Lever for Permian Operators
• Positive Sentiment: Morgan Stanley raised its price target on Chevron to $214 from $212 and reiterated an overweight rating, signaling continued Wall Street confidence in the stock’s upside. Benzinga / The Fly analyst update
• Positive Sentiment: Chevron’s planned participation in a Bernstein conference next week keeps investor attention on management commentary and strategic updates. Chevron to Participate in Fireside Q&A at Bernstein 42nd Annual Strategic Decisions Conference
• Positive Sentiment: Chevron’s new next-generation Techron gasoline additive may help support brand strength and retail fuel performance over time. Chevron Introduces Next-gen Techron in U.S. Chevron and Texaco Gasolines
• Positive Sentiment: Chevron stands to receive about $2.17 billion from the sale of several Asia Pacific refining and retail assets to Eneos, which supports balance-sheet flexibility and portfolio simplification. Chevron Corporation (CVX) Poised for $2.17B Boost from Asia Pacific Asset Sale

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.