Empire Life Investments Inc. Trims Stake in Chevron Corporation $CVX

Empire Life Investments Inc. lessened its stake in Chevron Corporation (NYSE:CVX) by 21.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 141,675 shares of the oil and gas company’s stock after selling 39,546 shares during the period. Chevron comprises approximately 1.2% of Empire Life Investments Inc.’s investment portfolio, making the stock its 27th largest holding. Empire Life Investments Inc.’s holdings in Chevron were worth $21,593,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CVX. Dakota Wealth Management increased its position in shares of Chevron by 14.9% during the 4th quarter. Dakota Wealth Management now owns 83,265 shares of the oil and gas company’s stock worth $12,690,000 after purchasing an additional 10,822 shares during the last quarter. Brooklyn FI LLC purchased a new position in Chevron during the third quarter worth about $431,000. Clear Trail Advisors LLC acquired a new stake in shares of Chevron during the fourth quarter valued at about $10,167,000. Finemark National Bank & Trust raised its stake in shares of Chevron by 40.3% in the 3rd quarter. Finemark National Bank & Trust now owns 56,535 shares of the oil and gas company’s stock valued at $8,779,000 after acquiring an additional 16,243 shares during the period. Finally, Curtis Advisory Group LLC purchased a new stake in shares of Chevron in the 4th quarter valued at approximately $1,381,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Higher crude prices and Middle East supply fears are lifting the outlook for oil producers, with several articles naming Chevron as a stock that could benefit if oil prices move higher. 3 Oil Stocks to Buy Before Prices Head Higher
• Positive Sentiment: Reuters reported that Syria selected an offshore block for its first deep-water oil and gas project with Chevron and Qatar’s UCC Holding, which could expand Chevron’s international exploration opportunities if the project advances. Syria selects offshore block for first deep-water oil, gas project with Chevron
• Neutral Sentiment: ADL and JLens urged Chevron shareholders to vote against Proposal 6 at the May 27 annual meeting, highlighting ongoing ESG and geopolitical controversy around the company’s Israel-related operations. ADL and JLens Urge Chevron Shareholders to Vote AGAINST Proposal 6
• Neutral Sentiment: Analysts are debating whether Chevron is still a safe bet after its sharp rally, with some commentary suggesting limited upside from current levels despite the recent strength in oil. Is Chevron a Safe Bet in the Energy Sector?
• Negative Sentiment: Some market commentary argues a drop in oil prices could signal weaker economic demand, which would be a risk for Chevron if crude cools off from recent highs. Here’s Why a Drop in Oil Prices Might Be a Warning Sign for the Economy

Analysts Set New Price Targets

Several analysts recently weighed in on CVX shares. Wells Fargo & Company lifted their target price on shares of Chevron from $204.00 to $222.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. The Goldman Sachs Group restated a “buy” rating and set a $216.00 price target on shares of Chevron in a research note on Wednesday, May 6th. Tudor Pickering raised Chevron from a “hold” rating to a “buy” rating and set a $225.00 price objective for the company in a research note on Thursday, April 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a report on Wednesday, January 21st. Finally, Piper Sandler increased their target price on Chevron from $179.00 to $242.00 and gave the stock an “overweight” rating in a research note on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and an average target price of $204.13.

Insider Activity at Chevron

In other news, insider R. Hewitt Pate sold 58,000 shares of Chevron 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 sale, the insider directly owned 8,558 shares of the company’s stock, valued at approximately $1,614,466.70. The trade was a 87.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John B. Hess sold 195,000 shares of the stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $184.78, for a total value of $36,032,100.00. Following the completion of the transaction, the director directly owned 658,045 shares in the company, valued at $121,593,555.10. This trade represents a 22.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 816,434 shares of company stock worth $154,338,976 over the last ninety days. 0.56% of the stock is currently owned by insiders.

Chevron Stock Up 0.7%

Shares of NYSE CVX opened at $185.95 on Wednesday. The stock has a market cap of $370.33 billion, a P/E ratio of 32.23, a PEG ratio of 0.64 and a beta of 0.51. The business’s fifty day simple moving average is $193.16 and its 200-day simple moving average is $172.71. Chevron Corporation has a 12-month low of $133.77 and a 12-month high of $214.71. 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 (NYSE:CVX) last released its earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $51.86 billion. During the same period in the previous year, the firm posted $2.18 EPS. Chevron’s revenue for the quarter was up 2.1% on a year-over-year basis. As a group, equities analysts predict that Chevron Corporation will post 15.02 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be issued a $1.78 dividend. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $7.12 annualized dividend and a yield of 3.8%. Chevron’s dividend payout ratio (DPR) is 123.40%.

About Chevron

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.