Eastern Bank Sells 52,780 Shares of Chevron Corporation $CVX

Eastern Bank decreased its position in shares of Chevron Corporation (NYSE:CVX) by 44.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 65,775 shares of the oil and gas company’s stock after selling 52,780 shares during the period. Eastern Bank’s holdings in Chevron were worth $10,214,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of CVX. Perigon Wealth Management LLC lifted its stake in shares of Chevron by 19.3% in the 3rd quarter. Perigon Wealth Management LLC now owns 73,448 shares of the oil and gas company’s stock valued at $11,406,000 after purchasing an additional 11,875 shares during the period. New York State Teachers Retirement System increased its holdings in Chevron by 15.3% in the third quarter. New York State Teachers Retirement System now owns 1,620,231 shares of the oil and gas company’s stock valued at $251,606,000 after purchasing an additional 215,345 shares during the last quarter. Solitude Financial Services lifted its stake in Chevron by 8.2% in the second quarter. Solitude Financial Services now owns 25,325 shares of the oil and gas company’s stock valued at $3,626,000 after buying an additional 1,913 shares during the period. Pictet North America Advisors SA bought a new position in Chevron during the third quarter worth about $5,662,000. Finally, Shell Asset Management Co. grew its position in shares of Chevron by 21.4% during the 2nd quarter. Shell Asset Management Co. now owns 51,115 shares of the oil and gas company’s stock worth $7,319,000 after buying an additional 9,002 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Chevron

In other news, insider Alana K. Knowles sold 7,956 shares of Chevron stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $165.05, for a total value of $1,313,137.80. Following the sale, the insider directly owned 1,207 shares in the company, valued at $199,215.35. This trade represents a 86.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael K. Wirth sold 320,700 shares of the business’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $162.99, for a total transaction of $52,270,893.00. Following the completion of the sale, the chief executive officer directly owned 14,450 shares in the company, valued at approximately $2,355,205.50. This represents a 95.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 631,990 shares of company stock valued at $99,716,808 over the last quarter. Insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on CVX shares. Raymond James Financial reiterated an “outperform” rating and issued a $160.00 price target (down from $170.00) on shares of Chevron in a research report on Friday, October 17th. Scotiabank increased their target price on shares of Chevron from $160.00 to $165.00 and gave the stock a “sector perform” rating in a report on Thursday, October 9th. Hsbc Global Res raised shares of Chevron from a “hold” rating to a “strong-buy” rating in a report on Monday, December 1st. UBS Group reaffirmed a “buy” rating on shares of Chevron in a research note on Monday, December 1st. Finally, Citigroup decreased their target price on Chevron from $185.00 to $179.00 and set a “buy” rating for the company in a research note on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $167.14.

Chevron Price Performance

CVX stock opened at $163.66 on Wednesday. The stock has a 50-day moving average price of $152.68 and a two-hundred day moving average price of $153.82. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The stock has a market cap of $329.53 billion, a PE ratio of 23.02, a price-to-earnings-growth ratio of 10.20 and a beta of 0.70. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. The company had revenue of $48.17 billion for the quarter, compared to analyst estimates of $46.99 billion. Chevron had a return on equity of 8.74% and a net margin of 6.57%.The company’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.48 earnings per share. Equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Tuesday, November 18th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $6.84 dividend on an annualized basis and a yield of 4.2%. Chevron’s dividend payout ratio is 96.20%.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is in talks to expand its oil license in Venezuela, positioning the company to increase production access in a large, underdeveloped hydrocarbon basin if negotiations succeed. Chevron (CVX) in Talks to Expand Oil License in Venezuela
• Positive Sentiment: Analysts and outlets highlight Chevron as a high-yield energy pick as oil rallies, which supports the stock as an income play and can attract dividend-seeking investors. Oil Is Surging Over $60 – Grab These Large Cap High-Yield Dividend Energy Giants Now
• Positive Sentiment: Fund manager Stephanie Link publicly added to Chevron on CNBC, a visible vote of confidence that can prompt follow-on buying from institutional and retail investors. Trade Tracker: Stephanie Link buys more Chevron
• Positive Sentiment: Chevron says accelerating Venezuelan crude exports could unlock up to ~$700M in annual cash flow by easing storage bottlenecks — a tangible near-term earnings/cash-flow catalyst if realized. Chevron Bets on Venezuela Oil to Unlock Up to $700M in Cash Flow
• Neutral Sentiment: Chevron is reported as part of a bidding/partnership group among frontrunners for Lukoil’s global assets — a move that could expand reserves and international scale but faces regulatory, sanction and execution uncertainty. Carlyle, Chevron-Quantum partnership among frontrunners for Lukoil assets, sources say
• Neutral Sentiment: Coverage pieces (Undercovered Dozen, Dogs of the Dow lists) raise visibility among value/dividend investors but are not immediate operational catalysts. Undercovered Dozen: Chevron, Coherent, Barrick Mining And More The Dogs of the Dow: 10 Downtrodden Dividends Paying Out Up to 6.8%
• Negative Sentiment: Geopolitical instability in Venezuela (reports of violence and U.S. involvement) raises operational, reputational and legal risks for expanding activity there; any deterioration could disrupt projects or trigger sanctions concerns. How Chevron played the long game for Venezuela’s oil reserves Defense Stocks Surge As The U.S. Reasserts Power In Latin America

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.