Spinnaker Trust Sells 7,058 Shares of Chevron Corporation $CVX

Spinnaker Trust decreased its holdings in Chevron Corporation (NYSE:CVX) by 12.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 49,671 shares of the oil and gas company’s stock after selling 7,058 shares during the period. Spinnaker Trust’s holdings in Chevron were worth $7,570,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Core Wealth Advisors LLC bought a new stake in Chevron during the 4th quarter valued at $26,000. Strategic Wealth Advisors LLC bought a new stake in Chevron during the 4th quarter valued at $33,000. Daytona Street Capital LLC bought a new stake in Chevron during the 4th quarter valued at $44,000. Maseco LLP bought a new stake in Chevron during the 4th quarter valued at $49,000. Finally, Turning Point Benefit Group Inc. bought a new stake in Chevron during the 3rd quarter valued at $49,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity at Chevron

In other news, insider R. Hewitt Pate sold 47,200 shares of the firm’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $192.12, for a total transaction of $9,068,064.00. Following the completion of the transaction, the insider directly owned 8,558 shares in the company, valued at $1,644,162.96. This trade represents a 84.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John B. Hess sold 380,000 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total value of $73,416,000.00. Following the transaction, the director owned 278,045 shares of the company’s stock, valued at approximately $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 662,400 shares of company stock valued at $127,090,824 over the last quarter. 0.56% of the stock is currently owned by company insiders.

Chevron Stock Performance

NYSE CVX opened at $185.58 on Tuesday. The stock has a market capitalization of $369.60 billion, a price-to-earnings ratio of 32.16, a PEG ratio of 0.60 and a beta of 0.48. Chevron Corporation has a twelve month low of $136.43 and a twelve 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. The stock has a 50-day moving average of $191.96 and a 200 day moving average of $176.04.

Chevron (NYSE:CVX) last announced its earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating 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 business had revenue of $47.56 billion during the quarter, compared to analysts’ expectations of $51.86 billion. During the same quarter in the prior year, the firm earned $2.18 earnings per share. The business’s revenue was up 2.1% compared to the same quarter last year. Sell-side analysts anticipate that Chevron Corporation will post 15.74 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be given a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 3.8%. The ex-dividend date is Tuesday, May 19th. Chevron’s dividend payout ratio is presently 123.40%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CVX shares. Scotiabank lifted their target price on Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. BMO Capital Markets reissued an “outperform” rating and issued a $190.00 price target on shares of Chevron in a research report on Monday, February 2nd. HSBC raised 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. BNP Paribas Exane raised Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price target for the company in a research report on Friday, April 17th. Finally, Melius Research raised Chevron from a “hold” rating to a “buy” rating and set a $205.00 price target for the company in a research report on Tuesday, February 17th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.70.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Escalating Middle East tensions are lifting oil prices and raising the risk of supply disruptions, which could improve Chevron’s realized pricing and earnings. Exxon and Chevron Are Warning That Oil Prices Could Skyrocket in the Coming Weeks. Here’s What That Could Mean for Investors.
• Positive Sentiment: Analysts are highlighting Chevron as a beneficiary of the Iran crisis, and one note recently raised the stock’s price target to $230, reflecting confidence in the company’s exposure to stronger crude markets. Here’s Why Chevron (CVX) is Among the 8 Best Natural Resources Stocks to Buy Now
• Neutral Sentiment: Recent commentary also points to Chevron’s underlying production growth as a long-term support factor, even though the latest quarter showed lower year-over-year earnings due to hedge timing effects. Chevron’s Earnings Dropped Year Over Year, but Production Surged. Here’s What Investors Need to Know.
• Neutral Sentiment: Chevron’s offshore expansion in Guyana and Greece underscores its growth strategy, but the market appears to be focusing more on near-term oil price and geopolitical catalysts today. Chevron Deepens Offshore Bets In Guyana And Greece As Risk Profile Shifts

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.