Bridges Investment Management Inc. Sells 9,864 Shares of Chevron Corporation $CVX

Bridges Investment Management Inc. lessened its stake in shares of Chevron Corporation (NYSE:CVX) by 6.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 140,590 shares of the oil and gas company’s stock after selling 9,864 shares during the period. Bridges Investment Management Inc.’s holdings in Chevron were worth $21,427,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CVX. Vanguard Group Inc. increased its position in Chevron by 17.9% during the 3rd quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company’s stock valued at $28,540,753,000 after buying an additional 27,961,463 shares in the last quarter. Norges Bank bought a new position in Chevron during the 4th quarter valued at approximately $3,727,586,000. State Street Corp increased its position in Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock valued at $23,698,184,000 after buying an additional 12,789,399 shares in the last quarter. Primecap Management Co. CA bought a new position in Chevron during the 3rd quarter valued at approximately $988,083,000. Finally, Northwestern Mutual Wealth Management Co. increased its position in Chevron by 822.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company’s stock valued at $946,658,000 after buying an additional 5,537,580 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

NYSE CVX opened at $187.77 on Wednesday. The business’s fifty day moving average price is $191.96 and its 200-day moving average price is $176.04. The stock has a market capitalization of $373.95 billion, a price-to-earnings ratio of 32.54, a PEG ratio of 0.61 and a beta of 0.48. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. Chevron Corporation has a 1-year low of $136.60 and a 1-year high of $214.71.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.41. The firm 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 was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.18 EPS. On average, equities analysts predict that Chevron Corporation will post 15.74 earnings per share for the current year.

Chevron Announces Dividend

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

Analysts Set New Price Targets

A number of research firms recently weighed in on CVX. BNP Paribas Exane raised Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price objective for the company in a research report on Friday, April 17th. Scotiabank raised their price objective on Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $216.00 price objective on shares of Chevron in a research report on Wednesday, May 6th. TD Cowen upped their price objective on Chevron from $204.00 to $205.00 and gave the company a “hold” rating in a research report on Friday, May 8th. Finally, Tudor Pickering raised Chevron from a “hold” rating to a “buy” rating and set a $225.00 price objective on the stock in a research report on Thursday, April 9th. 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 given a Sell rating to the stock. According to data from MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.70.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 380,000 shares of the company’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 completion of the sale, the director directly owned 278,045 shares in the company, valued at $53,718,294. This represents a 57.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider R. Hewitt Pate sold 40,200 shares of the company’s stock in a transaction on 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 completion of the sale, the insider owned 8,638 shares of the company’s stock, valued at $1,842,485.40. This trade represents a 82.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 662,400 shares of company stock valued at $127,090,824 over the last 90 days. 0.56% of the stock is currently owned by company insiders.

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

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.