Edgar Lomax Co. VA Reduces Stake in Chevron Corporation $CVX

Edgar Lomax Co. VA lowered its stake in shares of Chevron Corporation (NYSE:CVX) by 19.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 221,587 shares of the oil and gas company’s stock after selling 53,445 shares during the quarter. Chevron accounts for 2.7% of Edgar Lomax Co. VA’s portfolio, making the stock its 15th biggest position. Edgar Lomax Co. VA’s holdings in Chevron were worth $34,410,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of CVX. Vanguard Group Inc. raised its stake in shares of Chevron by 17.9% in the third 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 during the period. Norges Bank purchased a new stake in Chevron in the 2nd quarter worth about $2,721,477,000. Primecap Management Co. CA bought a new stake in Chevron in the 3rd quarter valued at about $988,083,000. Bank of New York Mellon Corp raised its stake in Chevron by 27.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company’s stock valued at $3,047,900,000 after acquiring an additional 4,279,918 shares during the period. Finally, Laurel Wealth Advisors LLC lifted its holdings in Chevron by 14,194.2% during the second quarter. Laurel Wealth Advisors LLC now owns 3,722,217 shares of the oil and gas company’s stock valued at $532,984,000 after purchasing an additional 3,696,177 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity

In other news, CEO Michael K. Wirth sold 272,624 shares of Chevron stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $189.35, for a total transaction of $51,621,354.40. Following the completion of the sale, the chief executive officer directly owned 31,266 shares of the company’s stock, valued at approximately $5,920,217.10. The trade was a 89.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Alana K. Knowles sold 2,408 shares of the company’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $183.28, for a total transaction of $441,338.24. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 1,052,197 shares of company stock worth $187,128,404. Corporate insiders own 0.21% of the company’s stock.

Chevron Price Performance

Chevron stock opened at $189.78 on Friday. The stock has a market cap of $378.68 billion, a price-to-earnings ratio of 28.50, a PEG ratio of 1.87 and a beta of 0.67. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.21. The business has a 50-day simple moving average of $172.58 and a 200 day simple moving average of $160.49. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $191.56.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, January 30th. The oil and gas company reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.08. The firm had revenue of $45.79 billion during the quarter, compared to the consensus estimate of $48.18 billion. Chevron had a return on equity of 7.89% and a net margin of 6.51%.The company’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same quarter last year, the company posted $2.06 EPS. On average, research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 17th will be paid a $1.78 dividend. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a $7.12 dividend on an annualized basis and a yield of 3.8%. This is a boost from Chevron’s previous quarterly dividend of $1.71. Chevron’s dividend payout ratio is presently 106.91%.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Geopolitical-driven oil rally: higher crude and gas prices amid Middle East escalation are lifting energy-sector earnings power and provide a tailwind to Chevron’s integrated margins. Read More.
• Positive Sentiment: Analyst upgrades and price-target raises: several firms have bumped targets and reiterated conviction in CVX’s cash returns (recent headline target lifts push some forecasts above $200), supporting buying interest. Read More.
• Positive Sentiment: Market narrative as “geopolitical insurance”: institutional commentary and coverage are treating majors like Chevron as hedges in a volatile oil backdrop, which attracts risk?off flows into large integrated producers. Read More.
• Positive Sentiment: Dividend increase: Chevron raised its quarterly payout, reinforcing the income case for investors and supporting the stock’s valuation relative to peers. Read More.
• Neutral Sentiment: Bullish commentary and theses: retail and independent outlets have circulated bullish writeups summarizing reasons to buy CVX (scale, cash returns, dividend), which can help sentiment but don’t always move institutional flows on their own. Read More.
• Negative Sentiment: Operational disruption — Leviathan pause: Chevron suspended production at the Leviathan gas field amid regional security orders, creating near?term volume and revenue uncertainty for that asset. Read More.
• Negative Sentiment: Large insider selling: multiple senior executives — including reported multi?million?dollar sales by the CEO and other officers — have disclosed big stock sales in early March, which often triggers short?term caution and profit?taking. Read More.
• Negative Sentiment: Regulatory/political risk: Chevron warned California officials that certain state energy policies could affect refining economics; domestic policy uncertainty can increase volatility and operational constraints. Read More.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CVX. Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a research note on Wednesday, January 21st. Scotiabank reiterated a “sector perform” rating and issued a $168.00 price objective on shares of Chevron in a research note on Friday, January 16th. Sanford C. Bernstein increased their target price on Chevron from $170.00 to $172.00 and gave the stock a “market perform” rating in a research report on Monday, January 5th. Bank of America raised their price target on Chevron from $188.00 to $206.00 and gave the stock a “buy” rating in a report on Monday. Finally, Mizuho lifted their price target on Chevron from $204.00 to $206.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Thirteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, Chevron presently has a consensus rating of “Hold” and an average target price of $178.95.

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.