Perennial Investment Advisors LLC Acquires 6,670 Shares of Chevron Corporation $CVX

Perennial Investment Advisors LLC raised its holdings in Chevron Corporation (NYSE:CVX) by 50.2% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 19,958 shares of the oil and gas company’s stock after acquiring an additional 6,670 shares during the quarter. Perennial Investment Advisors LLC’s holdings in Chevron were worth $3,099,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Vishria Bird Financial Group LLC raised its holdings in Chevron by 1.2% during the third quarter. Vishria Bird Financial Group LLC now owns 5,285 shares of the oil and gas company’s stock worth $821,000 after acquiring an additional 65 shares in the last quarter. Nexus Investment Management ULC increased its position in shares of Chevron by 0.9% during the 3rd quarter. Nexus Investment Management ULC now owns 7,641 shares of the oil and gas company’s stock worth $1,187,000 after purchasing an additional 65 shares during the last quarter. Scott & Selber Inc. raised its stake in shares of Chevron by 0.5% during the 3rd quarter. Scott & Selber Inc. now owns 13,391 shares of the oil and gas company’s stock worth $2,079,000 after purchasing an additional 65 shares in the last quarter. White Knight Strategic Wealth Advisors LLC boosted its holdings in shares of Chevron by 3.0% in the 2nd quarter. White Knight Strategic Wealth Advisors LLC now owns 2,230 shares of the oil and gas company’s stock valued at $319,000 after buying an additional 65 shares during the last quarter. Finally, William B. Walkup & Associates Inc. boosted its holdings in shares of Chevron by 1.0% in the 3rd quarter. William B. Walkup & Associates Inc. now owns 6,356 shares of the oil and gas company’s stock valued at $987,000 after buying an additional 66 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. upgraded shares of Chevron from a “neutral” rating to an “overweight” rating and set a $176.00 target price on the stock in a report on Tuesday, January 20th. Freedom Capital downgraded shares of Chevron from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 6th. Scotiabank reaffirmed a “sector perform” rating and issued a $168.00 target price on shares of Chevron in a report on Friday, January 16th. Argus set a $203.00 target price on shares of Chevron in a research note on Tuesday, February 3rd. Finally, TD Cowen boosted their price target on Chevron from $160.00 to $168.00 and gave the stock a “hold” rating in a research report on Monday, February 2nd. Thirteen equities research 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 MarketBeat, the company has an average rating of “Hold” and an average target price of $178.95.

Insiders Place Their Bets

In other news, insider R. Hewitt Pate sold 58,000 shares of Chevron stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $188.65, for a total value of $10,941,700.00. Following the completion of the sale, the insider directly owned 8,558 shares in the company, valued at approximately $1,614,466.70. The trade was a 87.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew Benjamin Walz sold 11,600 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $188.58, for a total value of $2,187,528.00. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 1,052,197 shares of company stock worth $187,128,404. 0.21% of the stock is currently owned by insiders.

Chevron Stock Performance

Shares of CVX stock opened at $189.78 on Friday. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $191.56. The company has a market capitalization 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 50-day simple moving average of $172.58 and a 200 day simple moving average of $160.49. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 1.15.

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

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 17th will be issued a dividend of $1.78 per share. This is an increase from Chevron’s previous quarterly dividend of $1.71. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Tuesday, February 17th. Chevron’s payout ratio is 106.91%.

Key Headlines Impacting Chevron

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.

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.