Madison Asset Management LLC Acquires 39,026 Shares of Chevron Corporation $CVX

Madison Asset Management LLC boosted its stake in Chevron Corporation (NYSE:CVX) by 32.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 159,868 shares of the oil and gas company’s stock after purchasing an additional 39,026 shares during the quarter. Madison Asset Management LLC’s holdings in Chevron were worth $24,365,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. United Bank raised its stake in Chevron by 7.7% in the second quarter. United Bank now owns 11,079 shares of the oil and gas company’s stock worth $1,586,000 after buying an additional 796 shares in the last quarter. Schnieders Capital Management LLC. lifted its holdings in Chevron by 9.0% in the second quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company’s stock worth $7,280,000 after buying an additional 4,214 shares during the period. BNP Paribas boosted its position in Chevron by 76.4% during the 2nd quarter. BNP Paribas now owns 441 shares of the oil and gas company’s stock valued at $63,000 after acquiring an additional 191 shares in the last quarter. Osterweis Capital Management Inc. boosted its position in Chevron by 678.9% during the 2nd quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company’s stock valued at $195,000 after acquiring an additional 1,188 shares in the last quarter. Finally, Main Street Financial Solutions LLC grew its holdings in shares of Chevron by 3.6% during the 2nd quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company’s stock worth $2,299,000 after acquiring an additional 553 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on CVX. HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $215.00 target price for the company in a research note on Friday, March 20th. Tudor Pickering raised Chevron from a “hold” rating to a “buy” rating and set a $225.00 price target on the stock in a research note on Thursday, April 9th. Barclays increased their price objective on Chevron from $180.00 to $192.00 and gave the stock an “equal weight” rating in a report on Monday, May 4th. Melius Research upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $205.00 target price on the stock in a report on Tuesday, February 17th. Finally, Argus set a $203.00 target price on shares of Chevron in a research report on Tuesday, February 3rd. One investment 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 issued a Sell rating to the stock. According to MarketBeat.com, Chevron has an average rating of “Moderate Buy” and a consensus target price of $204.13.

Insider Buying and Selling

In related news, Vice Chairman Mark A. Nelson sold 139,600 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $187.92, for a total transaction of $26,233,632.00. Following the sale, the insider directly owned 11,337 shares of the company’s stock, valued at approximately $2,130,449.04. This represents a 92.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R. Hewitt Pate sold 58,000 shares of the firm’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $188.65, for a total transaction of $10,941,700.00. Following the sale, the insider owned 8,558 shares of the company’s stock, valued at approximately $1,614,466.70. This represents a 87.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 816,434 shares of company stock worth $154,338,976 over the last quarter. 0.56% of the stock is owned by insiders.

Chevron Stock Performance

Chevron stock opened at $185.95 on Wednesday. Chevron Corporation has a twelve month low of $133.77 and a twelve month high of $214.71. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $370.33 billion, a P/E ratio of 32.23, a PEG ratio of 0.64 and a beta of 0.51. The stock’s 50 day moving average is $193.16 and its 200 day moving average is $172.71.

Chevron (NYSE:CVX) last released its earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $51.86 billion. During the same period in the previous year, the company posted $2.18 earnings per share. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. On average, equities research analysts predict that Chevron Corporation will post 15.02 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Higher crude prices and Middle East supply fears are lifting the outlook for oil producers, with several articles naming Chevron as a stock that could benefit if oil prices move higher. 3 Oil Stocks to Buy Before Prices Head Higher
• Positive Sentiment: Reuters reported that Syria selected an offshore block for its first deep-water oil and gas project with Chevron and Qatar’s UCC Holding, which could expand Chevron’s international exploration opportunities if the project advances. Syria selects offshore block for first deep-water oil, gas project with Chevron
• Neutral Sentiment: ADL and JLens urged Chevron shareholders to vote against Proposal 6 at the May 27 annual meeting, highlighting ongoing ESG and geopolitical controversy around the company’s Israel-related operations. ADL and JLens Urge Chevron Shareholders to Vote AGAINST Proposal 6
• Neutral Sentiment: Analysts are debating whether Chevron is still a safe bet after its sharp rally, with some commentary suggesting limited upside from current levels despite the recent strength in oil. Is Chevron a Safe Bet in the Energy Sector?
• Negative Sentiment: Some market commentary argues a drop in oil prices could signal weaker economic demand, which would be a risk for Chevron if crude cools off from recent highs. Here’s Why a Drop in Oil Prices Might Be a Warning Sign for the Economy

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.