Hsbc Holdings PLC Sells 3,182 Shares of Chevron Corporation $CVX

Hsbc Holdings PLC cut its stake in Chevron Corporation (NYSE:CVX) by 0.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 3,789,698 shares of the oil and gas company’s stock after selling 3,182 shares during the quarter. Hsbc Holdings PLC’s holdings in Chevron were worth $577,363,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Redwood Family Wealth LLC acquired a new stake in shares of Chevron in the 4th quarter valued at $492,000. Cedarwood Wealth LLC acquired a new stake in shares of Chevron during the 4th quarter worth about $246,000. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in Chevron during the 4th quarter valued at about $77,000. Mengis Capital Management Inc. lifted its holdings in Chevron by 7.8% during the 4th quarter. Mengis Capital Management Inc. now owns 98,363 shares of the oil and gas company’s stock valued at $14,992,000 after purchasing an additional 7,087 shares during the last quarter. Finally, Worthington Financial Partners LLC acquired a new position in Chevron in the fourth quarter valued at about $446,000. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

Shares of CVX stock opened at $173.51 on Friday. Chevron Corporation has a 1 year low of $142.40 and a 1 year high of $214.71. The firm’s 50 day moving average is $186.63 and its 200-day moving average is $179.01. The firm has a market capitalization of $345.56 billion, a price-to-earnings ratio of 30.07, a PEG ratio of 0.57 and a beta of 0.48. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.41. The business had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. Chevron’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.18 earnings per share. Sell-side analysts forecast that Chevron Corporation will post 15.88 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were given a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Tuesday, May 19th. Chevron’s dividend payout ratio (DPR) is presently 123.40%.

Insiders Place Their Bets

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 transaction of $73,416,000.00. Following the transaction, the director owned 278,045 shares of the company’s stock, valued at $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider R. Hewitt Pate sold 40,200 shares of the firm’s stock in a transaction dated Monday, March 30th. The shares were sold at an average price of $213.30, for a total value of $8,574,660.00. Following the completion of the transaction, the insider owned 8,638 shares in the company, valued at approximately $1,842,485.40. This represents a 82.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 615,200 shares of company stock worth $118,022,760 over the last quarter. Corporate insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on CVX shares. BNP Paribas Exane raised shares of Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price objective on the stock in a research note on Friday, April 17th. Citigroup boosted their target price on Chevron from $210.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. TD Cowen raised their price target on Chevron from $204.00 to $205.00 and gave the company a “hold” rating in a report on Friday, May 8th. Piper Sandler lifted their price objective on Chevron from $179.00 to $242.00 and gave the company an “overweight” rating in a research report on Thursday, March 12th. Finally, HSBC raised Chevron from a “hold” rating to a “buy” rating and set a $215.00 price objective on the stock in a research note on Friday, March 20th. Eighteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $205.70.

Chevron Company 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.