Cullinan Associates Inc. Sells 8,883 Shares of Chevron Corporation $CVX

Cullinan Associates Inc. trimmed its holdings in Chevron Corporation (NYSE:CVX) by 11.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,525 shares of the oil and gas company’s stock after selling 8,883 shares during the period. Chevron makes up 0.9% of Cullinan Associates Inc.’s investment portfolio, making the stock its 29th biggest holding. Cullinan Associates Inc.’s holdings in Chevron were worth $11,856,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Midwest Capital Advisors LLC purchased a new position in shares of Chevron in the first quarter valued at $25,000. Main Street Group LTD bought a new stake in shares of Chevron during the 1st quarter valued at $28,000. Phillip James Consulting Co. purchased a new stake in Chevron during the 4th quarter worth about $26,000. Kilter Group LLC purchased a new stake in Chevron during the 2nd quarter worth about $28,000. Finally, Core Wealth Advisors LLC bought a new position in Chevron in the 4th quarter worth about $26,000. Institutional investors own 72.42% of the company’s stock.

Insider Activity at Chevron

In other Chevron news, insider Andrew Benjamin Walz sold 16,800 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the completion of the transaction, the insider owned 14 shares of the company’s stock, valued at $2,814.84. The trade was a 99.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael K. Wirth sold 317,100 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the completion of the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at $5,273,701.68. The trade was a 92.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,152,582 shares of company stock valued at $225,853,661 in the last ninety days. 0.56% of the stock is currently owned by company insiders.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is reportedly nearing a deal to migrate all of its Venezuelan joint ventures into a new energy framework, potentially allowing greater operational control and key oilfield expansions. The company already accounts for roughly one-quarter of Venezuela’s oil production. Reuters: Chevron to complete deal in Venezuela to migrate, expand oil projects
• Positive Sentiment: Reports indicate Chevron and oil-services company Halliburton are close to agreements to invest billions of dollars in Venezuelan fields. For Chevron, the opportunity could create a long-term production-growth platform and strengthen its position if Venezuela moves further away from OPEC restrictions. Wall Street Journal: Chevron, Other U.S. Firms Near Deal to Invest Billions in Venezuelan Oil Fields
• Neutral Sentiment: Analyst-oriented coverage is comparing Chevron’s performance with TotalEnergies, while other reports highlight Chevron’s investments in nuclear-fusion technology. Fusion could eventually diversify the company beyond hydrocarbons, but the projects remain experimental and are unlikely to materially affect near-term earnings. Yahoo Finance: What Does Chevron Want From Its Nuclear Fusion Push?
• Negative Sentiment: Venezuelan opposition groups have criticized reports that U.S. companies could receive a large stake in the country’s energy industry. Political resistance, sanctions or regulatory uncertainty could delay the agreement, raise investment costs or limit the expected benefits. The Guardian: Venezuelan opposition reacts to potential U.S. oil stake
• Negative Sentiment: Dividend-focused coverage notes that Chevron’s payout remains exposed to commodity-price cycles. Although the dividend is supported by the company’s scale and balance sheet, weaker oil prices or heavy Venezuelan investment requirements could pressure future cash-flow flexibility. 247WallSt: Chevron or PepsiCo: Whose Dividend Is Standing on Thinner Ice?

Analysts Set New Price Targets

A number of research firms have weighed in on CVX. Piper Sandler assumed coverage on Chevron in a report on Thursday, July 23rd. They set an “overweight” rating and a $207.00 target price for the company. Zacks Research downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a report on Monday, June 8th. Morgan Stanley raised their price objective on shares of Chevron from $210.00 to $218.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Jefferies Financial Group reaffirmed a “buy” rating and set a $216.00 price objective on shares of Chevron in a research note on Friday, July 10th. Finally, Mizuho set a $224.00 target price on shares of Chevron in a report on Monday, August 3rd. Twenty research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and a consensus target price of $207.48.

Chevron Price Performance

Chevron stock opened at $202.04 on Friday. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. The business has a 50-day simple moving average of $187.44 and a 200 day simple moving average of $188.85. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The stock has a market cap of $399.18 billion, a price-to-earnings ratio of 19.37, a PEG ratio of 0.60 and a beta of 0.49.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, beating the consensus estimate of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm had revenue of $67.20 billion for the quarter, compared to analysts’ expectations of $62.72 billion. During the same quarter last year, the firm posted $1.77 EPS. The company’s revenue was up 57.4% compared to the same quarter last year. On average, research analysts forecast that Chevron Corporation will post 16.24 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be given a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron’s dividend payout ratio is 68.26%.

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.