Main Street Research LLC Sells 7,281 Shares of Chevron Corporation $CVX

Main Street Research LLC decreased its position in Chevron Corporation (NYSE:CVX) by 43.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,520 shares of the oil and gas company’s stock after selling 7,281 shares during the quarter. Main Street Research LLC’s holdings in Chevron were worth $1,451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Chevron by 17.9% in the 3rd quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company’s stock worth $28,540,753,000 after acquiring an additional 27,961,463 shares during the last quarter. State Street Corp increased its stake in Chevron by 9.1% in the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock worth $23,698,184,000 after acquiring an additional 12,789,399 shares during the last quarter. Northern Trust Corp increased its stake in Chevron by 15.3% in the 3rd quarter. Northern Trust Corp now owns 22,724,515 shares of the oil and gas company’s stock worth $3,528,890,000 after acquiring an additional 3,007,403 shares during the last quarter. Fisher Asset Management LLC increased its stake in Chevron by 1.6% in the 3rd quarter. Fisher Asset Management LLC now owns 21,152,060 shares of the oil and gas company’s stock worth $3,284,704,000 after acquiring an additional 325,255 shares during the last quarter. Finally, Bank of New York Mellon Corp increased 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 worth $3,047,900,000 after acquiring an additional 4,279,918 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: WTI crude above $95 per barrel is lifting Permian oil and associated gas economics, which should be a tailwind for Chevron’s upstream earnings and cash flow. More Gas Per Barrel of Oil: A Growth Lever for Permian Operators
• Positive Sentiment: Morgan Stanley raised its price target on Chevron to $214 from $212 and reiterated an overweight rating, signaling continued Wall Street confidence in the stock’s upside. Benzinga / The Fly analyst update
• Positive Sentiment: Chevron’s planned participation in a Bernstein conference next week keeps investor attention on management commentary and strategic updates. Chevron to Participate in Fireside Q&A at Bernstein 42nd Annual Strategic Decisions Conference
• Positive Sentiment: Chevron’s new next-generation Techron gasoline additive may help support brand strength and retail fuel performance over time. Chevron Introduces Next-gen Techron in U.S. Chevron and Texaco Gasolines
• Positive Sentiment: Chevron stands to receive about $2.17 billion from the sale of several Asia Pacific refining and retail assets to Eneos, which supports balance-sheet flexibility and portfolio simplification. Chevron Corporation (CVX) Poised for $2.17B Boost from Asia Pacific Asset Sale

Insider Activity at Chevron

In related news, Vice Chairman Mark A. Nelson sold 139,600 shares of the business’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $187.92, for a total transaction of $26,233,632.00. Following the completion of the transaction, the insider owned 11,337 shares in the company, valued at $2,130,449.04. The trade was a 92.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John B. Hess sold 380,000 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the transaction, the director owned 278,045 shares of the company’s stock, valued at approximately $53,718,294. The trade was a 57.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,179,699 shares of company stock worth $224,675,517 over the last quarter. 0.56% of the stock is owned by insiders.

Chevron Price Performance

Shares of Chevron stock opened at $191.51 on Monday. The stock has a market cap of $381.42 billion, a price-to-earnings ratio of 33.19, a price-to-earnings-growth ratio of 0.64 and a beta of 0.51. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The stock has a 50 day moving average price of $193.54 and a 200-day moving average price of $174.75. Chevron Corporation has a one year low of $134.06 and a one year high of $214.71.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The company had revenue of $47.56 billion during the quarter, compared to analysts’ expectations of $51.86 billion. During the same quarter in the previous year, the business earned $2.18 EPS. Chevron’s revenue was up 2.1% compared to the same quarter last year. Equities analysts expect that Chevron Corporation will post 15.74 EPS for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be issued a dividend of $1.78 per share. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.7%. Chevron’s payout ratio is presently 123.40%.

Analyst Ratings Changes

A number of analysts have issued reports on CVX shares. TD Cowen lifted their price objective on Chevron from $204.00 to $205.00 and gave the stock a “hold” rating in a research note on Friday, May 8th. Wall Street Zen upgraded Chevron from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Piper Sandler lifted their target price on Chevron from $179.00 to $242.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. BNP Paribas Exane upgraded Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 target price for the company in a report on Friday, April 17th. Finally, HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $215.00 target price for the company in a report on Friday, March 20th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $204.22.

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.