Eastern Bank Sells 52,780 Shares of Chevron Corporation $CVX

Eastern Bank lowered its stake in Chevron Corporation (NYSE:CVX) by 44.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 65,775 shares of the oil and gas company’s stock after selling 52,780 shares during the period. Eastern Bank’s holdings in Chevron were worth $10,214,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in CVX. Berkshire Hathaway Inc grew its holdings in Chevron by 2.9% during the second quarter. Berkshire Hathaway Inc now owns 122,064,792 shares of the oil and gas company’s stock valued at $17,478,458,000 after purchasing an additional 3,454,258 shares during the last quarter. Kingstone Capital Partners Texas LLC grew its stake in Chevron by 652,139.5% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock valued at $13,214,757,000 after buying an additional 83,702,101 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Chevron by 4.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 34,772,753 shares of the oil and gas company’s stock worth $4,979,255,000 after acquiring an additional 1,342,723 shares during the period. Fisher Asset Management LLC lifted its position in Chevron by 1.9% during the 2nd quarter. Fisher Asset Management LLC now owns 20,826,805 shares of the oil and gas company’s stock worth $2,982,190,000 after acquiring an additional 378,936 shares during the last quarter. Finally, Norges Bank bought a new stake in Chevron during the second quarter valued at about $2,721,477,000. 72.42% of the stock is owned by institutional investors.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 275,000 shares of the stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $150.75, for a total value of $41,456,250.00. Following the completion of the transaction, the director directly owned 1,128,045 shares of the company’s stock, valued at approximately $170,052,783.75. This represents a 19.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Alana K. Knowles sold 7,956 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $165.05, for a total value of $1,313,137.80. Following the transaction, the insider owned 1,207 shares of the company’s stock, valued at $199,215.35. This trade represents a 86.83% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 631,990 shares of company stock worth $99,716,808 in the last three months. 0.20% of the stock is currently owned by company insiders.

Chevron Stock Performance

Shares of NYSE CVX opened at $163.66 on Wednesday. The firm has a market capitalization of $329.53 billion, a price-to-earnings ratio of 23.02, a PEG ratio of 10.20 and a beta of 0.70. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The business has a fifty day simple moving average of $152.68 and a 200 day simple moving average of $153.82. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.14. Chevron had a net margin of 6.57% and a return on equity of 8.74%. The firm had revenue of $48.17 billion for the quarter, compared to analyst estimates of $46.99 billion. During the same quarter in the previous year, the firm posted $2.48 EPS. The business’s revenue for the quarter was down 1.9% on a year-over-year basis. Sell-side analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th were given a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend was Tuesday, November 18th. Chevron’s dividend payout ratio is 96.20%.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is in talks to expand its oil license in Venezuela, positioning the company to increase production access in a large, underdeveloped hydrocarbon basin if negotiations succeed. Chevron (CVX) in Talks to Expand Oil License in Venezuela
• Positive Sentiment: Analysts and outlets highlight Chevron as a high-yield energy pick as oil rallies, which supports the stock as an income play and can attract dividend-seeking investors. Oil Is Surging Over $60 – Grab These Large Cap High-Yield Dividend Energy Giants Now
• Positive Sentiment: Fund manager Stephanie Link publicly added to Chevron on CNBC, a visible vote of confidence that can prompt follow-on buying from institutional and retail investors. Trade Tracker: Stephanie Link buys more Chevron
• Positive Sentiment: Chevron says accelerating Venezuelan crude exports could unlock up to ~$700M in annual cash flow by easing storage bottlenecks — a tangible near-term earnings/cash-flow catalyst if realized. Chevron Bets on Venezuela Oil to Unlock Up to $700M in Cash Flow
• Neutral Sentiment: Chevron is reported as part of a bidding/partnership group among frontrunners for Lukoil’s global assets — a move that could expand reserves and international scale but faces regulatory, sanction and execution uncertainty. Carlyle, Chevron-Quantum partnership among frontrunners for Lukoil assets, sources say
• Neutral Sentiment: Coverage pieces (Undercovered Dozen, Dogs of the Dow lists) raise visibility among value/dividend investors but are not immediate operational catalysts. Undercovered Dozen: Chevron, Coherent, Barrick Mining And More The Dogs of the Dow: 10 Downtrodden Dividends Paying Out Up to 6.8%
• Negative Sentiment: Geopolitical instability in Venezuela (reports of violence and U.S. involvement) raises operational, reputational and legal risks for expanding activity there; any deterioration could disrupt projects or trigger sanctions concerns. How Chevron played the long game for Venezuela’s oil reserves Defense Stocks Surge As The U.S. Reasserts Power In Latin America

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. HSBC set a $169.00 price objective on Chevron and gave the stock a “buy” rating in a research note on Monday, December 1st. BMO Capital Markets reiterated an “outperform” rating on shares of Chevron in a report on Thursday, January 8th. Mizuho raised their price objective on shares of Chevron from $204.00 to $206.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. UBS Group reaffirmed a “buy” rating on shares of Chevron in a research report on Monday, December 1st. Finally, Bank of America reduced their price target on shares of Chevron from $183.00 to $180.00 and set a “buy” rating for the company in a report on Thursday, December 11th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $167.14.

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.