SVB Wealth LLC Has $8.95 Million Position in Chevron Corporation $CVX

SVB Wealth LLC decreased its stake in shares of Chevron Corporation (NYSE:CVX) by 7.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 57,629 shares of the oil and gas company’s stock after selling 4,437 shares during the period. SVB Wealth LLC’s holdings in Chevron were worth $8,949,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of CVX. Berkshire Hathaway Inc increased its position 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 worth $17,478,458,000 after acquiring an additional 3,454,258 shares during the period. Charles Schwab Investment Management Inc. boosted 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 valued at $4,979,255,000 after purchasing an additional 1,342,723 shares during the period. Fisher Asset Management LLC grew its position in shares of 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 purchasing an additional 378,936 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Chevron by 27.9% during the third 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 purchasing an additional 4,279,918 shares during the period. Finally, Norges Bank bought a new position in shares of Chevron during the second quarter worth approximately $2,721,477,000. 72.42% of the stock is owned by institutional investors.

Chevron Price Performance

Shares of CVX stock opened at $182.70 on Tuesday. The business has a fifty day simple moving average of $159.90 and a 200 day simple moving average of $156.66. The company has a market cap of $367.87 billion, a P/E ratio of 27.43, a P/E/G ratio of 12.11 and a beta of 0.70. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.19. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $182.82.

Chevron (NYSE:CVX) last issued its earnings results on Friday, January 30th. The oil and gas company reported $1.52 EPS for the quarter, topping the consensus estimate of $1.44 by $0.08. The firm had revenue of $45.79 billion during the quarter, compared to the consensus estimate of $48.18 billion. Chevron had a return on equity of 8.23% and a net margin of 6.51%.The business’s quarterly revenue was down 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.06 earnings per share. On average, sell-side analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Tuesday, February 17th will be paid a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, February 17th. This is a positive change from Chevron’s previous quarterly dividend of $1.71. Chevron’s payout ratio is currently 102.70%.

Insider Transactions at Chevron

In related news, CTO Thomas Ryder Booth sold 6,000 shares of the business’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $178.43, for a total transaction of $1,070,580.00. Following the sale, the chief technology officer owned 476 shares in the company, valued at $84,932.68. The trade was a 92.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Eimear P. Bonner sold 32,100 shares of the company’s stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $175.01, for a total value of $5,617,821.00. Following the completion of the transaction, the chief financial officer directly owned 4,366 shares of the company’s stock, valued at approximately $764,093.66. The trade was a 88.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 793,158 shares of company stock valued at $127,919,578. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CVX. Mizuho boosted their price target on Chevron from $204.00 to $206.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Morgan Stanley dropped their price objective on Chevron from $180.00 to $174.00 and set an “overweight” rating for the company in a report on Friday, January 23rd. Sanford C. Bernstein increased their target price on Chevron from $170.00 to $172.00 and gave the stock a “market perform” rating in a report on Monday, January 5th. Wall Street Zen upgraded Chevron from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Finally, TD Cowen upped their price objective on shares of Chevron from $160.00 to $168.00 and gave the stock a “hold” rating in a research report on Monday, February 2nd. Twelve research analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat, Chevron currently has a consensus rating of “Hold” and a consensus target price of $175.00.

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.