Chevron Corporation $CVX Shares Sold by Hendley & Co. Inc.

Hendley & Co. Inc. lessened its stake in shares of Chevron Corporation (NYSE:CVX) by 16.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 41,085 shares of the oil and gas company’s stock after selling 8,384 shares during the period. Chevron accounts for about 3.1% of Hendley & Co. Inc.’s portfolio, making the stock its 10th largest position. Hendley & Co. Inc.’s holdings in Chevron were worth $8,500,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. United Bank grew its stake in shares of Chevron by 7.7% in the 2nd quarter. United Bank now owns 11,079 shares of the oil and gas company’s stock valued at $1,586,000 after buying an additional 796 shares during the period. Schnieders Capital Management LLC. raised its stake in Chevron by 9.0% during the 2nd quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company’s stock worth $7,280,000 after buying an additional 4,214 shares during the period. BNP Paribas raised its stake in Chevron by 76.4% during the 2nd quarter. BNP Paribas now owns 441 shares of the oil and gas company’s stock worth $63,000 after buying an additional 191 shares during the period. Osterweis Capital Management Inc. boosted its holdings in Chevron by 678.9% in the second quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company’s stock worth $195,000 after acquiring an additional 1,188 shares in the last quarter. Finally, Main Street Financial Solutions LLC boosted its holdings in Chevron by 3.6% in the second quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company’s stock worth $2,299,000 after acquiring an additional 553 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director John B. Hess sold 380,000 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the transaction, the director directly owned 278,045 shares of the company’s stock, valued at $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider R. Hewitt Pate sold 40,200 shares of the business’s stock in a transaction dated Monday, March 30th. The stock was sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the transaction, the insider owned 8,638 shares in the company, valued at approximately $1,842,485.40. This trade represents a 82.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 615,200 shares of company stock worth $118,022,760 over the last ninety days. Insiders own 0.56% of the company’s stock.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s Microsoft deal could create a new long-duration revenue source tied to AI data center growth, improving cash flow stability. Reuters article
• Positive Sentiment: The project may help Chevron monetize excess Permian gas that has faced pipeline bottlenecks and weak regional pricing. Business Wire article
• Neutral Sentiment: Several analysts and commentary pieces said lower crude prices are still a headwind for energy stocks, which may limit upside if oil weakness continues. Kalkine Media article
• Negative Sentiment: One article argued Chevron could be overvalued if crude keeps slipping, noting downside risk versus its recent trading levels. 24/7 Wall St. article

Analyst Upgrades and Downgrades

Several research firms have recently commented on CVX. Citigroup boosted their price objective on Chevron from $210.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, April 2nd. HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $215.00 target price on the stock in a report on Friday, March 20th. BNP Paribas Exane upgraded shares of Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price target for the company in a research note on Friday, April 17th. Piper Sandler upped their price objective on shares of Chevron from $179.00 to $242.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Finally, Zacks Research lowered shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. Eighteen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Chevron has an average rating of “Moderate Buy” and a consensus target price of $205.70.

Chevron Stock Performance

Shares of Chevron stock opened at $176.19 on Wednesday. Chevron Corporation has a 52 week low of $142.40 and a 52 week high of $214.71. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. The business has a 50 day moving average price of $186.07 and a 200-day moving average price of $179.55. The company has a market cap of $350.90 billion, a PE ratio of 30.54, a price-to-earnings-growth ratio of 0.57 and a beta of 0.48.

Chevron (NYSE:CVX) last announced its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $51.86 billion. During the same quarter in the previous year, the firm earned $2.18 earnings per share. Chevron’s quarterly revenue was up 2.1% on a year-over-year basis. Equities analysts anticipate that Chevron Corporation will post 15.88 earnings per share 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 issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron’s payout ratio is currently 123.40%.

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.