Glenview Trust Co Acquires 2,982 Shares of Chevron Corporation $CVX

Glenview Trust Co raised its holdings in shares of Chevron Corporation (NYSE:CVX) by 1.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 247,520 shares of the oil and gas company’s stock after purchasing an additional 2,982 shares during the period. Glenview Trust Co’s holdings in Chevron were worth $37,725,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CVX. Strategic Wealth Advisors LLC bought a new position in Chevron during the 4th quarter valued at approximately $33,000. Daytona Street Capital LLC bought a new position in Chevron during the 4th quarter valued at approximately $44,000. Maseco LLP bought a new position in Chevron during the 4th quarter valued at approximately $49,000. Turning Point Benefit Group Inc. bought a new position in Chevron during the 3rd quarter valued at approximately $49,000. Finally, High Point Wealth Management LLC bought a new position in Chevron during the 4th quarter valued at approximately $53,000. 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

Chevron Stock Up 0.0%

CVX stock opened at $191.51 on Monday. 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 company has a market capitalization 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 business’s 50 day moving average price is $193.54 and its two-hundred day moving average price is $174.75. Chevron Corporation has a fifty-two week low of $134.06 and a fifty-two week high of $214.71.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.41. The company had revenue of $47.56 billion for the quarter, compared to the consensus estimate of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.18 EPS. As a group, analysts forecast that Chevron Corporation will post 15.74 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

Insider Buying and Selling

In related news, insider R. Hewitt Pate sold 40,200 shares of the company’s stock in a transaction that occurred on Monday, March 30th. The stock was sold at an average price of $213.30, for a total value of $8,574,660.00. Following the sale, the insider owned 8,638 shares in the company, valued at $1,842,485.40. This represents a 82.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Michael K. Wirth sold 272,624 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $189.35, for a total value of $51,621,354.40. Following the completion of the sale, the chief executive officer owned 31,266 shares in the company, valued at $5,920,217.10. The trade was a 89.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,179,699 shares of company stock worth $224,675,517 over the last three months. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Barclays upped their target price on Chevron from $180.00 to $192.00 and gave the stock an “equal weight” rating in a report on Monday, May 4th. Wells Fargo & Company upped their target price on Chevron from $204.00 to $222.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Sanford C. Bernstein reduced their target price on Chevron from $216.00 to $204.00 and set a “market perform” rating on the stock in a report on Monday, May 11th. Wall Street Zen upgraded Chevron from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Finally, Mizuho upped their target price on Chevron from $206.00 to $217.00 and gave the stock an “outperform” rating in a report on Tuesday, March 17th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Chevron currently has a consensus rating of “Moderate Buy” and an average target price of $204.22.

About Chevron

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.