Verity & Verity LLC Boosts Stock Holdings in Chevron Corporation $CVX

Verity & Verity LLC lifted its stake in Chevron Corporation (NYSE:CVX) by 1.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 218,600 shares of the oil and gas company’s stock after purchasing an additional 3,488 shares during the period. Chevron comprises about 2.6% of Verity & Verity LLC’s investment portfolio, making the stock its 9th largest position. Verity & Verity LLC’s holdings in Chevron were worth $33,317,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in CVX. Core Wealth Advisors LLC bought a new position in Chevron during the 4th quarter worth about $26,000. Strategic Wealth Advisors LLC bought a new position in Chevron during the 4th quarter worth about $33,000. Daytona Street Capital LLC bought a new position in Chevron during the 4th quarter worth about $44,000. Maseco LLP bought a new position in Chevron during the 4th quarter worth about $49,000. Finally, Turning Point Benefit Group Inc. bought a new position in Chevron during the 3rd quarter worth about $49,000. 72.42% of the stock is currently owned by institutional investors.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron CEO Mike Wirth warned that attacks on ships in the Strait of Hormuz highlight “very real” supply risks, reinforcing the case for tighter oil markets and potentially higher prices for Chevron’s production. Ships Attacked in Strait of Hormuz This Week, Chevron Says
• Positive Sentiment: Chevron and Exxon executives also warned that falling inventories could push oil higher, which would likely support Chevron’s cash flow and earnings if crude prices continue rising. Exxon, Chevron heads warn of higher oil prices amid falling inventories
• Positive Sentiment: Chevron filed to take a 70% stake in a Greek offshore gas block, signaling continued international expansion and a larger long-term resource base. Chevron files request to acquire offshore Greek block, energy ministry says
• Positive Sentiment: Chevron said it will not pay a toll to move ships through Hormuz, showing it is holding firm on operational and geopolitical terms while the region remains volatile. Chevron won’t pay toll to move ships through Hormuz, CEO tells Bloomberg TV
• Neutral Sentiment: Chevron announced Scott A. Keller will become general counsel, while current chief legal officer R. Hewitt Pate’s retirement is expected later, a routine leadership transition with limited near-term operating impact. Chevron Names New General Counsel
• Neutral Sentiment: Market commentary and investor-interest pieces suggest Chevron remains on traders’ radar, but these items do not add major new fundamentals by themselves. Chevron Corporation (CVX) is Attracting Investor Attention: Here is What You Should Know
• Negative Sentiment: Oil prices softened on hopes for a U.S.-Iran truce extension, which could ease supply fears and weigh on Chevron shares if crude remains under pressure. Oil Prices Soften as Traders Bet on Renewal of US-Iran Truce
• Negative Sentiment: Draft ceasefire and shipping-normalization talks around the Strait of Hormuz could reduce the geopolitical risk premium embedded in oil prices, which may cap near-term upside for CVX. U.S. and Iran Reach Draft 60-Day Ceasefire and Nuclear Talks Framework Pending Trump Approval

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CVX. HSBC upgraded shares of 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. Melius Research upgraded Chevron from a “hold” rating to a “buy” rating and set a $205.00 price target on the stock in a report on Tuesday, February 17th. Zacks Research upgraded Chevron from a “hold” rating to a “strong-buy” rating in a report on Friday, April 3rd. Scotiabank lifted their price target on Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Finally, Wells Fargo & Company lifted their price target on Chevron from $204.00 to $222.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $205.70.

Chevron Stock Down 0.3%

NYSE:CVX opened at $182.44 on Friday. Chevron Corporation has a fifty-two week low of $135.21 and a fifty-two week high of $214.71. The stock has a market capitalization of $363.34 billion, a P/E ratio of 31.62, a P/E/G ratio of 0.60 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 company’s 50-day simple moving average is $192.27 and its 200-day simple moving average is $175.69.

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

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be issued a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Tuesday, May 19th. Chevron’s dividend payout ratio (DPR) is currently 123.40%.

Insiders Place Their Bets

In other news, CEO Michael K. Wirth sold 272,624 shares of the firm’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $189.35, for a total value of $51,621,354.40. Following the sale, the chief executive officer directly owned 31,266 shares in the company, valued at approximately $5,920,217.10. This trade represents a 89.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 completion of the sale, the director owned 278,045 shares in the company, valued at $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 1,144,224 shares of company stock worth $218,075,038. Insiders own 0.56% of the company’s stock.

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.