Welch & Forbes LLC Has $62.14 Million Holdings in Chevron Corporation $CVX

Welch & Forbes LLC cut its stake in shares of Chevron Corporation (NYSE:CVX) by 1.8% in the 4th quarter, HoldingsChannel reports. The fund owned 407,695 shares of the oil and gas company’s stock after selling 7,513 shares during the quarter. Welch & Forbes LLC’s holdings in Chevron were worth $62,137,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. Dakota Wealth Management raised its position in shares of Chevron by 14.9% in the fourth quarter. Dakota Wealth Management now owns 83,265 shares of the oil and gas company’s stock valued at $12,690,000 after buying an additional 10,822 shares in the last quarter. Brooklyn FI LLC acquired a new stake in shares of Chevron in the third quarter valued at approximately $431,000. Clear Trail Advisors LLC acquired a new stake in shares of Chevron in the fourth quarter valued at approximately $10,167,000. Finemark National Bank & Trust raised its position in shares of Chevron by 40.3% in the third quarter. Finemark National Bank & Trust now owns 56,535 shares of the oil and gas company’s stock valued at $8,779,000 after buying an additional 16,243 shares in the last quarter. Finally, Curtis Advisory Group LLC acquired a new stake in shares of Chevron in the fourth quarter valued at approximately $1,381,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron News Summary

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 Ratings Changes

A number of equities research analysts have recently weighed in on CVX shares. UBS Group lifted their price target on shares of Chevron from $218.00 to $220.00 and gave the company a “buy” rating in a research report on Monday, May 4th. HSBC upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $215.00 price target for the company in a research report on Friday, March 20th. Argus set a $203.00 price target on shares of Chevron in a research report on Tuesday, February 3rd. 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 report on Friday, April 17th. Finally, Bank of America lifted their price target on shares of Chevron from $188.00 to $206.00 and gave the company a “buy” rating in a research report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $205.70.

Insider Buying and Selling at Chevron

In other Chevron news, insider Andrew Benjamin Walz sold 11,600 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $188.58, for a total transaction of $2,187,528.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider R. Hewitt Pate sold 58,000 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $188.65, for a total transaction of $10,941,700.00. Following the transaction, the insider owned 8,558 shares of the company’s stock, valued at approximately $1,614,466.70. This represents a 87.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 1,144,224 shares of company stock valued at $218,075,038. 0.56% of the stock is currently owned by insiders.

Chevron Stock Down 0.3%

Shares of CVX opened at $182.44 on Friday. Chevron Corporation has a one year low of $135.21 and a one year high of $214.71. The company has a market cap 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 current ratio of 1.09 and a quick ratio of 0.84. The firm has a 50 day simple moving average of $192.27 and a two-hundred day simple moving average of $175.69.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $51.86 billion. During the same period in the previous year, the business earned $2.18 earnings per share. The company’s revenue was up 2.1% on a year-over-year basis. Research analysts forecast that Chevron Corporation will post 15.74 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be given a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.9%. The ex-dividend date is Tuesday, May 19th. Chevron’s payout ratio is currently 123.40%.

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.