PNC Financial Services Group Inc. Sells 114,689 Shares of Chevron Corporation $CVX

PNC Financial Services Group Inc. trimmed its position in shares of Chevron Corporation (NYSE:CVX) by 2.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,906,180 shares of the oil and gas company’s stock after selling 114,689 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Chevron were worth $595,341,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of CVX. GSA Capital Partners LLP purchased a new position in Chevron during the 4th quarter valued at $909,000. Larson Financial Group LLC grew its holdings in Chevron by 23.4% during the 4th quarter. Larson Financial Group LLC now owns 26,113 shares of the oil and gas company’s stock worth $3,980,000 after acquiring an additional 4,959 shares in the last quarter. McKinley Carter Wealth Services Inc. boosted its stake in shares of Chevron by 2.4% during the fourth quarter. McKinley Carter Wealth Services Inc. now owns 25,241 shares of the oil and gas company’s stock valued at $3,847,000 after purchasing an additional 597 shares in the last quarter. Csenge Advisory Group boosted its position in Chevron by 9.6% during the 4th quarter. Csenge Advisory Group now owns 41,032 shares of the oil and gas company’s stock valued at $6,254,000 after acquiring an additional 3,590 shares in the last quarter. Finally, Integral Investment Advisors Inc. boosted its position in Chevron by 3.4% during the fourth quarter. Integral Investment Advisors Inc. now owns 16,475 shares of the oil and gas company’s stock valued at $2,511,000 after purchasing an additional 545 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Wall Street commentary has turned more upbeat on Chevron, with Zacks noting rising earnings estimate revisions and arguing that CVX could keep moving higher in the near term. Article Title
• Positive Sentiment: Chevron was highlighted as a long-term blue-chip idea, reinforcing the view that the company remains attractive for dividend and energy investors. Article Title
• Positive Sentiment: Chevron also drew unusually heavy call-option buying, suggesting traders are positioning for more upside in the near term. Article Title
• Positive Sentiment: Chevron agreed to sell a stake in its Asia-Pacific refining business to Japan’s Eneos for $2.2 billion, a move that can help streamline operations and raise cash. Article Title
• Neutral Sentiment: Several articles framed Chevron as a stock to watch or a “hold” at current levels, which does not point to a major fundamental surprise but helps explain continued investor focus. Article Title
• Neutral Sentiment: Coverage around Berkshire Hathaway trimming its Chevron stake created headlines, but the broader message was that Berkshire still appears committed to the company despite the sale. Article Title
• Negative Sentiment: Buffett-related reports that Berkshire Hathaway sold the largest chunk of Chevron in its Q1 stock trimming campaign may create some pressure, since investors often read Berkshire’s moves as a cautionary signal. Article Title

Insider Buying and Selling

In other Chevron news, CEO Michael K. Wirth sold 272,624 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $189.35, for a total transaction of $51,621,354.40. Following the completion of the transaction, the chief executive officer directly owned 31,266 shares of the company’s stock, 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 SEC, which can be accessed through this link. Also, Vice Chairman Mark A. Nelson sold 139,600 shares of the firm’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $187.92, for a total transaction of $26,233,632.00. Following the transaction, the insider directly owned 11,337 shares of the company’s stock, valued at approximately $2,130,449.04. This trade represents a 92.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 799,699 shares of company stock worth $151,259,517 in the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CVX shares. Royal Bank Of Canada reiterated an “outperform” rating and set a $220.00 price objective on shares of Chevron in a research note on Tuesday, May 5th. Piper Sandler raised their target price on shares of Chevron from $179.00 to $242.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Zacks Research raised shares of Chevron from a “hold” rating to a “strong-buy” rating in a report on Friday, April 3rd. BNP Paribas Exane raised Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price target on the stock in a research report on Friday, April 17th. Finally, Sanford C. Bernstein decreased their price objective on Chevron from $216.00 to $204.00 and set a “market perform” rating for the company in a report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $204.13.

Chevron Stock Performance

Shares of Chevron stock opened at $197.38 on Wednesday. The company has a 50 day moving average price of $193.41 and a 200 day moving average price of $173.98. The firm has a market capitalization of $393.11 billion, a P/E ratio of 34.21, a PEG ratio of 0.66 and a beta of 0.51. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. Chevron Corporation has a 52 week low of $133.77 and a 52 week high of $214.71.

Chevron (NYSE:CVX) last released its 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 net margin of 5.79% and a return on equity of 6.90%. Chevron’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.18 EPS. Sell-side analysts expect that Chevron Corporation will post 15.43 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.6%. Chevron’s dividend 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.