Spinnaker Trust Sells 4,993 Shares of Chevron Corporation $CVX

Spinnaker Trust decreased its stake in shares of Chevron Corporation (NYSE:CVX) by 16.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,384 shares of the oil and gas company’s stock after selling 4,993 shares during the quarter. Spinnaker Trust’s holdings in Chevron were worth $4,208,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CVX. Greenwood Capital Associates LLC raised its position in shares of Chevron by 3.2% in the 2nd quarter. Greenwood Capital Associates LLC now owns 14,430 shares of the oil and gas company’s stock worth $2,392,000 after purchasing an additional 447 shares during the last quarter. Trustmark Bank Trust Department grew its position in Chevron by 14.2% during the 2nd quarter. Trustmark Bank Trust Department now owns 43,443 shares of the oil and gas company’s stock valued at $7,201,000 after purchasing an additional 5,396 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Chevron by 18.0% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,504,409 shares of the oil and gas company’s stock valued at $1,243,931,000 after purchasing an additional 1,143,362 shares during the last quarter. New Mexico Educational Retirement Board increased its stake in Chevron by 6.6% during the 2nd quarter. New Mexico Educational Retirement Board now owns 93,392 shares of the oil and gas company’s stock valued at $15,481,000 after purchasing an additional 5,800 shares in the last quarter. Finally, Mufg Securities Americas Inc. increased its stake in Chevron by 8.7% during the 2nd quarter. Mufg Securities Americas Inc. now owns 56,385 shares of the oil and gas company’s stock valued at $9,346,000 after purchasing an additional 4,527 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CVX has been the subject of several recent analyst reports. Morgan Stanley lifted their target price on shares of Chevron from $210.00 to $218.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. Sanford C. Bernstein raised their price target on shares of Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a research report on Monday, August 3rd. Barclays decreased their price objective on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a report on Monday, August 17th. UBS Group reaffirmed a “buy” rating on shares of Chevron in a research report on Tuesday, June 23rd. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $216.00 target price on shares of Chevron in a research note on Wednesday, May 6th. Twenty analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $207.48.

Chevron Price Performance

CVX opened at $202.04 on Friday. The company’s 50-day simple moving average is $187.44 and its two-hundred day simple moving average is $188.85. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The stock has a market capitalization of $399.18 billion, a P/E ratio of 19.37, a P/E/G ratio of 0.60 and a beta of 0.49. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The firm had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. During the same period in the previous year, the business posted $1.77 earnings per share. The business’s revenue for the quarter was up 57.4% on a year-over-year basis. As a group, analysts predict that Chevron Corporation will post 16.24 EPS for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be given a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron’s payout ratio is 68.26%.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is reportedly nearing a deal to migrate all of its Venezuelan joint ventures into a new energy framework, potentially allowing greater operational control and key oilfield expansions. The company already accounts for roughly one-quarter of Venezuela’s oil production. Reuters: Chevron to complete deal in Venezuela to migrate, expand oil projects
• Positive Sentiment: Reports indicate Chevron and oil-services company Halliburton are close to agreements to invest billions of dollars in Venezuelan fields. For Chevron, the opportunity could create a long-term production-growth platform and strengthen its position if Venezuela moves further away from OPEC restrictions. Wall Street Journal: Chevron, Other U.S. Firms Near Deal to Invest Billions in Venezuelan Oil Fields
• Neutral Sentiment: Analyst-oriented coverage is comparing Chevron’s performance with TotalEnergies, while other reports highlight Chevron’s investments in nuclear-fusion technology. Fusion could eventually diversify the company beyond hydrocarbons, but the projects remain experimental and are unlikely to materially affect near-term earnings. Yahoo Finance: What Does Chevron Want From Its Nuclear Fusion Push?
• Negative Sentiment: Venezuelan opposition groups have criticized reports that U.S. companies could receive a large stake in the country’s energy industry. Political resistance, sanctions or regulatory uncertainty could delay the agreement, raise investment costs or limit the expected benefits. The Guardian: Venezuelan opposition reacts to potential U.S. oil stake
• Negative Sentiment: Dividend-focused coverage notes that Chevron’s payout remains exposed to commodity-price cycles. Although the dividend is supported by the company’s scale and balance sheet, weaker oil prices or heavy Venezuelan investment requirements could pressure future cash-flow flexibility. 247WallSt: Chevron or PepsiCo: Whose Dividend Is Standing on Thinner Ice?

Insider Activity at Chevron

In other Chevron news, Director John B. Hess sold 100,000 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the completion of the sale, the director directly owned 178,045 shares in the company, valued at approximately $34,587,021.70. The trade was a 35.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew Benjamin Walz sold 16,800 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the transaction, the insider directly owned 14 shares in the company, valued at $2,814.84. The trade was a 99.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 1,152,582 shares of company stock worth $225,853,661. Company 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.