Cullinan Associates Inc. Sells 5,790 Shares of Chevron Corporation $CVX

Cullinan Associates Inc. cut its holdings in Chevron Corporation (NYSE:CVX) by 4.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 112,567 shares of the oil and gas company’s stock after selling 5,790 shares during the period. Chevron accounts for 1.1% of Cullinan Associates Inc.’s portfolio, making the stock its 22nd largest holding. Cullinan Associates Inc.’s holdings in Chevron were worth $17,481,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Quaker Wealth Management LLC grew its holdings in Chevron by 197.7% during the second quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 439 shares during the period. Decker Retirement Planning Inc. bought a new position in shares of Chevron in the third quarter worth about $34,000. Vermillion & White Wealth Management Group LLC lifted its position in shares of Chevron by 86.1% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 255 shares of the oil and gas company’s stock valued at $37,000 after buying an additional 118 shares in the last quarter. IMG Wealth Management Inc. grew its stake in shares of Chevron by 52.3% during the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock valued at $38,000 after acquiring an additional 91 shares during the period. Finally, Marquette Asset Management LLC bought a new position in shares of Chevron during the 3rd quarter valued at approximately $41,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CVX shares. Raymond James Financial restated an “outperform” rating and set a $160.00 target price (down previously from $170.00) on shares of Chevron in a research note on Friday, October 17th. Zacks Research upgraded shares of Chevron from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 23rd. Barclays dropped their target price on shares of Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a report on Tuesday, October 7th. Bank of America decreased their price target on Chevron from $183.00 to $180.00 and set a “buy” rating on the stock in a report on Thursday, December 11th. Finally, Scotiabank boosted their price objective on Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a research report on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $167.14.

Chevron Trading Up 0.8%

Shares of Chevron stock opened at $163.66 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.19. The firm has a market cap of $329.53 billion, a price-to-earnings ratio of 23.02, a PEG ratio of 10.20 and a beta of 0.70. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The business has a 50-day moving average price of $152.68 and a 200-day moving average price of $153.82.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. Chevron had a return on equity of 8.74% and a net margin of 6.57%.The company had revenue of $48.17 billion during the quarter, compared to analyst estimates of $46.99 billion. During the same period in the prior year, the company earned $2.48 earnings per share. The firm’s revenue was down 1.9% on a year-over-year basis. Equities research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th were given a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.2%. The ex-dividend date was Tuesday, November 18th. Chevron’s payout ratio is currently 96.20%.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is in talks to expand its oil license in Venezuela, positioning the company to increase production access in a large, underdeveloped hydrocarbon basin if negotiations succeed. Chevron (CVX) in Talks to Expand Oil License in Venezuela
• Positive Sentiment: Analysts and outlets highlight Chevron as a high-yield energy pick as oil rallies, which supports the stock as an income play and can attract dividend-seeking investors. Oil Is Surging Over $60 – Grab These Large Cap High-Yield Dividend Energy Giants Now
• Positive Sentiment: Fund manager Stephanie Link publicly added to Chevron on CNBC, a visible vote of confidence that can prompt follow-on buying from institutional and retail investors. Trade Tracker: Stephanie Link buys more Chevron
• Positive Sentiment: Chevron says accelerating Venezuelan crude exports could unlock up to ~$700M in annual cash flow by easing storage bottlenecks — a tangible near-term earnings/cash-flow catalyst if realized. Chevron Bets on Venezuela Oil to Unlock Up to $700M in Cash Flow
• Neutral Sentiment: Chevron is reported as part of a bidding/partnership group among frontrunners for Lukoil’s global assets — a move that could expand reserves and international scale but faces regulatory, sanction and execution uncertainty. Carlyle, Chevron-Quantum partnership among frontrunners for Lukoil assets, sources say
• Neutral Sentiment: Coverage pieces (Undercovered Dozen, Dogs of the Dow lists) raise visibility among value/dividend investors but are not immediate operational catalysts. Undercovered Dozen: Chevron, Coherent, Barrick Mining And More The Dogs of the Dow: 10 Downtrodden Dividends Paying Out Up to 6.8%
• Negative Sentiment: Geopolitical instability in Venezuela (reports of violence and U.S. involvement) raises operational, reputational and legal risks for expanding activity there; any deterioration could disrupt projects or trigger sanctions concerns. How Chevron played the long game for Venezuela’s oil reserves Defense Stocks Surge As The U.S. Reasserts Power In Latin America

Insider Buying and Selling at Chevron

In other news, CFO Eimear P. Bonner sold 28,334 shares of the business’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $165.05, for a total value of $4,676,526.70. Following the sale, the chief financial officer directly owned 4,366 shares in the company, valued at $720,608.30. The trade was a 86.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Alana K. Knowles sold 7,956 shares of the company’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $165.05, for a total transaction of $1,313,137.80. Following the sale, the insider owned 1,207 shares in the company, valued at $199,215.35. This represents a 86.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 631,990 shares of company stock worth $99,716,808 in the last ninety days. Company insiders own 0.20% of the company’s stock.

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.