Cullen Frost Bankers Inc. Cuts Stock Position in Chevron Co. (NYSE:CVX)

Cullen Frost Bankers Inc. trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 8.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 472,083 shares of the oil and gas company’s stock after selling 43,772 shares during the period. Chevron accounts for about 1.1% of Cullen Frost Bankers Inc.’s holdings, making the stock its 19th biggest holding. Cullen Frost Bankers Inc.’s holdings in Chevron were worth $70,416,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Lynch & Associates IN grew its stake in shares of Chevron by 2.4% during the third quarter. Lynch & Associates IN now owns 52,390 shares of the oil and gas company’s stock valued at $8,834,000 after acquiring an additional 1,237 shares in the last quarter. apricus wealth LLC grew its stake in Chevron by 3.4% during the 3rd quarter. apricus wealth LLC now owns 19,231 shares of the oil and gas company’s stock valued at $3,155,000 after purchasing an additional 641 shares in the last quarter. Patton Albertson Miller Group LLC grew its stake in Chevron by 1.0% during the 3rd quarter. Patton Albertson Miller Group LLC now owns 38,072 shares of the oil and gas company’s stock valued at $6,420,000 after purchasing an additional 369 shares in the last quarter. S. R. Schill & Associates raised its position in shares of Chevron by 5.8% in the 3rd quarter. S. R. Schill & Associates now owns 7,454 shares of the oil and gas company’s stock valued at $1,257,000 after purchasing an additional 411 shares in the last quarter. Finally, Bailard Inc. raised its position in shares of Chevron by 20.4% in the 3rd quarter. Bailard Inc. now owns 88,106 shares of the oil and gas company’s stock valued at $14,856,000 after purchasing an additional 14,944 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Chevron

In other Chevron news, Director Enrique Hernandez, Jr. sold 5,098 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $163.50, for a total transaction of $833,523.00. Following the transaction, the director now owns 2,549 shares of the company’s stock, valued at approximately $416,761.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, VP Alana K. Knowles sold 2,800 shares of the company’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $165.00, for a total value of $462,000.00. Following the completion of the sale, the vice president now owns 276 shares in the company, valued at $45,540. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Enrique Hernandez, Jr. sold 5,098 shares of Chevron stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $163.50, for a total value of $833,523.00. Following the transaction, the director now directly owns 2,549 shares in the company, valued at $416,761.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,247 shares of company stock valued at $2,154,164. 0.20% of the stock is currently owned by corporate insiders.

Chevron Stock Performance

NYSE:CVX traded up $0.34 during mid-day trading on Tuesday, hitting $162.64. The stock had a trading volume of 6,868,786 shares, compared to its average volume of 8,465,725. The company has a current ratio of 1.23, a quick ratio of 0.93 and a debt-to-equity ratio of 0.13. The company has a 50 day simple moving average of $157.62 and a 200-day simple moving average of $151.45. The stock has a market capitalization of $300.40 billion, a price-to-earnings ratio of 14.96, a P/E/G ratio of 2.37 and a beta of 1.11. Chevron Co. has a 52 week low of $139.62 and a 52 week high of $171.70.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 EPS for the quarter, beating the consensus estimate of $2.84 by $0.09. Chevron had a net margin of 10.21% and a return on equity of 14.40%. The company had revenue of $48.72 billion for the quarter, compared to analyst estimates of $48.42 billion. During the same quarter last year, the business earned $3.55 earnings per share. Chevron’s revenue was down 4.1% compared to the same quarter last year. On average, research analysts expect that Chevron Co. will post 13.53 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 17th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $6.52 dividend on an annualized basis and a yield of 4.01%. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CVX. Mizuho lifted their price target on shares of Chevron from $195.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and upped their target price for the company from $170.00 to $195.00 in a research note on Thursday, April 11th. Jefferies Financial Group raised Chevron from a “hold” rating to a “buy” rating and set a $184.00 price objective for the company in a report on Monday, January 8th. Wells Fargo & Company increased their target price on Chevron from $198.00 to $206.00 and gave the stock an “overweight” rating in a report on Tuesday, April 30th. Finally, Royal Bank of Canada lifted their target price on Chevron from $185.00 to $190.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $185.35.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.