Cullen Frost Bankers Inc. Lowers Stock Holdings in Chevron Co. (NYSE:CVX)

Cullen Frost Bankers Inc. reduced its position 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 SEC. The institutional investor owned 472,083 shares of the oil and gas company’s stock after selling 43,772 shares during the quarter. Chevron accounts for about 1.1% of Cullen Frost Bankers Inc.’s investment portfolio, making the stock its 19th biggest holding. Cullen Frost Bankers Inc.’s holdings in Chevron were worth $70,416,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management purchased a new position in shares of Chevron during the 3rd quarter valued at about $26,000. Bare Financial Services Inc bought a new position in shares of Chevron in the fourth quarter worth approximately $27,000. Valley Forge Investment Consultants Inc. ADV raised its position in shares of Chevron by 80.0% during the 3rd quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 80 shares during the period. Valued Wealth Advisors LLC purchased a new position in shares of Chevron during the 4th quarter valued at $33,000. Finally, Roble Belko & Company Inc boosted its holdings in Chevron by 77.3% in the 4th quarter. Roble Belko & Company Inc now owns 344 shares of the oil and gas company’s stock worth $51,000 after buying an additional 150 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CVX shares. Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and upped their target price for the stock from $170.00 to $195.00 in a research report on Thursday, April 11th. Wells Fargo & Company raised their price objective on Chevron from $198.00 to $206.00 and gave the company an “overweight” rating in a research report on Tuesday, April 30th. UBS Group boosted their target price on Chevron from $185.00 to $197.00 and gave the stock a “buy” rating in a research report on Tuesday, April 9th. TD Cowen raised their price target on Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a report on Monday, April 29th. Finally, HSBC upped their price objective on Chevron from $175.00 to $178.00 and gave the stock a “buy” rating in a report on Tuesday, April 30th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Chevron currently has a consensus rating of “Moderate Buy” and a consensus price target of $185.35.

Chevron Price Performance

CVX stock traded up $0.34 during 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. Chevron Co. has a twelve month low of $139.62 and a twelve month high of $171.70. The company’s 50-day moving average price is $157.62 and its two-hundred day moving average price is $151.45. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.23 and a quick ratio of 0.93. The stock has a market capitalization of $300.40 billion, a P/E ratio of 14.96, a PEG ratio of 2.37 and a beta of 1.11.

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

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Stockholders 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 annualized dividend and a dividend yield of 4.01%. Chevron’s payout ratio is 59.98%.

Insider Activity at Chevron

In other news, Director Enrique Hernandez, Jr. sold 2,549 shares of Chevron stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $161.00, for a total transaction of $410,389.00. Following the sale, the director now owns 7,647 shares of the company’s stock, valued at approximately $1,231,167. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Enrique Hernandez, Jr. sold 2,549 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $161.00, for a total transaction of $410,389.00. Following the completion of the transaction, the director now directly owns 7,647 shares in the company, valued at approximately $1,231,167. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Enrique Hernandez, Jr. sold 5,098 shares of the business’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 completion of the sale, the director now 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 owned by company insiders.

Chevron 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.