Cullen Frost Bankers Inc. Has $38.59 Million Position in Chevron Co. (NYSE:CVX)

Cullen Frost Bankers Inc. lowered its position in Chevron Co. (NYSE:CVX) by 0.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 266,423 shares of the oil and gas company’s stock after selling 1,416 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Chevron were worth $38,589,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Pettinga Financial Advisors LLC increased its position in Chevron by 10.1% during the 3rd quarter. Pettinga Financial Advisors LLC now owns 2,972 shares of the oil and gas company’s stock valued at $438,000 after purchasing an additional 272 shares during the period. Cary Street Partners Asset Management LLC increased its position in Chevron by 2.6% during the 3rd quarter. Cary Street Partners Asset Management LLC now owns 3,421 shares of the oil and gas company’s stock valued at $504,000 after purchasing an additional 87 shares during the period. HF Advisory Group LLC increased its position in Chevron by 9.6% during the 3rd quarter. HF Advisory Group LLC now owns 4,342 shares of the oil and gas company’s stock valued at $639,000 after purchasing an additional 380 shares during the period. Balentine LLC increased its position in Chevron by 61.2% during the 3rd quarter. Balentine LLC now owns 8,801 shares of the oil and gas company’s stock valued at $1,296,000 after purchasing an additional 3,340 shares during the period. Finally, Long Run Wealth Advisors LLC increased its position in Chevron by 16.4% during the 3rd quarter. Long Run Wealth Advisors LLC now owns 3,303 shares of the oil and gas company’s stock valued at $486,000 after purchasing an additional 465 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Price Performance

Shares of CVX opened at $150.93 on Thursday. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The business’s fifty day moving average is $153.65 and its 200 day moving average is $151.61. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The stock has a market cap of $265.73 billion, a P/E ratio of 15.53, a P/E/G ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same period in the prior year, the firm earned $3.45 EPS. Sell-side analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be paid a dividend of $1.71 per share. The ex-dividend date is Friday, February 14th. This is a boost from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 4.53%. Chevron’s dividend payout ratio (DPR) is 70.37%.

Insider Buying and Selling at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the transaction, the vice president now directly owns 1,057 shares in the company, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on CVX. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $145.00 to $185.00 in a research report on Tuesday, November 26th. Piper Sandler reduced their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Truist Financial reduced their price objective on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research report on Tuesday, February 4th. Barclays reduced their price objective on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a research report on Wednesday, February 5th. Finally, UBS Group reduced their price objective on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research report on Monday, February 3rd. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $174.13.

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.