Edgar Lomax Co., based in Virginia, has decreased its holdings in Chevron Corporation (NYSE: CVX) by 19.4% during the third quarter, as revealed in its latest filing with the Securities and Exchange Commission. Following the sale of 53,445 shares, the fund now owns 221,587 shares of the oil and gas giant, valued at approximately $34.41 million. This investment represents about 2.7% of Edgar Lomax Co.’s overall portfolio, making Chevron its 15th largest position.
Several other institutional investors have also adjusted their positions in Chevron recently. Perennial Investment Advisors LLC increased its stake by 50.2% during the same period, bringing its total to 19,958 shares valued at $3.1 million after acquiring an additional 6,670 shares. Additionally, Smith Moore & CO. raised its holdings by 1.7%, now owning 19,189 shares worth $2.98 million after purchasing 312 extra shares.
United Capital Management of Kansas Inc. boosted its position by 2.3%, totaling 42,957 shares valued at $6.67 million, and Islay Capital Management LLC grew its holdings by 36.8%, now holding 7,599 shares worth $1.18 million. Crossmark Global Holdings Inc. also increased its stake by 18%, owning 89,340 shares valued at $13.87 million after acquiring 13,641 additional shares. Currently, institutional investors own approximately 72.42% of Chevron stock.
Recent Financial Performance and Dividend Increase
Chevron’s stock has seen a modest increase of 2% recently. The company reported its quarterly earnings on January 30, 2024, revealing earnings per share of $1.52, surpassing analysts’ expectations of $1.44 by $0.08. Despite this positive news, Chevron’s revenue for the quarter was $45.79 billion, falling short of the anticipated $48.18 billion, and down 10.2% from the same quarter the previous year. Analysts are forecasting Chevron to post an earnings-per-share figure of $10.79 for the current fiscal year.
The company has also announced an increase in its quarterly dividend, set to be paid on March 10, 2024. Shareholders of record as of February 17, 2024 will receive a dividend of $1.78 per share, which reflects an annualized dividend of $7.12 and a yield of 3.8%. This marks an increase from the prior quarterly dividend of $1.71 per share.
Analyst Ratings and Insider Transactions
Recent activity among equity analysts regarding Chevron has shown a range of opinions. Freedom Capital downgraded Chevron from a “hold” rating to a “strong sell” on January 6, 2024, while Citigroup raised its target price from $179.00 to $210.00, giving the stock a “buy” rating. Argus set a target price of $203.00, and Melius Research upgraded Chevron to a “buy” rating with a $205.00 target. The consensus among analysts indicates 13 have rated the stock as a buy, seven a hold, and four a sell, leading to an average target price of $178.95.
In insider news, Alana K. Knowles sold 2,408 shares on February 18, 2024, at an average price of $183.28, totaling $441,338.24. Vice Chairman Mark A. Nelson sold 139,600 shares on March 2, 2024, at an average price of $187.92, resulting in a total of $26.23 million. Following this transaction, Nelson holds 11,337 shares valued at approximately $2.13 million, reflecting a significant decrease in his ownership.
Chevron Corporation, headquartered in the United States, is a leading multinational energy company involved in nearly every aspect of the oil and gas industry. The firm engages in upstream exploration and production, midstream transportation and storage, and downstream refining and marketing. Chevron markets under recognized brands such as Chevron, Texaco, and Caltex, serving retail customers, industrial users, and commercial fleets globally. The company has a rich history, tracing its roots back to the early petroleum companies that became Standard Oil of California, evolving through various mergers and acquisitions, including Gulf Oil and Texaco.
