Edgar Lomax Co., based in Virginia, has decreased its investment in Chevron Corporation (NYSE: CVX) by 19.4% during the third quarter. According to a recent filing with the Securities & Exchange Commission, the firm now holds 221,587 shares of the oil and gas giant, following a sale of 53,445 shares during the period. This adjustment leaves Chevron accounting for approximately 2.7% of Edgar Lomax Co.’s portfolio, positioning it as the company’s 15th largest investment with a total value of $34.41 million.
Several other institutional investors have also altered their stakes in Chevron recently. Perennial Investment Advisors LLC increased its holdings by 50.2%, acquiring an additional 6,670 shares to bring its total to 19,958 shares valued at $3.1 million. Meanwhile, Smith Moore & CO. raised its stake by 1.7%, now possessing 19,189 shares worth about $2.98 million. United Capital Management of KS Inc. expanded its position by 2.3% with a total of 42,957 shares valued at $6.67 million, while Islay Capital Management LLC grew its stake by 36.8% to 7,599 shares, valued at $1.18 million. Finally, Crossmark Global Holdings Inc. increased its holdings by 18.0%, now owning 89,340 shares worth $13.87 million. Overall, institutional investors currently hold 72.42% of Chevron’s stock.
Chevron’s Recent Performance and Dividend Announcement
Chevron’s stock experienced a recent uptick, rising by 2.0%. The company released its quarterly earnings data on January 30, 2024, reporting earnings per share of $1.52, surpassing analysts’ estimates of $1.44 by $0.08. Despite this positive development, Chevron’s revenue for the quarter was $45.79 billion, falling short of the projected $48.18 billion and marking a 10.2% decline compared to the same quarter a year prior.
In a move likely to please shareholders, Chevron announced an increase in its quarterly dividend, set to be paid on March 10, 2024. Shareholders on record as of February 17, 2024 will receive a dividend of $1.78 per share, an increase from the previous dividend of $1.71. This adjustment represents an annualized payout of $7.12 and a yield of 3.8%, with a current payout ratio of 106.91%.
Analyst Ratings and Insider Activity
Recent analyst reports have shown a mixed outlook on Chevron’s stock. Freedom Capital downgraded its rating from “hold” to “strong sell,” while Citigroup raised its target price from $179.00 to $210.00 and maintained a “buy” rating. Additionally, Argus set a price target of $203.00, and Melius Research upgraded its rating from “hold” to “buy” with a target of $205.00. The consensus among analysts indicates that 13 recommend buying the stock, seven suggest holding it, and four advise selling, leading to an average rating of “hold” and a target price of $178.95.
Insider trading activity has also been notable, with Alana K. Knowles, an insider, selling 2,408 shares on February 18, 2024, at an average price of $183.28, totaling approximately $441,338.24. Furthermore, Vice Chairman Mark A. Nelson sold 139,600 shares on March 2, 2024, at an average price of $187.92, amounting to around $26.23 million. Following this transaction, Nelson’s ownership dropped by 92.49%, leaving him with 11,337 shares valued at approximately $2.13 million. Over the past 90 days, insiders have sold a total of 1,052,197 shares worth $187.13 million.
Chevron Corporation, an American multinational energy company, is involved in all aspects of the oil and gas industry. Its operations include upstream exploration and production, midstream transportation and storage, and downstream refining and marketing. With well-known brands such as Chevron, Texaco, and Caltex, the company provides a range of products and services to customers worldwide.
