Camden National Bank has increased its stake in Chevron Corporation (NYSE: CVX) by 0.9% during the second quarter of 2023, as disclosed in a recent filing with the Securities and Exchange Commission (SEC). The bank now holds a total of 45,374 shares of the oil and gas giant, valued at approximately $6,497,000 following an acquisition of an additional 385 shares during the quarter.
Several other institutional investors have also adjusted their positions in Chevron, reflecting broader interest in the company. For instance, Solitude Financial Services raised its stake by 8.2%, bringing its total to 25,325 shares worth about $3,626,000. Meanwhile, Shell Asset Management Co. increased its holdings by 21.4%, now owning 51,115 shares valued at $7,319,000. Mutual Advisors LLC and Costello Asset Management INC also reported increases of 7.3% and 26.9%, respectively, showcasing a trend among hedge funds to boost their investments in Chevron.
As of the latest data, institutional investors collectively own 72.42% of Chevron’s stock, indicative of strong confidence in the company’s prospects.
Insider Transactions and Market Performance
In related news, Chevron’s Vice President, Alana K. Knowles, sold 3,978 shares on August 29, 2023, at an average price of $160.00. This sale resulted in a total transaction value of approximately $636,480. Following this transaction, Knowles retains ownership of 1,181 shares, representing a significant decline of 77.11% in her overall stake. Company insiders currently hold just 0.21% of Chevron’s stock.
Chevron’s stock experienced a slight decline of 0.3% recently, following its earnings report on October 31, 2023. The company reported earnings per share (EPS) of $1.85, surpassing analysts’ expectations of $1.71 by $0.14. Additionally, Chevron reported quarterly revenue of $48.17 billion, exceeding forecasts of $46.99 billion. Despite this positive performance, revenue was down 1.9% compared to the same period last year, when the company reported an EPS of $2.48.
Analysts predict that Chevron will achieve an EPS of $10.79 for the current fiscal year, reflecting market optimism regarding the company’s future earnings potential.
Dividend Announcement and Analyst Ratings
Chevron also announced a quarterly dividend of $1.71 per share, set to be paid on December 10, 2023. Shareholders recorded on November 18, 2023, will receive this dividend, which translates to an annualized figure of $6.84 and a dividend yield of 4.6%. The ex-dividend date is also November 18, 2023, and Chevron’s current payout ratio stands at 96.20%.
Market analysts have varied opinions on Chevron’s stock. A recent note from Wall Street Zen upgraded Chevron from a “sell” to a “hold” rating. Meanwhile, Mizuho increased its price target from $191.00 to $204.00, while Wells Fargo & Company raised its target from $190.00 to $196.00, both assigning an “outperform” rating. Conversely, Barclays lowered its target from $160.00 to $158.00, maintaining an “equal weight” rating.
Overall, Chevron has received eleven “Buy” ratings, nine “Hold” ratings, and three “Sell” ratings, resulting in an average rating of “Hold” with a target price of $166.55, according to MarketBeat.
Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations both in the United States and internationally. The company operates in two main segments: Upstream and Downstream, focusing on the exploration, production, and transportation of oil and natural gas, as well as the marketing of these resources.
