Estabrook Capital Management Reduces Chevron Holdings to $11.9 Million

Estabrook Capital Management has reduced its stake in Chevron Corporation (NYSE: CVX) by 2.4%, bringing its total holdings to 83,100 shares, valued at approximately $11.9 million as of its latest filing with the Securities and Exchange Commission (SEC). The firm sold 2,002 shares during the second quarter, making Chevron its 15th largest position, which constitutes about 1.8% of its overall portfolio.

Several other institutional investors have also adjusted their stakes in Chevron recently. For instance, Solitude Financial Services increased its holdings by 8.2%, acquiring an additional 1,913 shares, bringing their total to 25,325 shares valued at $3.6 million. Similarly, Shell Asset Management Co. raised its investment in Chevron by 21.4%, now owning 51,115 shares worth $7.3 million. Mutual Advisors LLC and Costello Asset Management INC have also reported increases in their positions, with the latter growing its stake by 26.9%.

As of now, approximately 72.42% of Chevron’s stock is owned by institutional investors and hedge funds. This shift in holdings reflects a broader trend among investment firms adjusting their portfolios in response to market conditions.

Chemical and Energy Operations Update

Chevron opened at $151.21 per share on the trading day following these disclosures. The company has experienced a one-year stock range with a low of $132.04 and a high of $168.96. Financial ratios indicate a current ratio of 1.00, a quick ratio of 0.74, and a debt-to-equity ratio of 0.16. The company boasts a market capitalization of approximately $304.46 billion.

In addition to these financial adjustments, Chevron announced a quarterly dividend of $1.71 per share, which will be distributed on December 10, 2024. Shareholders on record by November 18, 2024 will qualify for this payment, marking an annualized dividend of $6.84 and a yield of 4.5%. The company’s dividend payout ratio stands at 96.20%.

Insider Transactions and Analyst Ratings

In related news, Chevron’s Director, John B. Hess, sold 275,000 shares on November 20, 2024, at an average price of $150.75, amounting to a total value of $41.46 million. Following this transaction, Hess retained 1,128,045 shares valued at approximately $170.05 million, reflecting a 19.60% reduction in his ownership of Chevron stock.

Analysts have taken note of Chevron’s performance, with various firms issuing updates on the stock. Bank of America raised its target price from $170.00 to $185.00, maintaining a “buy” rating. Scotiabank and TD Cowen also adjusted their price targets to $165.00 and $155.00, respectively. Overall, Chevron has received ten buy ratings, nine hold ratings, and four sell ratings, with a consensus rating of “hold” and an average target price of $165.58, according to data from MarketBeat.

Chevron Corporation operates within the energy sector, focusing on integrated energy and chemicals both domestically and internationally. Its business is divided into two main segments: Upstream and Downstream. The Upstream segment involves exploration, development, and production of crude oil and natural gas, while the Downstream segment focuses on refining and marketing operations.

As the market continues to evolve, the actions of institutional investors and recent analyst upgrades reflect a dynamic landscape for Chevron and its stakeholders.