Estabrook Capital Management Adjusts Chevron Holdings to $11.9 Million

Estabrook Capital Management has reduced its stake in Chevron Corporation by 2.4%, according to a recent filing with the Securities and Exchange Commission (SEC). The investment firm now holds 83,100 shares of the oil and gas giant, valued at approximately $11.9 million, after selling 2,002 shares during the second quarter of 2023. This adjustment represents about 1.8% of Estabrook’s total portfolio, making Chevron its 15th largest position.

Other institutional investors have also been active in adjusting their holdings in Chevron. For instance, Solitude Financial Services increased its stake by 8.2%, acquiring an additional 1,913 shares to own a total of 25,325 shares valued at $3.63 million. Similarly, Shell Asset Management Co. raised its holdings by 21.4%, now owning 51,115 shares worth $7.32 million after purchasing 9,002 shares in the same period.

Mutual Advisors and Costello Asset Management Increase Stakes

Mutual Advisors LLC also expanded its investment, boosting its stake by 7.3% with an additional 6,058 shares, bringing its total to 88,759 shares valued at $13.74 million. Costello Asset Management INC saw even more significant growth, increasing its holdings by 26.9% to own 16,694 shares worth $2.39 million.

Meanwhile, Jones Financial Companies Lllp significantly increased its position during the first quarter, acquiring 142,662 additional shares, bringing its total to 697,011 shares valued at $115.89 million. Collectively, institutional investors and hedge funds own approximately 72.42% of Chevron’s stock.

Chemical and Energy Operations Overview

As of Friday, Chevron’s stock opened at $151.21, with a one-year trading range between a low of $132.04 and a high of $168.96. The company currently has a market capitalization of $304.46 billion, a price-to-earnings ratio of 19.46, and a dividend yield of 4.5%. It is noteworthy that the company announced a quarterly dividend of $1.71 per share, set to be paid on December 10, 2023, to stockholders of record as of November 18, 2023.

Additionally, insider trading activity has been reported. John B. Hess, a director at Chevron, sold 275,000 shares at an average price of $150.75, totaling $41.46 million. Following this sale, Hess’s remaining shares amount to 1,128,045, valued at approximately $170.05 million.

Analysts’ Perspectives on Chevron

Chevron’s stock has garnered attention from several analysts. Bank of America recently raised its target price for Chevron shares from $170.00 to $185.00, maintaining a “buy” rating. Scotiabank also adjusted its price objective from $160.00 to $165.00, assigning a “sector perform” rating.

Furthermore, TD Cowen increased its target from $150.00 to $155.00 with a “hold” rating. Piper Sandler slightly decreased its price target from $171.00 to $169.00 while maintaining an “overweight” rating. In total, ten analysts have rated Chevron as a “buy,” nine as a “hold,” and four as a “sell,” leading to a consensus rating of “hold” with an average price target of $165.58, according to data from MarketBeat.

Chevron Corporation operates on a global scale, engaging in integrated energy and chemical operations through its subsidiaries. The company is structured into two main segments: Upstream, which focuses on the exploration, production, and transportation of oil and gas, and Downstream, which encompasses refining, marketing, and distribution activities. This diversification allows Chevron to maintain a strong presence in the energy sector despite fluctuating market conditions.