Atwood & Palmer Inc. raised its stake in shares of Chevron Corporation (NYSE:CVX – Free Report) by 50.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,493 shares of the oil and gas company’s stock after buying an additional 2,519 shares during the quarter. Atwood & Palmer Inc.’s holdings in Chevron were worth $1,531,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Midwest Capital Advisors LLC bought a new stake in Chevron in the first quarter valued at approximately $25,000. Main Street Group LTD bought a new position in shares of Chevron during the first quarter worth $28,000. Phillip James Consulting Co. acquired a new position in shares of Chevron in the 4th quarter valued at $26,000. Kilter Group LLC acquired a new position in shares of Chevron in the 2nd quarter valued at $28,000. Finally, Basso Capital Management L.P. bought a new stake in shares of Chevron in the 4th quarter valued at $27,000. Institutional investors own 72.42% of the company’s stock.
Key Headlines Impacting Chevron
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Higher oil prices are the primary catalyst. Crude oil moved above $92.60 amid concerns that Middle East tensions could disrupt supply, supporting expectations for stronger upstream cash flow and profits at Chevron. UBS also raised its price target to $235. Why Is Chevron Stock Surging on Thursday?
- Positive Sentiment: Chevron’s Hess Midstream restructuring could improve Bakken economics. The company is transferring its Hess Midstream interests and DJ Basin assets in exchange for revised contracts, a $200 million cash payment and an expected roughly 50% reduction in Bakken midstream costs. The transaction is also expected to eliminate or simplify about $3.7 billion of associated debt, potentially improving returns and reducing balance-sheet complexity. Chevron’s Portfolio Reshaping Strategy to Unlock Stronger Returns
- Positive Sentiment: Market commentary highlighted Chevron’s cash generation, shareholder returns and portfolio optimization, while Zacks upgraded the stock from “hold” to “strong buy.” Chevron highlighted as Zacks Bull of the Day
- Neutral Sentiment: Storm-related Gulf of Mexico shutdowns could tighten fuel markets and support prices, but they also temporarily reduce Chevron’s production and create operational risk. Chevron shut in four operated facilities while keeping five others producing normally as Tropical Storm Isaias approached. Chevron Shuts In Four Gulf Facilities as Hurricane Isaias Nears
- Negative Sentiment: The Hess Midstream transaction is expected to produce a $3 billion–$4 billion closing loss, creating a near-term earnings and valuation headwind even though management expects longer-term cost benefits. Chevron Is Offloading Hess Midstream and Taking a $3 Billion to $4 Billion Hit
Chevron Stock Up 3.1%
Chevron (NYSE:CVX – Get Free Report) last released its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm had revenue of $67.20 billion during the quarter, compared to analysts’ expectations of $62.72 billion. During the same quarter in the prior year, the company earned $1.77 EPS. The company’s revenue was up 57.4% on a year-over-year basis. As a group, equities analysts expect that Chevron Corporation will post 17.47 earnings per share for the current year.
Chevron Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were given a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Wednesday, August 19th. Chevron’s dividend payout ratio is currently 68.26%.
Analysts Set New Price Targets
Several analysts recently commented on the company. Dbs Bank raised Chevron to a “moderate buy” rating in a research note on Thursday, August 6th. JPMorgan Chase & Co. increased their price target on Chevron from $190.00 to $222.00 and gave the stock an “overweight” rating in a report on Monday, August 3rd. UBS Group raised their price target on Chevron from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Thursday. Wall Street Zen upgraded Chevron from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Finally, Wells Fargo & Company boosted their price objective on Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a research report on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and an average price target of $210.24.
View Our Latest Stock Report on Chevron
Insider Transactions at Chevron
In related news, CEO Michael Wirth sold 317,100 shares of the stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the completion of the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $5,273,701.68. This trade represents a 92.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew Walz sold 16,800 shares of Chevron stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the completion of the sale, the insider directly owned 14 shares in the company, valued at approximately $2,814.84. This represents a 99.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,152,582 shares of company stock valued at $225,853,661 over the last three months. 0.56% of the stock is currently owned by corporate insiders.
Chevron Profile
Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.
The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.
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