Veracity Capital LLC grew its stake in shares of Chevron Corporation (NYSE:CVX – Free Report) by 40.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 9,766 shares of the oil and gas company’s stock after acquiring an additional 2,832 shares during the period. Veracity Capital LLC’s holdings in Chevron were worth $1,994,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of CVX. BlackRock Inc. purchased a new stake in Chevron in the second quarter worth $25,663,729,000. Bank of New York Mellon Corp purchased a new position in shares of Chevron during the 2nd quarter valued at $2,378,114,000. Legal & General Group Plc bought a new position in shares of Chevron during the 2nd quarter worth $1,462,412,000. Berkshire Hathaway Inc grew its stake in shares of Chevron by 6.6% during the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock worth $19,837,131,000 after acquiring an additional 8,091,570 shares during the period. Finally, Deutsche Bank AG purchased a new stake in Chevron in the 2nd quarter worth about $1,189,577,000. Institutional investors own 72.42% of the company’s stock.
Wall Street Analyst Weigh In
CVX has been the subject of several recent research reports. BMO Capital Markets lifted their target price on shares of Chevron from $210.00 to $235.00 and gave the stock an “outperform” rating in a research note on Thursday, September 3rd. Weiss Ratings upgraded shares of Chevron from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Barclays cut their price objective on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a report on Monday, August 17th. Wall Street Zen raised shares of Chevron from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Finally, UBS Group increased their target price on Chevron from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and a consensus price target of $210.24.
Insider Activity at Chevron
In other news, CEO Michael Wirth sold 317,100 shares of the stock in a transaction on Friday, August 14th. The shares were sold at an average price of $200.46, for a total value of $63,565,866.00. Following the transaction, the chief executive officer owned 26,308 shares of the company’s stock, valued at $5,273,701.68. This represents a 92.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John Hess sold 710,665 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $194.10, for a total value of $137,940,076.50. Following the completion of the transaction, the director owned 363,711 shares of the company’s stock, valued at $70,596,305.10. The trade was a 66.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,152,582 shares of company stock worth $225,853,661 in the last 90 days. 0.56% of the stock is currently owned by corporate insiders.
Chevron News Roundup
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Higher oil prices are lifting energy stocks. Oil prices surged as markets reacted to renewed Iran-related tensions, increasing the potential value of Chevron’s production and supporting investor interest in major oil companies. Stock Market Today: Nasdaq Slumps On War Worries; Oil Surges As Chevron Gains
- Positive Sentiment: Chevron’s Hess Midstream restructuring could materially reduce costs. The company is transferring its Hess Midstream interests and certain DJ Basin assets while renegotiating Bakken agreements. Chevron expects approximately 50% lower Bakken midstream costs, potentially improving earnings, free cash flow and return on capital. Chevron to Divest its Ownership Interests in Hess Midstream and DJ Basin Crude Midstream Assets
- Positive Sentiment: Analysts and commentators remain bullish. Zacks upgraded Chevron to “Strong Buy,” while other coverage highlights the company’s cash generation, dividend appeal and potential for improved Bakken economics. Chevron’s Portfolio Reshaping Strategy to Unlock Stronger Returns
- Neutral Sentiment: Gulf of Mexico production is being curtailed ahead of Tropical Storm Isaias. Chevron shut in four operated facilities and evacuated some nonessential personnel. The disruption could temporarily reduce production, but tighter Gulf supply may support crude and fuel prices. Chevron Shuts In Four Gulf Facilities as Hurricane Isaias Nears
- Negative Sentiment: The Hess Midstream transaction includes a sizable near-term accounting hit. Reports estimate Chevron may absorb a $3 billion–$4 billion loss when the deal closes, although management expects longer-term cost savings and a simpler portfolio. Chevron Is Offloading Hess Midstream and Taking a $3 Billion to $4 Billion Hit
- Negative Sentiment: Chevron CEO Mike Wirth warned against a U.S. diesel-export ban. He said restricting exports could remove supply from global markets and worsen fuel shortages, highlighting policy risk for refiners and producers. Chevron CEO Warns Against Unwise Diesel Export Ban
Chevron Price Performance
NYSE:CVX traded up $6.54 during trading hours on Thursday, hitting $211.69. 4,056,868 shares of the company’s stock traded hands, compared to its average volume of 10,482,996. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $217.78. The business’s fifty day simple moving average is $203.83 and its two-hundred day simple moving average is $192.87. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The firm has a market cap of $418.25 billion, a P/E ratio of 20.30, a P/E/G ratio of 0.58 and a beta of 0.53.
Chevron (NYSE:CVX – Get Free Report) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, beating the consensus estimate of $5.55 by $0.51. The firm had revenue of $67.20 billion for the quarter, compared to analysts’ expectations of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The company’s revenue was up 57.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.77 EPS. On average, research analysts anticipate that Chevron Corporation will post 17.47 earnings per share for the current fiscal year.
Chevron Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th were paid a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Wednesday, August 19th. Chevron’s payout ratio is currently 68.26%.
Chevron Company 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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