Conning Inc. lowered its stake in Chevron Corporation (NYSE:CVX – Free Report) by 4.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 193,487 shares of the oil and gas company’s stock after selling 8,991 shares during the quarter. Chevron makes up approximately 1.2% of Conning Inc.’s investment portfolio, making the stock its 21st largest position. Conning Inc.’s holdings in Chevron were worth $39,512,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. State Street Corp grew its stake in Chevron by 3.9% in the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock valued at $28,016,651,000 after purchasing an additional 5,998,852 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Chevron in the 2nd quarter valued at approximately $25,663,729,000. Bank of America Corp DE grew its stake in shares of Chevron by 5.1% in the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock valued at $5,716,694,000 after buying an additional 1,334,976 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Chevron in the second quarter valued at $2,378,114,000. Finally, Amundi grew its stake in shares of Chevron by 14.1% in the second quarter. Amundi now owns 13,900,271 shares of the oil and gas company’s stock valued at $2,304,109,000 after buying an additional 1,714,835 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.
Key Chevron News
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Higher oil and natural-gas prices could support a strong quarterly performance. Analysts expect approximately $4.83 in adjusted EPS and $61.65 billion in revenue, while other previews suggest Chevron may beat estimates. Oil Stocks in Spotlight Friday: Chevron, ExxonMobil, BP Could Show Impact of Higher Gas Prices
- Positive Sentiment: Investors will focus on whether the oil-price surge translated into free cash flow and shareholder returns. Chevron’s strong production, Hess integration benefits and improved cash generation are supporting the bullish case. Chevron Hit a Record High. Friday’s Report Has to Show Where the Oil-Spike Cash Went
- Positive Sentiment: TotalEnergies is acquiring a 25% interest in 26 Chevron-operated offshore exploration leases in the U.S. Gulf. The partnership helps share exploration costs while expanding Chevron’s offshore portfolio. TotalEnergies Expands US Exploration Footprint With 26 Offshore Leases
- Neutral Sentiment: Options activity indicates potential for a post-earnings rally, but the stock is already near a record high, raising the bar for a positive surprise. Investors will also assess dividend sustainability and the outlook for oil prices. Ahead of Chevron Earnings, Here’s What Barchart Data Says Comes Next for CVX Stock
- Negative Sentiment: Chevron canceled plans for executives to attend the ADIPEC conference in the United Arab Emirates because of security concerns. The decision is unlikely to materially affect earnings but highlights continuing geopolitical risks to operations and travel. Exxon, Chevron cancel ADIPEC executive trips, sources say
Wall Street Analyst Weigh In
CVX has been the topic of a number of recent analyst reports. William Blair began coverage on shares of Chevron in a report on Wednesday. They set an “outperform” rating on the stock. Jefferies Financial Group increased their price target on shares of Chevron from $216.00 to $233.00 and gave the company a “buy” rating in a research note on Monday, August 17th. Bank of America lifted their price objective on shares of Chevron from $210.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Sanford C. Bernstein boosted their price objective on shares of Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. Finally, HSBC set a $90.00 target price on shares of Chevron in a report on Friday, September 25th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $213.96.
View Our Latest Analysis on Chevron
Insider Activity
In other news, Director John B. Hess sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the completion of the sale, the director owned 178,045 shares of the company’s stock, valued at approximately $34,587,021.70. This represents a 35.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Andrew Walz sold 16,800 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the sale, the insider directly owned 14 shares of the company’s stock, valued at approximately $2,814.84. This trade represents a 99.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 1,195,682 shares of company stock valued at $235,619,780. Corporate insiders own 0.56% of the company’s stock.
Chevron Trading Up 0.9%
Shares of NYSE:CVX opened at $231.32 on Friday. The company has a market capitalization of $457.03 billion, a P/E ratio of 22.18, a P/E/G ratio of 0.54 and a beta of 0.53. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The business’s 50 day simple moving average is $212.56 and its 200 day simple moving average is $192.70. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $234.08.
Chevron (NYSE:CVX – Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating 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 business had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the previous year, the firm earned $1.77 earnings per share. Chevron’s revenue for the quarter was up 57.4% compared to the same quarter last year. On average, research analysts anticipate that Chevron Corporation will post 18.20 EPS for the current fiscal year.
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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