Modera Wealth Management LLC boosted its stake in Chevron Corporation (NYSE:CVX – Free Report) by 18.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 36,832 shares of the oil and gas company’s stock after purchasing an additional 5,846 shares during the period. Modera Wealth Management LLC’s holdings in Chevron were worth $7,521,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in CVX. State Street Corp lifted its holdings in shares of Chevron by 3.9% during the 2nd 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 buying an additional 5,998,852 shares during the period. BlackRock Inc. bought a new stake in shares of Chevron in the second quarter worth $25,663,729,000. Bank of America Corp DE grew its holdings 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 worth $5,716,694,000 after acquiring an additional 1,334,976 shares during the period. Amundi grew its holdings in shares of Chevron by 3.0% in the first quarter. Amundi now owns 12,185,436 shares of the oil and gas company’s stock worth $2,521,166,000 after acquiring an additional 349,416 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in shares of Chevron in the second quarter worth $2,378,114,000. Institutional investors own 72.42% of the company’s stock.
Insider Activity
In related news, CEO Michael Wirth sold 317,100 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at approximately $5,273,701.68. This represents a 92.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John Hess sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the sale, the director owned 178,045 shares in the company, valued at approximately $34,587,021.70. The trade was a 35.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 1,195,682 shares of company stock valued at $235,619,780. 0.56% of the stock is owned by insiders.
Chevron Stock Performance
Shares of CVX opened at $235.62 on Friday. 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 business has a 50-day simple moving average of $213.16 and a two-hundred day simple moving average of $193.07. The stock has a market cap of $465.53 billion, a price-to-earnings ratio of 17.24, a PEG ratio of 0.56 and a beta of 0.53. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $236.48.
Chevron (NYSE:CVX – Get Free Report) last posted its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, topping the consensus estimate of $4.87 by $0.41. Chevron had a return on equity of 11.09% and a net margin of 9.57%. The firm had revenue of $65.24 billion for the quarter, compared to the consensus estimate of $61.82 billion. During the same quarter last year, the company earned $1.85 earnings per share. The business’s revenue for the quarter was up 36.3% compared to the same quarter last year. On average, analysts expect that Chevron Corporation will post 18.15 EPS for the current year.
Analyst Ratings Changes
A number of research firms recently commented on CVX. Wells Fargo & Company increased their target price on Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a report on Thursday, September 3rd. Morgan Stanley raised their target price on Chevron from $218.00 to $226.00 and gave the stock an “overweight” rating in a research report on Thursday, October 15th. Jefferies Financial Group boosted their price target on Chevron from $216.00 to $233.00 and gave the company a “buy” rating in a research note on Monday, August 17th. JPMorgan Chase & Co. upped their price target on shares of Chevron from $190.00 to $222.00 and gave the company an “overweight” rating in a research report on Monday, August 3rd. Finally, BMO Capital Markets upped their price target on shares of Chevron from $210.00 to $235.00 and gave the company an “outperform” rating in a research report on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $213.96.
Read Our Latest Research Report on Chevron
More Chevron News
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Quarterly earnings exceeded expectations. Chevron reported adjusted earnings of $5.28 per share, above the roughly $4.87-$4.89 analyst consensus, while revenue reached $65.24 billion versus estimates of $61.82 billion. Adjusted earnings of approximately $10.4 billion nearly tripled from a year earlier. Chevron tops Q3 expectations on higher downstream profit
- Positive Sentiment: Refining was the standout business. Downstream earnings climbed to nearly $4.9 billion from about $1.1 billion a year earlier as refinery outages and conflicts involving Iran and Russia reduced fuel supplies and lifted margins. Chevron beats earnings expectations as refining profits soar
- Positive Sentiment: Cash generation and the balance sheet improved. Chevron generated roughly $12 billion of free cash flow and $16 billion of operating cash flow, while reducing net debt by about $7.8 billion. This supports dividends, potential buybacks and future investment. Chevron’s profit nearly tripled from a year ago
- Neutral Sentiment: Analyst sentiment has become more constructive. One valuation estimate increased from $227.71 to $232.50, with higher oil-price assumptions, strong refining results and possible Venezuela-related upside supporting revised targets. However, the stock’s rally has reduced its dividend yield for new investors. Chevron stock fair value edges higher
- Negative Sentiment: Investors face risks beyond the strong quarter. Chevron warned that downtime could reduce fourth-quarter production by approximately 225,000 barrels of oil equivalent per day. In addition, refining profits may normalize if geopolitical disruptions ease, while the stock’s elevated valuation and lingering questions about buybacks could limit further upside. Chevron says downtime could hit Q4 output
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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