Providence First Trust Co purchased a new position in shares of Chevron Corporation (NYSE:CVX – Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,578 shares of the oil and gas company’s stock, valued at approximately $526,000.
A number of other hedge funds also recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of Chevron during the second quarter worth about $25,663,729,000. Bank of New York Mellon Corp purchased a new stake in shares of Chevron during the second quarter worth approximately $2,378,114,000. Legal & General Group Plc acquired a new stake in Chevron in the second quarter valued at approximately $1,462,412,000. Deutsche Bank AG acquired a new stake in Chevron in the second quarter valued at approximately $1,189,577,000. Finally, State Street Corp raised its holdings 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 acquiring an additional 5,998,852 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.
Chevron News Summary
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Chevron was upgraded by Freedom Broker from “sell” to “hold,” with a $218 price target. The change signals less bearishness, though the target implies only modest upside from the cited share price. Freedom Broker rating
- Positive Sentiment: Natural-gas production topped 9 billion cubic feet per day in the third quarter, supported by operations in Australia and the Eastern Mediterranean. Record output could strengthen Chevron’s position in the liquefied natural gas market, despite operational disruptions. Zacks article on gas production
- Positive Sentiment: Recent coverage points to record cash flow and a run of earnings beats as reasons to consider CVX for the long term. Chevron’s latest reported quarter also exceeded analyst expectations for earnings and revenue, supporting the fundamental case. 247WallSt analysis
- Neutral Sentiment: An executive reported selling 24,439 shares in an option exercise-and-sale transaction. The report alone does not establish a change in the company’s outlook. Insider transaction report
- Negative Sentiment: Coverage says a post-election political shift sent oil prices lower, dragging energy stocks, including Chevron. A separate analyst downgrade also contributed to reported share-price pressure, highlighting sensitivity to oil-market expectations and cautious ratings. Report on analyst downgrade
Insider Buying and Selling at Chevron
In other Chevron news, CEO Michael Wirth sold 317,100 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the sale, the chief executive officer owned 26,308 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider R. Pate sold 40,700 shares of the firm’s stock in a transaction that occurred on Tuesday, October 20th. The stock was sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the sale, the insider directly owned 8,791 shares in the company, valued at approximately $1,992,480.15. The trade was a 82.24% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 379,470 shares of company stock worth $77,216,415 over the last three months. Insiders own 0.56% of the company’s stock.
Chevron Trading Down 0.1%
CVX opened at $212.66 on Friday. Chevron Corporation has a one year low of $146.49 and a one year high of $236.48. The company has a market cap of $420.17 billion, a P/E ratio of 15.56, a PEG ratio of 0.50 and a beta of 0.47. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The business’s 50-day simple moving average is $214.91 and its 200-day simple moving average is $194.40.
Chevron (NYSE:CVX – Get Free Report) last issued its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.87 by $0.41. The business had revenue of $65.24 billion for the quarter, compared to analyst estimates of $61.82 billion. Chevron had a return on equity of 14.64% and a net margin of 11.56%. The business’s quarterly revenue was up 36.3% on a year-over-year basis. During the same quarter last year, the company earned $1.85 EPS. As a group, equities research analysts expect that Chevron Corporation will post 18.56 EPS for the current fiscal year.
Chevron Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 18th will be paid a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 3.3%. The ex-dividend date is Wednesday, November 18th. Chevron’s dividend payout ratio is currently 52.08%.
Wall Street Analyst Weigh In
CVX has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of Chevron from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Mizuho set a $234.00 price objective on shares of Chevron in a research report on Monday, October 12th. Bank of America raised their price objective on shares of Chevron from $210.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Raymond James Financial reduced their price objective on shares of Chevron from $230.00 to $225.00 and set an “outperform” rating on the stock in a report on Tuesday, July 21st. Finally, Royal Bank Of Canada lifted their price objective on shares of Chevron from $220.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, September 24th. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and a consensus target price of $221.88.
Get Our Latest Stock Analysis on CVX
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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