Palisade Asset Management LLC cut its holdings in Chevron Corporation (NYSE:CVX – Free Report) by 3.4% during the 3rd quarter, Holdings Channel.com reports. The fund owned 90,706 shares of the oil and gas company’s stock after selling 3,225 shares during the quarter. Chevron accounts for about 1.8% of Palisade Asset Management LLC’s portfolio, making the stock its 16th biggest position. Palisade Asset Management LLC’s holdings in Chevron were worth $18,523,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of CVX. State Street Corp grew its stake in shares of Chevron by 3.9% in the 2nd quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock worth $28,016,651,000 after purchasing an additional 5,998,852 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Chevron in the 2nd quarter worth approximately $25,663,729,000. Bank of America Corp DE raised its holdings in shares of Chevron by 5.1% in the 1st 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 purchasing an additional 1,334,976 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Chevron in the 2nd quarter worth approximately $2,378,114,000. Finally, Amundi lifted its stake in Chevron by 14.1% during 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 purchasing an additional 1,714,835 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.
More Chevron News
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
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on CVX. Dbs Bank upgraded shares of Chevron to a “moderate buy” rating in a report on Thursday, August 6th. JPMorgan Chase & Co. upped their price target on Chevron from $190.00 to $222.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. Weiss Ratings cut Chevron from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, November 2nd. Barclays increased their price objective on Chevron from $208.00 to $244.00 and gave the company an “equal weight” rating in a research report on Monday, November 2nd. Finally, Raymond James Financial reduced their price objective on Chevron from $230.00 to $225.00 and set an “outperform” rating for the company in a research note on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $221.88.
Check Out Our Latest Stock Report on Chevron
Insider Activity
In other news, insider R. Pate sold 40,700 shares of the business’s stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the sale, the insider owned 8,791 shares in the company, valued at $1,992,480.15. The trade was a 82.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Wirth sold 317,100 shares of the company’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 completion of 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 position. The SEC filing for this sale provides additional information. Insiders have sold 379,470 shares of company stock worth $77,216,415 over the last 90 days. 0.56% of the stock is owned by company insiders.
Chevron Trading Down 0.1%
Shares of CVX opened at $212.66 on Friday. The business’s 50-day moving average price is $214.91 and its 200 day moving average price is $194.40. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $420.17 billion, a P/E ratio of 15.56, a P/E/G ratio of 0.50 and a beta of 0.47. Chevron Corporation has a 1-year low of $146.49 and a 1-year 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, beating analysts’ consensus estimates of $4.87 by $0.41. Chevron had a net margin of 11.56% and a return on equity of 14.64%. The company had revenue of $65.24 billion during the quarter, compared to analyst estimates of $61.82 billion. During the same period in the prior year, the firm earned $1.85 earnings per share. The business’s quarterly revenue was up 36.3% on a year-over-year basis. Analysts expect that Chevron Corporation will post 18.56 earnings per share for the current year.
Chevron Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Wednesday, November 18th will be given a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, November 18th. Chevron’s dividend payout ratio (DPR) is 52.08%.
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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