Prosperitas Financial LLC grew its position in shares of Chevron Corporation (NYSE:CVX – Free Report) by 6.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,105 shares of the oil and gas company’s stock after purchasing an additional 2,263 shares during the period. Chevron makes up 2.3% of Prosperitas Financial LLC’s portfolio, making the stock its 15th biggest holding. Prosperitas Financial LLC’s holdings in Chevron were worth $7,373,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. State Street Corp boosted its stake in Chevron by 3.9% during 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 buying an additional 5,998,852 shares during the period. BlackRock Inc. bought a new position in Chevron in the 2nd quarter worth about $25,663,729,000. Bank of America Corp DE increased its stake in 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 acquiring an additional 1,334,976 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Chevron in the 2nd quarter valued at about $2,378,114,000. Finally, Amundi raised its holdings in shares of Chevron by 14.1% in the 2nd quarter. Amundi now owns 13,900,271 shares of the oil and gas company’s stock valued at $2,304,109,000 after acquiring an additional 1,714,835 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.
Chevron Stock Up 1.8%
CVX opened at $235.62 on Friday. The business’s fifty day simple moving average is $213.16 and its 200 day simple moving average is $193.07. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $236.48. 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 stock has a market cap of $465.53 billion, a PE ratio of 17.24, a P/E/G ratio of 0.56 and a beta of 0.53.
Chevron (NYSE:CVX – Get Free Report) last issued its quarterly earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (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 during the quarter, compared to analyst estimates of $61.82 billion. During the same quarter in the previous year, the company posted $1.85 earnings per share. The company’s revenue was up 36.3% compared to the same quarter last year. As a group, research analysts expect that Chevron Corporation will post 18.15 earnings per share for the current fiscal year.
Insider Transactions at Chevron
In related news, insider Andrew Walz sold 16,800 shares of the business’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 value of $3,377,808.00. Following the completion of the sale, the insider owned 14 shares in the company, valued at $2,814.84. The trade was a 99.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael K. Wirth sold 317,100 shares of Chevron stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at $5,273,701.68. This trade represents a 92.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,195,682 shares of company stock valued at $235,619,780 over the last 90 days. Company insiders own 0.56% of the company’s stock.
Key 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
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on CVX. Piper Sandler lifted their price target on Chevron from $207.00 to $243.00 and gave the company an “overweight” rating in a research report on Thursday, September 3rd. Sanford C. Bernstein upped their price objective on shares of Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a research report on Monday, August 3rd. Jefferies Financial Group upped their price objective on shares of Chevron from $216.00 to $233.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $241.00 target price on shares of Chevron in a research note on Tuesday, October 20th. Finally, Raymond James Financial dropped their target price on shares of Chevron from $230.00 to $225.00 and set an “outperform” rating for the company in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $213.96.
Get Our Latest Stock Report on Chevron
About Chevron
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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