Kestra Advisory Services LLC increased its holdings in Chevron Corporation (NYSE:CVX – Free Report) by 11.0% in the third quarter, Holdings Channel reports. The fund owned 381,713 shares of the oil and gas company’s stock after purchasing an additional 37,772 shares during the quarter. Kestra Advisory Services LLC’s holdings in Chevron were worth $77,950,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CVX. Main Street Group LTD bought a new stake in shares of Chevron in the 1st quarter valued at about $28,000. Kilter Group LLC bought a new position in shares of Chevron during the second quarter valued at approximately $28,000. Principia Wealth Advisory LLC boosted its stake in shares of Chevron by 49.6% during the second quarter. Principia Wealth Advisory LLC now owns 181 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 60 shares in the last quarter. Strategic Wealth Advisors LLC purchased a new position in Chevron during the second quarter valued at approximately $33,000. Finally, Burk Holdings LLC purchased a new position in Chevron during the second quarter valued at approximately $42,000. 72.42% of the stock is currently owned by institutional investors.
Chevron Price Performance
Shares of CVX stock opened at $212.92 on Friday. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $236.48. 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 firm has a market capitalization of $420.68 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 0.51 and a beta of 0.47. The stock’s 50-day simple moving average is $214.66 and its 200-day simple moving average is $194.17.
Chevron (NYSE:CVX – Get Free Report) last released its earnings results on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, topping analysts’ consensus estimates of $4.87 by $0.41. The company had revenue of $65.24 billion during the quarter, compared to analysts’ expectations of $61.82 billion. Chevron had a net margin of 11.56% and a return on equity of 14.64%. Chevron’s revenue for the quarter was up 36.3% on a year-over-year basis. During the same period last year, the business earned $1.85 EPS. As a group, equities analysts forecast that Chevron Corporation will post 18.56 earnings per share for the current fiscal year.
Chevron Announces Dividend
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 dividend of $1.78 per share. The ex-dividend date is Wednesday, November 18th. This represents a $7.12 dividend on an annualized basis and a yield of 3.3%. Chevron’s dividend payout ratio is presently 52.08%.
Key Headlines Impacting Chevron
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Chevron’s record cash flow and seven consecutive earnings beats underscore its financial strength. A separate report highlighted strong third-quarter refining performance, cost discipline, debt reduction and increased buybacks. Chevron Has Become Very Interesting Again Following the Midterms Why ExxonMobil and Chevron Reminded Investors to Keep it Simple
- Positive Sentiment: Record natural-gas output above 9 Bcf/d in the third quarter, led by Australia and the Eastern Mediterranean, could strengthen Chevron’s position in the LNG market. Can Chevron’s Record Natural Gas Output Strengthen Its LNG Position?
- Positive Sentiment: Progress on an Iraq oilfield agreement, alongside pursuit of additional fields and exploration blocks, offers potential for upstream growth. Chevron Advances Iraq Oilfield Deal, Expands Growth Prospects
- Negative Sentiment: Midterm results triggered a broad oil-stock selloff as investors reacted to lower oil prices and expectations that inflation—and the energy-price surge—may ease. Lower crude prices can weigh on Chevron’s upstream earnings and cash flow. Oil Stocks Chevron, Marathon, and Exxon Mobil Take a Beating on Midterm Results
- Negative Sentiment: DZ Bank lowered its rating on CVX, adding a cautious analyst signal amid the sector weakness. Chevron Stock Rating Lowered by DZ Bank
Analyst Upgrades and Downgrades
A number of research firms have weighed in on CVX. Jefferies Financial Group upped their target price on Chevron from $216.00 to $233.00 and gave the stock a “buy” rating in a report on Monday, August 17th. DZ Bank cut Chevron from a “buy” rating to a “hold” rating and set a $240.00 target price on the stock. in a research report on Tuesday. Morgan Stanley lifted their price target on Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a report on Monday. William Blair began coverage on Chevron in a research report on Wednesday, October 28th. They issued an “outperform” rating for the company. Finally, Wall Street Zen raised Chevron from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Chevron currently has a consensus rating of “Moderate Buy” and a consensus price target of $222.04.
View Our Latest Analysis on CVX
Insiders Place Their Bets
In other news, CEO Michael K. Wirth sold 317,100 shares of the business’s stock in a transaction 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 directly owned 26,308 shares of the company’s stock, valued at $5,273,701.68. The trade was a 92.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew Walz sold 16,800 shares of the business’s stock in a transaction on Monday, August 17th. The shares were 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 in the company, valued at $2,814.84. This trade represents a 99.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 379,470 shares of company stock valued at $77,216,415. Insiders own 0.56% of the company’s stock.
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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