Atwood & Palmer Inc. Buys 2,519 Shares of Chevron Corporation $CVX

Atwood & Palmer Inc. raised its stake in shares of Chevron Corporation (NYSE:CVX) by 50.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 7,493 shares of the oil and gas company’s stock after purchasing an additional 2,519 shares during the quarter. Atwood & Palmer Inc.’s holdings in Chevron were worth $1,531,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. State Street Corp raised its holdings in 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 valued at $28,016,651,000 after acquiring an additional 5,998,852 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Chevron during the 2nd quarter worth approximately $25,663,729,000. Berkshire Hathaway Inc increased its position in shares of Chevron by 6.6% during the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock valued at $19,837,131,000 after purchasing an additional 8,091,570 shares during the period. Bank of America Corp DE increased its position in shares of Chevron by 5.1% during the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock valued at $5,716,694,000 after purchasing an additional 1,334,976 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Chevron by 1.5% in the fourth quarter. Invesco Ltd. now owns 17,119,575 shares of the oil and gas company’s stock valued at $2,609,194,000 after purchasing an additional 254,323 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Activity

In other news, insider Andrew Walz sold 16,800 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider owned 14 shares of the company’s stock, valued at approximately $2,814.84. This trade represents a 99.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John B. Hess sold 710,665 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $194.10, for a total value of $137,940,076.50. Following the sale, the director directly owned 363,711 shares of the company’s stock, valued at $70,596,305.10. This represents a 66.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 1,152,582 shares of company stock valued at $225,853,661. Company insiders own 0.56% of the company’s stock.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Higher oil prices are the primary catalyst. Crude oil moved above $92.60 amid concerns that Middle East tensions could disrupt supply, supporting expectations for stronger upstream cash flow and profits at Chevron. UBS also raised its price target to $235. Why Is Chevron Stock Surging on Thursday?
• Positive Sentiment: Chevron’s Hess Midstream restructuring could improve Bakken economics. The company is transferring its Hess Midstream interests and DJ Basin assets in exchange for revised contracts, a $200 million cash payment and an expected roughly 50% reduction in Bakken midstream costs. The transaction is also expected to eliminate or simplify about $3.7 billion of associated debt, potentially improving returns and reducing balance-sheet complexity. Chevron’s Portfolio Reshaping Strategy to Unlock Stronger Returns
• Positive Sentiment: Market commentary highlighted Chevron’s cash generation, shareholder returns and portfolio optimization, while Zacks upgraded the stock from “hold” to “strong buy.” Chevron highlighted as Zacks Bull of the Day
• Neutral Sentiment: Storm-related Gulf of Mexico shutdowns could tighten fuel markets and support prices, but they also temporarily reduce Chevron’s production and create operational risk. Chevron shut in four operated facilities while keeping five others producing normally as Tropical Storm Isaias approached. Chevron Shuts In Four Gulf Facilities as Hurricane Isaias Nears
• Negative Sentiment: The Hess Midstream transaction is expected to produce a $3 billion–$4 billion closing loss, creating a near-term earnings and valuation headwind even though management expects longer-term cost benefits. Chevron Is Offloading Hess Midstream and Taking a $3 Billion to $4 Billion Hit

Chevron Price Performance

CVX stock traded up $6.41 during trading on Thursday, hitting $211.56. The company had a trading volume of 7,620,438 shares, compared to its average volume of 10,502,368. The company has a fifty day moving average price of $203.83 and a two-hundred day moving average price of $192.87. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $217.78. The company has a market cap of $418.00 billion, a P/E ratio of 20.28, a P/E/G ratio of 0.58 and a beta of 0.53. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.55 by $0.51. The firm had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business’s revenue for the quarter was up 57.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.77 earnings per share. Equities research analysts expect that Chevron Corporation will post 17.47 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were given a dividend of $1.78 per share. The ex-dividend date was Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.4%. Chevron’s dividend payout ratio (DPR) is 68.26%.

Analysts Set New Price Targets

Several brokerages recently commented on CVX. Weiss Ratings raised Chevron from a “hold (c)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Wall Street Zen upgraded shares of Chevron from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. UBS Group raised their price objective on shares of Chevron from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday. Raymond James Financial decreased their target price on shares of Chevron from $230.00 to $225.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 21st. Finally, Barclays lowered their target price on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating on the stock in a research note on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $210.24.

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.