2,609 Chevron Corporation $CVX Shares Purchased by Secure Asset Management LLC

Secure Asset Management LLC raised its stake in Chevron Corporation (NYSE:CVX) by 16.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 18,899 shares of the oil and gas company’s stock after buying an additional 2,609 shares during the quarter. Secure Asset Management LLC’s holdings in Chevron were worth $3,859,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Chevron during the 2nd quarter valued at $25,663,729,000. Bank of New York Mellon Corp acquired a new position in shares of Chevron in the second quarter worth $2,378,114,000. Legal & General Group Plc acquired a new position in shares of Chevron in the second quarter worth $1,462,412,000. Deutsche Bank AG acquired a new position in shares of Chevron in the second quarter worth $1,189,577,000. Finally, State Street Corp increased its stake in shares of 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 worth $28,016,651,000 after acquiring an additional 5,998,852 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling

In related news, CEO Michael Wirth sold 317,100 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $200.46, for a total value of $63,565,866.00. Following the transaction, the chief executive officer directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 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 disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 1,152,582 shares of company stock worth $225,853,661. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

CVX has been the subject of several recent research reports. UBS Group increased their price objective on Chevron from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, October 8th. Piper Sandler boosted their target price on Chevron from $207.00 to $243.00 and gave the company an “overweight” rating in a research note on Thursday, September 3rd. Bank of America boosted their target price on Chevron from $210.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Wolfe Research raised Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 target price on the stock in a research report on Thursday, July 2nd. Finally, Sanford C. Bernstein raised their price target on Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and an average price target of $213.96.

Chevron Trading Up 0.6%

Shares of NYSE:CVX opened at $225.67 on Wednesday. The stock has a market capitalization of $445.87 billion, a PE ratio of 21.64, a P/E/G ratio of 0.61 and a beta of 0.53. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $227.28. The firm has a fifty day moving average price of $208.76 and a 200 day moving average price of $193.71. 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 posted its earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The firm had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. During the same period in the prior year, the business posted $1.77 earnings per share. The business’s quarterly revenue was up 57.4% on a year-over-year basis. Analysts expect that Chevron Corporation will post 17.71 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were issued a dividend of $1.78 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.2%. Chevron’s dividend payout ratio is currently 68.26%.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Brent crude rose above $110 per barrel and reached a five-month high as renewed U.S.-Israel tensions with Iran increased fears of Middle East supply disruptions. Higher oil prices typically support Chevron’s upstream revenue and cash flow. Chevron, ExxonMobil Stocks Hit 52-Week Highs
• Positive Sentiment: Chevron’s possible expansion in Venezuela could eventually lift production to roughly 600,000 barrels per day, more than doubling current output. The country’s low production costs could create significant long-term profit potential, although execution and political conditions remain important. Chevron Is Pouring Billions Into Venezuela
• Positive Sentiment: Analysts have raised Chevron earnings estimates, citing higher oil prices, Permian production growth, lower development costs and disciplined capital spending. Bakken changes and portfolio adjustments are also being viewed as ways to improve efficiency and cash flow. Earnings Estimates Moving Higher for Chevron
• Positive Sentiment: Chevron continues to receive favorable investor attention, including a bullish Goldman Sachs view and increased holdings by prominent investors. Articles also highlight potential benefits from Venezuela and Greece-related deals, spare refining capacity and possible Iraqi oil opportunities. Chevron Stock Nears a 52-Week High

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.