Eagle Rock Investment Company LLC Sells 5,994 Shares of Chevron Corporation $CVX

Eagle Rock Investment Company LLC cut its stake in shares of Chevron Corporation (NYSE:CVX) by 12.1% in the third quarter, Holdings Channel reports. The firm owned 43,605 shares of the oil and gas company’s stock after selling 5,994 shares during the quarter. Chevron accounts for approximately 1.1% of Eagle Rock Investment Company LLC’s holdings, making the stock its 27th biggest holding. Eagle Rock Investment Company LLC’s holdings in Chevron were worth $8,905,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Blue Capital Inc. bought a new position in Chevron during the 2nd quarter worth approximately $786,000. OneAscent Wealth Management LLC acquired a new position in Chevron during the second quarter valued at approximately $973,000. Global Retirement Partners LLC bought a new stake in Chevron in the second quarter valued at approximately $14,276,000. Greg Jennings LLC bought a new stake in Chevron in the third quarter valued at approximately $1,314,000. Finally, Ferguson Wellman Capital Management Inc. increased its stake in Chevron by 0.6% in the third quarter. Ferguson Wellman Capital Management Inc. now owns 911,718 shares of the oil and gas company’s stock valued at $186,182,000 after purchasing an additional 5,787 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is considering a sale of approximately $1 billion in mature U.S. Gulf of Mexico oil and gas assets. Divesting older properties could streamline operations, unlock cash and redirect capital toward newer offshore projects and long-term production growth. Chevron Eyes $1B Gulf Asset Sale to Focus on Growth Projects
• Positive Sentiment: Bank of America raised its Chevron price target to $252 from $227, adding support to investor confidence in the company’s earnings and cash-flow potential. Chevron price target raised at BofA
• Positive Sentiment: Analysts highlight CVX as a potential beneficiary of the oil rally, citing production growth, disciplined capital spending, diversified operations and a dividend supported by recurring cash flow. Oil Prices Climb: Energy Stocks Poised to Benefit
• Neutral Sentiment: Chevron’s leadership changes, including a new chief financial officer, and upcoming production and earnings updates give investors additional information to assess execution and whether higher commodity prices are translating into stronger results. Chevron’s new CFO among four executive changes
• Negative Sentiment: Director R. Pate sold 43,100 shares worth roughly $9.8 million. The transactions were made under a pre-arranged Rule 10b5-1 plan, reducing their value as a bearish signal, but the substantial reduction in ownership may weigh modestly on sentiment. Chevron insider trading filing

Insider Activity at Chevron

In other Chevron news, Director John B. Hess sold 710,665 shares of Chevron stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $194.10, for a total value of $137,940,076.50. Following the sale, the director owned 363,711 shares of the company’s stock, valued at $70,596,305.10. This trade represents a 66.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael K. Wirth sold 317,100 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $200.46, for a total value of $63,565,866.00. Following the completion of the sale, the chief executive officer owned 26,308 shares in the company, valued at approximately $5,273,701.68. This trade represents a 92.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,195,682 shares of company stock valued at $235,619,780 in the last quarter. 0.56% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CVX has been the topic of a number of recent analyst reports. Morgan Stanley lifted their price target on shares of Chevron from $218.00 to $226.00 and gave the stock an “overweight” rating in a research report on Thursday, October 15th. The Goldman Sachs Group reissued a “buy” rating and issued a $241.00 price target on shares of Chevron in a report on Tuesday. Bank of America upped their price objective on shares of Chevron from $210.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Wolfe Research raised Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective on the stock in a research note on Thursday, July 2nd. Finally, BNP Paribas Exane reduced their target price on Chevron from $230.00 to $224.00 and set an “outperform” rating on the stock in a report on Friday, July 17th. One 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $213.96.

Chevron Price Performance

NYSE CVX opened at $226.65 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $229.04. The business has a 50 day simple moving average of $209.95 and a 200 day simple moving average of $194.11. The stock has a market cap of $447.80 billion, a price-to-earnings ratio of 21.73, a PEG ratio of 0.54 and a beta of 0.53.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, beating 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 company had revenue of $67.20 billion during the quarter, compared to analysts’ expectations of $62.72 billion. During the same quarter in the prior year, the company earned $1.77 earnings per share. The business’s quarterly revenue was up 57.4% compared to the same quarter last year. Analysts anticipate that Chevron Corporation will post 18.12 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were given a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Wednesday, August 19th. Chevron’s payout ratio is currently 68.26%.

Chevron Company 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.