Chevron Corporation $CVX Stock Holdings Boosted by Jmac Enterprises LLC

Jmac Enterprises LLC raised its stake in shares of Chevron Corporation (NYSE:CVX) by 104.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,074 shares of the oil and gas company’s stock after buying an additional 3,100 shares during the quarter. Jmac Enterprises LLC’s holdings in Chevron were worth $1,240,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of CVX. State Street Corp boosted its stake in Chevron by 3.9% during the 2nd 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. BlackRock Inc. acquired a new position in Chevron during the second quarter valued at approximately $25,663,729,000. Bank of America Corp DE grew its holdings in 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. Bank of New York Mellon Corp bought a new stake in Chevron in the second quarter valued at approximately $2,378,114,000. Finally, Amundi increased its stake in Chevron by 14.1% in the second quarter. Amundi now owns 13,900,271 shares of the oil and gas company’s stock valued at $2,304,109,000 after purchasing an additional 1,714,835 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s third-quarter results were highlighted as strong, with refining strength and cost discipline supporting debt reduction and increased share buybacks. These actions may support shareholder returns. Why ExxonMobil and Chevron Reminded Investors to Keep it Simple
• Positive Sentiment: Chevron advanced talks on Iraq’s West Qurna 2 oilfield and is pursuing additional exploration opportunities, potentially expanding its upstream growth prospects. Chevron Advances Iraq Oilfield Deal, Expands Growth Prospects
• Negative Sentiment: Oil stocks, including Chevron, sold off after Democrats won the Senate in the midterm elections. The market reaction put pressure on the sector, rather than reflecting a newly reported problem at Chevron. Oil Stocks Take a Beating on Midterm Results
• Negative Sentiment: Commentary that oil’s price surge may have peaked—and that crude may not return to $100—added to concerns about future energy-sector earnings. The article also notes that a sudden geopolitical shock could reverse that outlook. What Election Night Could Mean for Energy Stocks

Wall Street Analyst Weigh In

Several research firms have weighed in on CVX. Zacks Research upgraded shares of Chevron from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. JPMorgan Chase & Co. boosted their price target on shares of Chevron from $190.00 to $222.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. Raymond James Financial lowered their price objective 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. Royal Bank Of Canada upped their price objective on shares of Chevron from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, September 24th. Finally, Piper Sandler raised their price objective on Chevron from $207.00 to $243.00 and gave the stock an “overweight” rating in a research note on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and a consensus price target of $222.04.

Chevron Trading Down 3.7%

NYSE:CVX opened at $216.94 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The business’s 50-day simple moving average is $214.40 and its 200-day simple moving average is $193.93. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $236.48. The stock has a market capitalization of $428.63 billion, a PE ratio of 15.87, a price-to-earnings-growth ratio of 0.53 and a beta of 0.47.

Chevron (NYSE:CVX) last posted its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.87 by $0.41. The business had revenue of $65.24 billion during the quarter, compared to analysts’ expectations of $61.82 billion. Chevron had a return on equity of 14.64% and a net margin of 11.56%. Chevron’s revenue for the quarter was up 36.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.85 EPS. Sell-side analysts expect that Chevron Corporation will post 18.26 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Wednesday, November 18th will be issued a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Wednesday, November 18th. Chevron’s dividend payout ratio is 52.08%.

Insider Activity

In related news, insider R. Pate sold 40,700 shares of the firm’s stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the sale, the insider directly owned 8,791 shares in the company, valued at $1,992,480.15. This trade represents a 82.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael K. Wirth sold 317,100 shares of the firm’s stock in a transaction 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 sale, the chief executive officer owned 26,308 shares in the company, valued at approximately $5,273,701.68. The trade was a 92.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 379,470 shares of company stock worth $77,216,415 over the last quarter. 0.56% of the stock is currently owned by company insiders.

Chevron 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.