Chevron Corporation $CVX Shares Sold by Palisade Asset Management LLC

Palisade Asset Management LLC lessened its stake in Chevron Corporation (NYSE:CVX) by 3.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 90,706 shares of the oil and gas company’s stock after selling 3,225 shares during the quarter. Chevron comprises about 1.8% of Palisade Asset Management LLC’s holdings, making the stock its 16th largest holding. Palisade Asset Management LLC’s holdings in Chevron were worth $18,523,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CVX. Main Street Group LTD purchased a new stake in shares of Chevron during the first quarter valued at approximately $28,000. Kilter Group LLC purchased a new position in shares of Chevron in the second quarter valued at $28,000. Principia Wealth Advisory LLC boosted its stake in shares of Chevron by 49.6% in 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 during the period. Financial Connections Group Inc. grew its holdings in Chevron by 129.3% during the 1st quarter. Financial Connections Group Inc. now owns 211 shares of the oil and gas company’s stock valued at $43,000 after purchasing an additional 119 shares in the last quarter. Finally, Legacy Wealth Managment LLC ID increased its stake in Chevron by 81.8% during the 1st quarter. Legacy Wealth Managment LLC ID now owns 220 shares of the oil and gas company’s stock worth $46,000 after buying an additional 99 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Transactions at Chevron

In related news, insider R. Pate sold 40,700 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael K. Wirth sold 317,100 shares of the business’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 sale, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $5,273,701.68. The trade was a 92.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 379,470 shares of company stock valued at $77,216,415. Company insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of recent analyst reports. DZ Bank lowered shares of Chevron from a “buy” rating to a “hold” rating and set a $240.00 price objective on the stock. in a report on Tuesday, November 3rd. BMO Capital Markets raised their target price on Chevron from $210.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, September 3rd. Sanford C. Bernstein lifted their target price on Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a research report on Monday, August 3rd. Bank of America boosted their price target on Chevron from $210.00 to $227.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Finally, Wall Street Zen upgraded Chevron from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $221.88.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was upgraded by Freedom Broker from “sell” to “hold,” with a $218 price target. The change signals less bearishness, though the target implies only modest upside from the cited share price. Freedom Broker rating
• Positive Sentiment: Natural-gas production topped 9 billion cubic feet per day in the third quarter, supported by operations in Australia and the Eastern Mediterranean. Record output could strengthen Chevron’s position in the liquefied natural gas market, despite operational disruptions. Zacks article on gas production
• Positive Sentiment: Recent coverage points to record cash flow and a run of earnings beats as reasons to consider CVX for the long term. Chevron’s latest reported quarter also exceeded analyst expectations for earnings and revenue, supporting the fundamental case. 247WallSt analysis
• Neutral Sentiment: An executive reported selling 24,439 shares in an option exercise-and-sale transaction. The report alone does not establish a change in the company’s outlook. Insider transaction report
• Negative Sentiment: Coverage says a post-election political shift sent oil prices lower, dragging energy stocks, including Chevron. A separate analyst downgrade also contributed to reported share-price pressure, highlighting sensitivity to oil-market expectations and cautious ratings. Report on analyst downgrade

Chevron Trading Down 0.1%

Shares of NYSE CVX opened at $212.66 on Friday. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The company has a market cap of $420.17 billion, a price-to-earnings ratio of 15.56, a price-to-earnings-growth ratio of 0.50 and a beta of 0.47. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $236.48. The stock’s 50 day simple moving average is $214.91 and its 200 day simple moving average is $194.40.

Chevron (NYSE:CVX) last posted its earnings results on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, beating the consensus estimate of $4.87 by $0.41. Chevron had a return on equity of 14.64% and a net margin of 11.56%. The firm had revenue of $65.24 billion for the quarter, compared to analysts’ expectations of $61.82 billion. During the same period last year, the firm earned $1.85 EPS. The firm’s revenue was up 36.3% compared to the same quarter last year. Equities research analysts expect that Chevron Corporation will post 18.56 EPS for the current 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 given a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Wednesday, November 18th. Chevron’s payout ratio is 52.08%.

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.