Providence First Trust Co Purchases New Shares in Chevron Corporation $CVX

Providence First Trust Co acquired a new stake in Chevron Corporation (NYSE:CVX) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,578 shares of the oil and gas company’s stock, valued at approximately $526,000.

Several other hedge funds also recently added to or reduced their stakes in CVX. Asset One Wealth Management LLC raised its position in Chevron by 56.9% in the third quarter. Asset One Wealth Management LLC now owns 14,559 shares of the oil and gas company’s stock valued at $2,973,000 after purchasing an additional 5,282 shares during the period. Heritage Family Offices LLP increased its position in shares of Chevron by 5.3% during the 3rd quarter. Heritage Family Offices LLP now owns 2,108 shares of the oil and gas company’s stock worth $430,000 after purchasing an additional 107 shares during the last quarter. Allegiance Financial Group Advisory Services LLC raised its holdings in Chevron by 2.4% in the 3rd quarter. Allegiance Financial Group Advisory Services LLC now owns 3,138 shares of the oil and gas company’s stock valued at $641,000 after buying an additional 75 shares during the period. Calamos Advisors LLC lifted its position in Chevron by 1.9% in the third quarter. Calamos Advisors LLC now owns 566,279 shares of the oil and gas company’s stock valued at $115,640,000 after buying an additional 10,573 shares during the last quarter. Finally, Burke & Herbert Bank & Trust Co. boosted its stake in Chevron by 0.5% during the third quarter. Burke & Herbert Bank & Trust Co. now owns 21,753 shares of the oil and gas company’s stock worth $4,442,000 after buying an additional 100 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

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

Analysts Set New Price Targets

A number of brokerages have weighed in on CVX. Wall Street Zen upgraded shares of Chevron from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. JPMorgan Chase & Co. upped their price objective on shares of Chevron from $190.00 to $222.00 and gave the stock an “overweight” rating in a report on Monday, August 3rd. Freedom Broker raised shares of Chevron from a “sell” rating to a “hold” rating and set a $218.00 price objective for the company in a research report on Thursday. Morgan Stanley lifted their target price on shares of Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a report on Monday, November 2nd. Finally, Mizuho set a $234.00 target price on Chevron in a research report on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $221.88.

Chevron Price Performance

CVX opened at $212.66 on Friday. The stock’s 50-day moving average price is $214.91 and its 200 day moving average price is $194.40. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $236.48. 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 firm has a market cap of $420.17 billion, a price-to-earnings ratio of 15.56, a PEG ratio of 0.50 and a beta of 0.47.

Chevron (NYSE:CVX) last released its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, beating the consensus estimate of $4.87 by $0.41. The company had revenue of $65.24 billion during the quarter, compared to the consensus estimate of $61.82 billion. Chevron had a return on equity of 14.64% and a net margin of 11.56%. Chevron’s revenue was up 36.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.85 EPS. As a group, sell-side analysts expect that Chevron Corporation will post 18.56 earnings per share for the current year.

Chevron Announces Dividend

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

Insider Activity

In related news, insider R. Pate sold 40,700 shares of the company’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 sale, the insider directly owned 8,791 shares of the company’s stock, valued at $1,992,480.15. This represents a 82.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Andrew Walz sold 16,800 shares of the company’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 transaction of $3,377,808.00. Following the sale, the insider directly owned 14 shares in the company, valued at approximately $2,814.84. The trade was a 99.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 379,470 shares of company stock valued at $77,216,415. 0.56% of the stock is currently owned by company insiders.

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.