Chevron Corporation $CVX Holdings Raised by Elite Wealth Management Inc.

Elite Wealth Management Inc. boosted its stake in shares of Chevron Corporation (NYSE:CVX) by 2,170.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 36,819 shares of the oil and gas company’s stock after buying an additional 35,197 shares during the period. Chevron comprises 1.4% of Elite Wealth Management Inc.’s holdings, making the stock its 19th biggest position. Elite Wealth Management Inc.’s holdings in Chevron were worth $7,519,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. State Street Corp increased its holdings 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 purchasing an additional 5,998,852 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of Chevron in the second quarter worth about $25,663,729,000. Bank of America Corp DE boosted its stake 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 buying an additional 1,334,976 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Chevron during the second quarter valued at approximately $2,378,114,000. Finally, Amundi boosted its stake in Chevron by 14.1% during 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 buying an additional 1,714,835 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 0.0%

Shares of CVX stock opened at $212.66 on Monday. The company has a market cap of $420.17 billion, a PE ratio of 15.56, a price-to-earnings-growth ratio of 0.50 and a beta of 0.47. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $236.48. The stock’s 50 day simple moving average is $214.91 and its two-hundred day simple moving average is $194.40. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.34 and a quick ratio of 1.07.

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 firm had revenue of $65.24 billion for the quarter, compared to the consensus estimate of $61.82 billion. Chevron had a return on equity of 14.49% and a net margin of 11.56%. During the same quarter in the previous year, the company posted $1.85 EPS. The company’s revenue for the quarter was up 36.3% compared to the same quarter last year. Research analysts predict that Chevron Corporation will post 18.56 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Wednesday, November 18th will be paid a dividend of $1.78 per share. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.3%. Chevron’s payout ratio is currently 52.08%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Wall Street Zen raised Chevron from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Dbs Bank upgraded Chevron to a “moderate buy” rating in a research report on Thursday, August 6th. Bank of America raised their target price on shares of Chevron from $210.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Jefferies Financial Group boosted their price target on shares of Chevron from $216.00 to $233.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. Finally, BNP Paribas Exane decreased their price target on shares of Chevron from $230.00 to $224.00 and set an “outperform” rating on the stock in a research note on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $221.88.

Chevron News Summary

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

Insider Buying and Selling

In other news, CEO Michael Wirth sold 317,100 shares of the company’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 transaction of $63,565,866.00. Following the transaction, the chief executive officer owned 26,308 shares of the company’s stock, valued at approximately $5,273,701.68. This represents a 92.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider R. Pate sold 40,700 shares of the firm’s stock in a transaction that occurred on Tuesday, October 20th. The stock was sold at an average price of $226.65, for a total value 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 379,470 shares of company stock valued at $77,216,415. Company insiders own 0.56% of the company’s stock.

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.