Quintet Private Bank Europe S.A. Boosts Holdings in Chevron Corporation $CVX

Quintet Private Bank Europe S.A. increased its holdings in shares of Chevron Corporation (NYSE:CVX) by 51.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 214,947 shares of the oil and gas company’s stock after acquiring an additional 73,481 shares during the period. Chevron comprises approximately 2.0% of Quintet Private Bank Europe S.A.’s holdings, making the stock its 14th largest holding. Quintet Private Bank Europe S.A.’s holdings in Chevron were worth $43,894,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Toth Financial Advisory Corp grew its stake in shares of Chevron by 7.2% during the third quarter. Toth Financial Advisory Corp now owns 5,441 shares of the oil and gas company’s stock worth $1,124,000 after purchasing an additional 364 shares during the period. Whalen Wealth Management Inc. increased its position in shares of Chevron by 3.3% in the 3rd quarter. Whalen Wealth Management Inc. now owns 15,225 shares of the oil and gas company’s stock valued at $3,109,000 after buying an additional 493 shares in the last quarter. Chickasaw Capital Management LLC raised its position in shares of Chevron by 0.8% during the third quarter. Chickasaw Capital Management LLC now owns 7,225 shares of the oil and gas company’s stock worth $1,475,000 after purchasing an additional 55 shares during the period. Applied Capital LLC FL lifted its stake in Chevron by 2.4% in the third quarter. Applied Capital LLC FL now owns 4,872 shares of the oil and gas company’s stock valued at $995,000 after buying an additional 115 shares in the last quarter. Finally, Martin Capital Partners LLC lifted its position in Chevron by 0.3% in the 3rd quarter. Martin Capital Partners LLC now owns 49,766 shares of the oil and gas company’s stock valued at $10,163,000 after acquiring an additional 160 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

Chevron stock traded up $5.81 during mid-day trading on Thursday, reaching $210.96. The company had a trading volume of 3,468,479 shares, compared to its average volume of 10,479,264. The company has a market cap of $416.81 billion, a P/E ratio of 20.21, a P/E/G ratio of 0.58 and a beta of 0.53. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $217.78. 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 business has a fifty day simple moving average of $203.83 and a 200 day simple moving average of $192.87.

Chevron (NYSE:CVX) last issued its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business 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 firm earned $1.77 EPS. The business’s revenue for the quarter was up 57.4% compared to the same quarter last year. On average, equities research analysts predict that Chevron Corporation will post 17.47 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were issued a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Wednesday, August 19th. Chevron’s dividend payout ratio is presently 68.26%.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Bakken restructuring could improve returns: Chevron is transferring its Hess Midstream interests and DJ Basin midstream assets in exchange for revised Bakken agreements. The deal is expected to cut Chevron’s Bakken midstream costs by roughly 50%, remove associated debt exposure and extend contracts through 2045. Analysts say the changes could strengthen cash flow and return on capital, despite an estimated $3 billion-$4 billion closing loss. Chevron’s Portfolio Reshaping Strategy to Unlock Stronger Returns
• Positive Sentiment: Bullish analyst sentiment: Zacks upgraded Chevron to “Strong Buy” and highlighted the company as its Bull of the Day, citing cash generation, rising estimates and shareholder returns. A separate outlook places a potential price target near $225. Chevron highlighted as Zacks Bull of the Day
• Positive Sentiment: Tight fuel markets support oil prices: Chevron CEO Mike Wirth said global oil and fuel inventories have become dangerously thin, particularly ahead of winter. The supply concerns and ongoing geopolitical volatility may support crude prices and energy-sector earnings. Chevron CEO issues warning on depleting oil reserves
• Neutral Sentiment: Gulf operations curtailed by storm: Chevron has shut in four operated Gulf of Mexico facilities and moved some personnel ashore, while five other facilities reportedly continue producing. Industrywide, roughly 512,000 barrels per day of Gulf output had been temporarily shut in. The disruption could support fuel prices, but it also reduces Chevron’s near-term production. Chevron Shuts In Four Gulf Facilities as Hurricane Isaias Nears
• Negative Sentiment: Transaction charge and execution risk: The Hess Midstream restructuring involves a substantial upfront accounting loss, while lower drilling activity in the Bakken could reduce throughput. Investors will weigh the near-term hit against the expected long-term cost savings. Chevron Is Offloading Hess Midstream and Taking a $3 Billion to $4 Billion Hit
• Negative Sentiment: Diesel export-policy uncertainty: Wirth warned that a U.S. diesel export ban would remove supply from global markets and worsen the energy crisis. Although the comments support Chevron’s position, any new restrictions could disrupt refining markets and increase policy risk. Chevron CEO warns against diesel export ban

Analysts Set New Price Targets

A number of analysts have recently commented on CVX shares. Wells Fargo & Company boosted their price objective on shares of Chevron from $226.00 to $230.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. Wall Street Zen raised Chevron from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. HSBC set a $90.00 price target on shares of Chevron in a report on Friday, September 25th. Sanford C. Bernstein boosted their target price on shares of Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a research report on Monday, August 3rd. Finally, Morgan Stanley increased their target price on shares of Chevron from $210.00 to $218.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and an average price target of $210.24.

Insider Buying and Selling

In other news, Director John Hess sold 710,665 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the completion of the transaction, the director directly owned 363,711 shares in the company, valued at $70,596,305.10. This trade represents a 66.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael 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 transaction of $63,565,866.00. Following the completion of the transaction, the chief executive officer owned 26,308 shares in the company, valued at $5,273,701.68. This trade represents a 92.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,152,582 shares of company stock valued at $225,853,661 over the last three months. 0.56% of the stock is owned by 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.