Chevron Corporation $CVX Stock Sold by Torray Investment Partners LLC

Torray Investment Partners LLC lowered its position in shares of Chevron Corporation (NYSE:CVX) by 11.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 119,943 shares of the oil and gas company’s stock after selling 15,357 shares during the quarter. Chevron accounts for approximately 3.2% of Torray Investment Partners LLC’s investment portfolio, making the stock its 10th largest position. Torray Investment Partners LLC’s holdings in Chevron were worth $24,494,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CVX. Aware Super Pty Ltd as trustee of Aware Super raised its position in shares of Chevron by 12.0% during the third quarter. Aware Super Pty Ltd as trustee of Aware Super now owns 165,724 shares of the oil and gas company’s stock worth $33,842,000 after purchasing an additional 17,740 shares during the period. Tucker Asset Management LLC lifted its holdings in shares of Chevron by 16.2% during the third quarter. Tucker Asset Management LLC now owns 3,426 shares of the oil and gas company’s stock valued at $700,000 after purchasing an additional 477 shares during the last quarter. Gerber Kawasaki Wealth & Investment Management boosted its position in shares of Chevron by 8.5% in the 3rd quarter. Gerber Kawasaki Wealth & Investment Management now owns 7,395 shares of the oil and gas company’s stock valued at $1,510,000 after purchasing an additional 578 shares during the period. Torren Management LLC boosted its position in shares of Chevron by 404.2% in the 3rd quarter. Torren Management LLC now owns 479 shares of the oil and gas company’s stock valued at $98,000 after purchasing an additional 384 shares during the period. Finally, Next Level Wealth Planning LLC acquired a new position in shares of Chevron in the 3rd quarter valued at $111,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CVX shares. Wells Fargo & Company boosted their price objective on Chevron from $230.00 to $268.00 and gave the stock an “overweight” rating in a report on Monday. Barclays raised their target price on shares of Chevron from $208.00 to $244.00 and gave the stock an “equal weight” rating in a report on Monday. Morgan Stanley lifted their target price on shares of Chevron from $226.00 to $230.00 and gave the stock an “overweight” rating in a research report on Monday. BMO Capital Markets boosted their price target on shares of Chevron from $210.00 to $235.00 and gave the company an “outperform” rating in a report on Thursday, September 3rd. Finally, HSBC set a $90.00 price target on shares of Chevron in a report on Friday, September 25th. One 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 given a Sell rating to the company. Based on data from MarketBeat, Chevron has an average rating of “Moderate Buy” and an average target price of $222.04.

Chevron Stock Performance

Shares of Chevron stock opened at $225.58 on Wednesday. The stock has a market cap of $445.70 billion, a PE ratio of 16.50, a price-to-earnings-growth ratio of 0.54 and a beta of 0.47. The business has a fifty day simple moving average of $214.06 and a 200-day simple moving average of $193.68. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $236.48.

Chevron (NYSE:CVX) last posted its quarterly 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 analyst estimates of $61.82 billion. Chevron had a return on equity of 14.64% and a net margin of 11.56%. Chevron’s quarterly revenue was up 36.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.85 earnings per share. On average, sell-side analysts anticipate that Chevron Corporation will post 18.20 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 18th will be paid a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Wednesday, November 18th. Chevron’s payout ratio is 52.08%.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron reported adjusted third-quarter earnings of $5.28 per share, topping expectations, with record U.S. refinery throughput and strong refining margins contributing to results. UBS raised its price target to $265 and retained a Buy rating after the results. Q3 results deep dive
• Positive Sentiment: Chevron says it remains on track to supply power to a Microsoft West Texas data center in 2028 through Project Kilby, despite permitting uncertainty—an update supporting its efforts to build data-center energy demand into a growth opportunity. Chevron data-center power target
• Neutral Sentiment: Oil-market sentiment is volatile: Brent fell about 8% after signals that Iran may be open to peace talks, but reports of U.S. strikes in Iran complicate the outlook. A sustained easing of conflict could pressure crude prices, while renewed escalation could reverse the move. Oil-market reaction to Iran news
• Negative Sentiment: Lower crude prices pose a potential headwind for Chevron’s upstream earnings, and the shares may also be vulnerable to profit-taking after a substantial rally. ETF flows were mixed, with reports of net sales on Oct. 30. ETF sales of Chevron shares
• Negative Sentiment: DZ Bank lowered its rating from Buy to Hold, adding a cautious analyst view even as its $240 target remains above the quoted share price. DZ Bank rating action

Insider Buying and Selling at Chevron

In other Chevron news, insider R. Pate sold 40,700 shares of Chevron stock in a transaction dated Tuesday, October 20th. The stock was 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 of the company’s stock, valued at $1,992,480.15. The trade was a 82.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Wirth sold 317,100 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $200.46, for a total value 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 represents a 92.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 379,470 shares of company stock valued at $77,216,415 in the last 90 days. 0.56% of the stock is currently owned by corporate 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.