Chevron Corporation $CVX Stock: Commonwealth Equity Services LLC Decreases Holdings

Commonwealth Equity Services LLC decreased its stake in Chevron Corporation (NYSE:CVX) by 4.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 993,310 shares of the oil and gas company’s stock after selling 48,780 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Chevron were worth $202,844,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Wealth Dimensions Group Ltd. lifted its position in shares of Chevron by 4.7% in the third quarter. Wealth Dimensions Group Ltd. now owns 7,415 shares of the oil and gas company’s stock valued at $1,514,000 after acquiring an additional 333 shares in the last quarter. Collaborative Fund Advisors LLC purchased a new position in Chevron in the 3rd quarter valued at $736,000. Pathway Financial Advisers LLC boosted its stake in Chevron by 2.4% during the 3rd quarter. Pathway Financial Advisers LLC now owns 31,308 shares of the oil and gas company’s stock worth $6,393,000 after purchasing an additional 720 shares during the last quarter. Costello Asset Management INC boosted its stake in Chevron by 0.3% during the 3rd quarter. Costello Asset Management INC now owns 14,813 shares of the oil and gas company’s stock worth $3,025,000 after purchasing an additional 50 shares during the last quarter. Finally, Cowa LLC grew its holdings in shares of Chevron by 6.3% during the third quarter. Cowa LLC now owns 6,318 shares of the oil and gas company’s stock worth $1,290,000 after buying an additional 374 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s record cash flow and seven consecutive earnings beats underscore its financial strength. A separate report highlighted strong third-quarter refining performance, cost discipline, debt reduction and increased buybacks. Chevron Has Become Very Interesting Again Following the Midterms Why ExxonMobil and Chevron Reminded Investors to Keep it Simple
• Positive Sentiment: Record natural-gas output above 9 Bcf/d in the third quarter, led by Australia and the Eastern Mediterranean, could strengthen Chevron’s position in the LNG market. Can Chevron’s Record Natural Gas Output Strengthen Its LNG Position?
• Positive Sentiment: Progress on an Iraq oilfield agreement, alongside pursuit of additional fields and exploration blocks, offers potential for upstream growth. Chevron Advances Iraq Oilfield Deal, Expands Growth Prospects
• Negative Sentiment: Midterm results triggered a broad oil-stock selloff as investors reacted to lower oil prices and expectations that inflation—and the energy-price surge—may ease. Lower crude prices can weigh on Chevron’s upstream earnings and cash flow. Oil Stocks Chevron, Marathon, and Exxon Mobil Take a Beating on Midterm Results
• Negative Sentiment: DZ Bank lowered its rating on CVX, adding a cautious analyst signal amid the sector weakness. Chevron Stock Rating Lowered by DZ Bank

Insiders Place Their Bets

In other news, CEO Michael K. 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 sale, the chief executive officer owned 26,308 shares in the company, valued at approximately $5,273,701.68. This represents a 92.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R. Pate sold 40,700 shares of the 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 directly owned 8,791 shares in the company, valued at $1,992,480.15. The trade was a 82.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 379,470 shares of company stock valued at $77,216,415 in the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Raymond James Financial reduced their target price on shares of Chevron from $230.00 to $225.00 and set an “outperform” rating for the company in a research report on Tuesday, July 21st. The Goldman Sachs Group restated a “buy” rating and set a $241.00 price target on shares of Chevron in a research report on Tuesday, October 20th. Jefferies Financial Group upped their price objective on shares of Chevron from $216.00 to $233.00 and gave the company a “buy” rating in a research note on Monday, August 17th. Morgan Stanley upped their price objective on shares of Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Wall Street Zen upgraded shares of Chevron from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $222.04.

Chevron Stock Down 1.9%

Shares of NYSE:CVX opened at $212.92 on Friday. 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 52-week low of $146.49 and a 52-week high of $236.48. The company has a 50 day moving average of $214.66 and a two-hundred day moving average of $194.17. The company has a market capitalization of $420.68 billion, a price-to-earnings ratio of 15.58, a price-to-earnings-growth ratio of 0.51 and a beta of 0.47.

Chevron (NYSE:CVX) last announced its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.87 by $0.41. The company 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 prior year, the company posted $1.85 EPS. As a group, analysts forecast that Chevron Corporation will post 18.56 earnings per share for the current fiscal year.

Chevron Announces Dividend

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