Confluence Wealth Services Inc. Sells 39,606 Shares of Chevron Corporation $CVX

Confluence Wealth Services Inc. decreased its holdings in Chevron Corporation (NYSE:CVX) by 49.1% in the third quarter, Holdings Channel reports. The fund owned 41,061 shares of the oil and gas company’s stock after selling 39,606 shares during the period. Confluence Wealth Services Inc.’s holdings in Chevron were worth $8,385,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. MFF Capital Investments Ltd acquired a new stake in shares of Chevron during the 3rd quarter worth approximately $7,147,000. Montaka Global Pty Ltd purchased a new position in Chevron in the third quarter worth approximately $10,408,000. Narwhal Capital Management increased its stake in Chevron by 2.8% during the third quarter. Narwhal Capital Management now owns 35,505 shares of the oil and gas company’s stock worth $7,250,000 after acquiring an additional 968 shares during the last quarter. Csenge Advisory Group raised its position in Chevron by 0.6% in the third quarter. Csenge Advisory Group now owns 37,140 shares of the oil and gas company’s stock valued at $7,584,000 after purchasing an additional 207 shares during the period. Finally, New York Life Investment Management LLC raised its position in Chevron by 5.3% in the third quarter. New York Life Investment Management LLC now owns 274,543 shares of the oil and gas company’s stock valued at $56,064,000 after purchasing an additional 13,785 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is selling QatarEnergy a 25% stake in its PEL82 offshore exploration license in Namibia. The deal shares exploration costs while Chevron retains control and exposure to potential discoveries. Chevron Expands Namibia Ties With QatarEnergy Offshore Stake Deal
• Positive Sentiment: Chevron is pursuing a $13.8 billion expansion in Argentina’s Vaca Muerta shale formation, aiming to triple its output there by 2035. Applying Permian expertise could support growth, though the plan faces high costs and pipeline constraints. Can Chevron’s $13.8B Vaca Muerta Bet Fuel Long-Term Growth?
• Neutral Sentiment: Chevron plans to double production in Venezuela, offering potential volume growth but exposing the company to political and investment risks. The article notes ExxonMobil’s reluctance to return after past asset seizures and flags uncertainty around long-term oil demand. Chevron Is Doubling Venezuela Production. ExxonMobil Says It’s Not in a Rush.
• Negative Sentiment: Oil prices fell to their lowest since August after President Trump said the Iran war was effectively over. Lower crude prices can weigh on Chevron’s earnings outlook; however, the report says there was no signed deal and Iran denied talks, leaving the situation uncertain. Oil Prices Just Fell to Their Lowest Since August

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CVX shares. Dbs Bank raised Chevron to a “moderate buy” rating in a research note on Thursday, August 6th. Morgan Stanley raised their price objective on Chevron from $226.00 to $230.00 and gave the stock an “overweight” rating in a research report on Monday, November 2nd. TD Cowen boosted their price objective on shares of Chevron from $215.00 to $225.00 and gave the company a “hold” rating in a report on Monday, October 12th. Argus boosted their price objective on shares of Chevron from $206.00 to $211.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Finally, William Blair began coverage on shares of Chevron in a research report on Wednesday, October 28th. They issued an “outperform” rating on the stock. One research 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 assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $221.88.

Chevron Stock Up 0.2%

NYSE:CVX opened at $211.15 on Wednesday. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $236.48. The stock’s fifty day moving average is $215.19 and its two-hundred day moving average is $194.85. The stock has a market capitalization of $414.99 billion, a price-to-earnings ratio of 15.45, a price-to-earnings-growth ratio of 0.49 and a beta of 0.47. The company has a quick ratio of 1.07, a current ratio of 1.34 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, beating analysts’ consensus estimates of $4.87 by $0.41. The business had revenue of $65.24 billion during the quarter, compared to analysts’ expectations of $61.82 billion. Chevron had a return on equity of 14.49% and a net margin of 11.56%. The company’s revenue was up 36.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.85 earnings per share. Research analysts anticipate that Chevron Corporation will post 18.56 EPS for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Wednesday, November 18th will be issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Wednesday, November 18th. Chevron’s dividend payout ratio (DPR) is 52.08%.

Insider Activity at Chevron

In other news, CEO Michael K. Wirth sold 317,100 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $5,273,701.68. This trade represents a 92.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Andrew Walz sold 16,800 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the completion of the transaction, the insider directly owned 14 shares of the company’s stock, valued at approximately $2,814.84. The trade was a 99.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 379,470 shares of company stock worth $77,216,415 in the last three months. 0.56% of the stock is 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.