Chevron Corporation $CVX Stock Sold by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. decreased its stake in shares of Chevron Corporation (NYSE:CVX) by 2.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 126,563 shares of the oil and gas company’s stock after selling 2,925 shares during the period. Letko Brosseau & Associates Inc.’s holdings in Chevron were worth $25,845,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Main Street Group LTD bought a new position in Chevron during the 1st quarter valued at $28,000. Kilter Group LLC purchased a new position in Chevron during the 2nd quarter worth $28,000. Principia Wealth Advisory LLC boosted its holdings in Chevron by 49.6% during the 2nd quarter. Principia Wealth Advisory LLC now owns 181 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 60 shares during the last quarter. Strategic Wealth Advisors LLC bought a new stake in shares of Chevron in the 2nd quarter worth $33,000. Finally, Burk Holdings LLC bought a new stake in shares of Chevron in the 2nd quarter worth $42,000. Institutional investors own 72.42% of the company’s stock.

Insider Activity

In other news, Vice Chairman Mark Nelson sold 112,000 shares of the stock in a transaction that occurred on Tuesday, November 10th. The shares were sold at an average price of $210.48, for a total transaction of $23,573,760.00. Following the completion of the transaction, the insider directly owned 11,647 shares of the company’s stock, valued at $2,451,460.56. This represents a 90.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 stock was sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the sale, the insider owned 14 shares of the company’s stock, valued at approximately $2,814.84. The trade was a 99.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 174,370 shares of company stock valued at $37,224,309 in the last three months. Company insiders own 0.56% of the company’s stock.

Chevron Price Performance

Shares of NYSE:CVX opened at $216.64 on Friday. The company’s 50-day moving average is $215.33 and its 200 day moving average is $195.33. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.07 and a current ratio of 1.34. The company has a market capitalization of $425.78 billion, a P/E ratio of 15.85, a price-to-earnings-growth ratio of 0.50 and a beta of 0.47. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week 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. Chevron had a net margin of 11.56% and a return on equity of 14.49%. The company had revenue of $65.24 billion during the quarter, compared to analyst estimates of $61.82 billion. During the same quarter in the prior year, the business earned $1.85 earnings per share. The firm’s revenue for the quarter was up 36.3% on a year-over-year basis. On average, equities research analysts forecast that Chevron Corporation will post 18.64 earnings per share for the current year.

Chevron Announces Dividend

The business 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 $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Wednesday, November 18th. Chevron’s payout ratio is presently 52.08%.

Trending Headlines about Chevron

Investors following CVX have been watching these headlines:

• Positive Sentiment: Chevron’s third-quarter adjusted profit nearly tripled to $10.4 billion. Strong refining margins lifted downstream earnings 333%, and refineries ran at 98% capacity, helping offset a 2.6% decline in production. Coverage also cited record U.S. refinery throughput, strong cash flow and rising estimates. Article: Chevron’s Production Fell. Its Profit Nearly Tripled.
• Negative Sentiment: Sanford C. Bernstein cut its price target to $233 from $248 and maintained a “market perform” rating, signaling less upside in its updated view. Article: Bernstein Lowers Chevron Price Target
• Negative Sentiment: Vice Chairman Mark Nelson sold 112,000 shares for about $23.6 million, reducing his direct holdings by 90.6%. Insider sales can draw investor attention, though the transaction alone does not establish the seller’s motivation. SEC Form 4 filing

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. UBS Group increased their target price on shares of Chevron from $235.00 to $265.00 and gave the company a “buy” rating in a report on Monday, November 2nd. Dbs Bank upgraded shares of Chevron to a “moderate buy” rating in a report on Thursday, August 6th. Mizuho set a $234.00 price objective on shares of Chevron in a research report on Monday, October 12th. BNP Paribas Exane reduced their price objective on shares of Chevron from $230.00 to $224.00 and set an “outperform” rating for the company in a research report on Friday, July 17th. Finally, Barclays increased their price objective on shares of Chevron from $208.00 to $244.00 and gave the company an “equal weight” rating in a research note on Monday, November 2nd. One investment 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and a consensus target price of $222.81.

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.