162,562 Chevron Corporation $CVX Shares Purchased by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada nearly doubled its Chevron stake in the third quarter, purchasing 162,562 additional shares for a total holding of 329,175 shares valued at approximately $67.2 million. Institutional investors collectively own 72.42% of Chevron.
• Chevron reported strong quarterly results, with EPS of $6.06 beating estimates of $5.55 and revenue of $67.2 billion surpassing expectations. The company also pays a quarterly dividend of $1.78, equivalent to a 3.2% annualized yield.
• Analyst sentiment remains favorable, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $213.42, although insiders sold more than 1.15 million shares worth approximately $225.9 million over the past 90 days.

TD Waterhouse Canada Inc. lifted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 97.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 329,175 shares of the oil and gas company's stock after purchasing an additional 162,562 shares during the period. TD Waterhouse Canada Inc.'s holdings in Chevron were worth $67,221,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of CVX. State Street Corp lifted its stake in Chevron by 3.9% in the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company's stock valued at $28,016,651,000 after purchasing an additional 5,998,852 shares during the last quarter. BlackRock Inc. bought a new position in Chevron during the second quarter valued at $25,663,729,000. Bank of America Corp DE increased its position in Chevron by 5.1% in the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company's stock worth $5,716,694,000 after buying an additional 1,334,976 shares during the last quarter. Amundi increased its position in Chevron by 3.0% in the first quarter. Amundi now owns 12,185,436 shares of the oil and gas company's stock worth $2,521,166,000 after buying an additional 349,416 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in Chevron in the second quarter worth $2,378,114,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Up 2.6%

Chevron stock opened at $225.00 on Friday. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $225.31. The firm has a market capitalization of $444.55 billion, a price-to-earnings ratio of 21.57, a P/E/G ratio of 0.61 and a beta of 0.53. 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 firm has a 50 day simple moving average of $207.58 and a 200 day simple moving average of $193.51.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.55 by $0.51. The business had revenue of $67.20 billion for the quarter, compared to analysts' expectations of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business's revenue for the quarter was up 57.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.77 EPS. On average, analysts predict that Chevron Corporation will post 17.71 earnings per share for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were issued a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Wednesday, August 19th. Chevron's dividend payout ratio (DPR) is presently 68.26%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. TD Cowen boosted their target price on Chevron from $215.00 to $225.00 and gave the company a "hold" rating in a research note on Monday, October 12th. Wolfe Research raised Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 price target on the stock in a research report on Thursday, July 2nd. The Goldman Sachs Group cut their price target on Chevron from $240.00 to $228.00 and set a "buy" rating for the company in a research note on Tuesday, September 22nd. Bank of America increased their price target on Chevron from $210.00 to $227.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Finally, Wells Fargo & Company lifted their price objective on Chevron from $226.00 to $230.00 and gave the stock an "overweight" rating in a report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $213.42.

Insider Buying and Selling

In related news, CEO Michael K. Wirth sold 317,100 shares of the business's stock in a transaction 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 sale, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $5,273,701.68. The trade was a 92.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hess sold 710,665 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $194.10, for a total value of $137,940,076.50. Following the sale, 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 position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,152,582 shares of company stock valued at $225,853,661 in the last ninety days. 0.56% of the stock is owned by company insiders.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Morgan Stanley raised its Chevron price target to $226 from $218 and assigned an “overweight” rating, while Wells Fargo reportedly initiated or reiterated a “buy” recommendation. These upgrades reinforce bullish sentiment, although Morgan Stanley’s revised target implies limited additional upside from current levels. Morgan Stanley raises Chevron price target
• Positive Sentiment: Chevron was selected as a relative-strength stock by Zacks, reflecting strong recent price performance and improving earnings estimates. The company is also receiving attention as a long-term and dividend-oriented investment, which may attract additional income-focused investors. Zacks relative strength stock picks
• Positive Sentiment: Wall Street expects a sharp year-over-year increase in Chevron’s third-quarter earnings, with results due by the end of October. Anticipation of stronger profits is helping sustain interest ahead of the report. Chevron earnings expectations
• Neutral Sentiment: Diamond Hill Capital highlighted Chevron in its third-quarter investor letter after its large-cap strategy outperformed the Russell 1000 Value Index. The item indicates institutional interest but does not represent a new company announcement or change in fundamentals. Diamond Hill Chevron investment discussion
• Negative Sentiment: CEO Mike Wirth warned that commercial inventories, emergency reserves and previously sanctioned oil supplies have been depleted following the Iran-related shock. While tighter supply could support crude prices and Chevron’s upstream revenue, it also raises geopolitical, refining and diesel-price risks. Chevron CEO warns oil buffers are depleted

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.

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