36,291 Chevron Corporation $CVX Shares Sold by Axxcess Wealth Management LLC

Key Points

• Axxcess Wealth Management cut its Chevron stake by 46.7% in the third quarter, selling 36,291 shares and retaining 41,353 shares valued at approximately $8.45 million. Institutional investors collectively own 72.42% of Chevron.
• Chevron reported quarterly earnings of $6.06 per share, exceeding analyst expectations of $5.55, while revenue rose 57.4% year over year to $67.2 billion. The company also maintains a $1.78 quarterly dividend, representing a 3.1% annualized yield.
• Chevron shares opened at $226.65, near their 52-week high, while analyst sentiment remained broadly positive with a “Moderate Buy” consensus and an average price target of $213.96; however, several insiders recently sold substantial holdings.

Axxcess Wealth Management LLC reduced its stake in Chevron Corporation (NYSE:CVX - Free Report) by 46.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,353 shares of the oil and gas company's stock after selling 36,291 shares during the quarter. Axxcess Wealth Management LLC's holdings in Chevron were worth $8,445,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CVX. Blue Capital Inc. bought a new stake in shares of Chevron during the second quarter valued at approximately $786,000. OneAscent Wealth Management LLC bought a new position in Chevron in the 2nd quarter valued at approximately $973,000. Global Retirement Partners LLC bought a new position in Chevron in the 2nd quarter valued at approximately $14,276,000. Greg Jennings LLC bought a new position in Chevron in the 3rd quarter valued at approximately $1,314,000. Finally, Ferguson Wellman Capital Management Inc. lifted its position in Chevron by 0.6% in the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 911,718 shares of the oil and gas company's stock valued at $186,182,000 after acquiring an additional 5,787 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Price Performance

NYSE CVX opened at $226.65 on Friday. The business's fifty day moving average price is $209.95 and its 200-day moving average price is $194.11. The stock has a market capitalization of $447.80 billion, a price-to-earnings ratio of 21.73, a PEG ratio of 0.54 and a beta of 0.53. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $229.04.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The firm had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. During the same quarter in the prior year, the firm earned $1.77 EPS. The business's revenue for the quarter was up 57.4% compared to the same quarter last year. On average, equities analysts predict that Chevron Corporation will post 18.12 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th were given a $1.78 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.1%. Chevron's dividend payout ratio (DPR) is presently 68.26%.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 710,665 shares of Chevron stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the transaction, the director directly owned 363,711 shares of the company's stock, valued at $70,596,305.10. The trade was a 66.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael K. Wirth sold 317,100 shares of Chevron 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 transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,195,682 shares of company stock valued at $235,619,780 over the last three months. Insiders own 0.56% of the company's stock.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is considering a sale of approximately $1 billion in mature U.S. Gulf of Mexico oil and gas assets. Divesting older properties could streamline operations, unlock cash and redirect capital toward newer offshore projects and long-term production growth. Chevron Eyes $1B Gulf Asset Sale to Focus on Growth Projects
• Positive Sentiment: Bank of America raised its Chevron price target to $252 from $227, adding support to investor confidence in the company’s earnings and cash-flow potential. Chevron price target raised at BofA
• Positive Sentiment: Analysts highlight CVX as a potential beneficiary of the oil rally, citing production growth, disciplined capital spending, diversified operations and a dividend supported by recurring cash flow. Oil Prices Climb: Energy Stocks Poised to Benefit
• Neutral Sentiment: Chevron’s leadership changes, including a new chief financial officer, and upcoming production and earnings updates give investors additional information to assess execution and whether higher commodity prices are translating into stronger results. Chevron’s new CFO among four executive changes
• Negative Sentiment: Director R. Pate sold 43,100 shares worth roughly $9.8 million. The transactions were made under a pre-arranged Rule 10b5-1 plan, reducing their value as a bearish signal, but the substantial reduction in ownership may weigh modestly on sentiment. Chevron insider trading filing

Analyst Upgrades and Downgrades

A number of research firms have commented on CVX. Barclays reduced their target price on Chevron from $216.00 to $208.00 and set an "equal weight" rating for the company in a report on Monday, August 17th. TD Cowen upped their price target on Chevron from $215.00 to $225.00 and gave the company a "hold" rating in a report on Monday, October 12th. BNP Paribas Exane dropped their price objective on Chevron from $230.00 to $224.00 and set an "outperform" rating on the stock in a research report on Friday, July 17th. UBS Group lifted their price objective on Chevron from $220.00 to $235.00 and gave the stock a "buy" rating in a report on Thursday, October 8th. Finally, Sanford C. Bernstein boosted their target price on Chevron from $204.00 to $209.00 and gave the stock a "market perform" rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Chevron presently has an average rating of "Moderate Buy" and an average target price of $213.96.

Chevron 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.

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