5,962 Chevron Corporation $CVX Shares Acquired by Worth Asset Management LLC

Key Points

• Worth Asset Management increased its Chevron position by 358.3% in the third quarter, acquiring 5,962 shares and bringing its total holdings to 7,626 shares valued at approximately $1.56 million.
• Institutional investors and hedge funds own 72.42% of Chevron’s outstanding stock, with several other investment firms also adding to their positions.
• Analysts maintain a generally positive view, with Chevron receiving a consensus “Moderate Buy” rating and an average price target of $210.87, while insiders sold more than $225.9 million worth of shares in the latest quarter.

Worth Asset Management LLC boosted its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 358.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,626 shares of the oil and gas company's stock after acquiring an additional 5,962 shares during the period. Worth Asset Management LLC's holdings in Chevron were worth $1,557,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CVX. Blue Capital Inc. bought a new position in shares of Chevron during the 2nd quarter worth about $786,000. OneAscent Wealth Management LLC bought a new stake in Chevron in the second quarter valued at about $973,000. Global Retirement Partners LLC bought a new stake in Chevron in the second quarter valued at about $14,276,000. Ferguson Wellman Capital Management Inc. raised its position in Chevron by 0.6% in the third quarter. Ferguson Wellman Capital Management Inc. now owns 911,718 shares of the oil and gas company's stock worth $186,182,000 after purchasing an additional 5,787 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its position in Chevron by 6.8% in the first quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company's stock worth $258,853,000 after purchasing an additional 79,439 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Analyst upgrade supports sentiment. Zacks Research upgraded Chevron to “Strong Buy,” adding to recent favorable momentum ratings and potentially improving investor confidence. Chevron upgraded to Strong Buy at Zacks Research
• Positive Sentiment: Bakken restructuring should improve returns. Chevron agreed to divest its Hess Midstream stake and certain DJ Basin midstream interests while restructuring its Bakken contracts. The revised arrangements are expected to reduce Bakken transportation and processing costs by approximately 50%; Chevron will also receive a reported $200 million payment. Lower costs could support future earnings and return on capital. Chevron Bakken restructuring announcement
• Positive Sentiment: Oil-market conditions remain favorable. Chevron CEO Mike Wirth said oil and fuel supply buffers are thinning amid the prolonged Middle East conflict. Higher oil prices and tighter inventories could support Chevron’s upstream profitability, while energy ETFs are benefiting from the same backdrop. Oil and fuel supply buffers Reuters article
• Positive Sentiment: Exploration portfolio is expanding. Chevron increased its position in Namibia’s PEL 90 ahead of the Nabba-1X exploration well, signaling confidence in the acreage’s potential, although exploration outcomes remain uncertain. Chevron Namibia exploration update
• Neutral Sentiment: Diesel export-ban debate creates mixed implications. Wirth called a potential U.S. diesel export ban “unwise,” warning it could remove supply from global markets and worsen the energy crisis. Tighter supply might lift fuel prices and margins, but policy uncertainty and potential market disruption could weigh on sentiment. Chevron CEO diesel export warning
• Neutral Sentiment: Leadership changes add a succession focus. CFO Eimear Bonner is moving to lead Chevron’s core oil, products and gas operations, while Jeff Gustavson is expected to become CFO in January. The moves provide internal succession depth but may increase near-term attention on CEO succession.
• Negative Sentiment: Gulf storm preparations introduce operational risk. Chevron evacuated non-essential personnel from some Gulf of Mexico platforms as a tropical storm approached, raising the possibility of temporary production disruptions or additional weather-related costs. Chevron Gulf of Mexico storm preparations

Analysts Set New Price Targets

A number of research firms have weighed in on CVX. BMO Capital Markets lifted their price objective on Chevron from $210.00 to $235.00 and gave the company an "outperform" rating in a report on Thursday, September 3rd. Argus raised their target price on Chevron from $206.00 to $211.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. Raymond James Financial decreased their price target on Chevron from $230.00 to $225.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 21st. Wells Fargo & Company upped their price target on Chevron from $226.00 to $230.00 and gave the company an "overweight" rating in a research report on Thursday, September 3rd. Finally, Wall Street Zen upgraded Chevron from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Chevron presently has an average rating of "Moderate Buy" and a consensus price target of $210.87.

Insider Activity at Chevron

In other news, insider R. Pate sold 2,470 shares of the company's stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total transaction of $506,621.70. Following the transaction, the insider directly owned 10,794 shares in the company, valued at approximately $2,213,957.34. This represents a 18.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Hess sold 100,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the sale, the director directly owned 178,045 shares in the company, valued at $34,587,021.70. This trade represents a 35.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,152,582 shares of company stock worth $225,853,661 in the last quarter. Insiders own 0.56% of the company's stock.

Chevron Price Performance

Shares of CVX traded down $2.35 on Wednesday, hitting $205.23. The company's stock had a trading volume of 2,775,874 shares, compared to its average volume of 10,500,969. The company has a market capitalization of $405.49 billion, a PE ratio of 19.68, a PEG ratio of 0.57 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 fifty-two week low of $146.49 and a fifty-two week high of $217.78. The company has a 50 day moving average price of $203.56 and a 200 day moving average price of $192.84.

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, topping analysts' consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same period in the prior year, the company earned $1.77 EPS. Chevron's revenue for the quarter was up 57.4% on a year-over-year basis. On average, research analysts anticipate that Chevron Corporation will post 17.47 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were given a dividend of $1.78 per share. The ex-dividend date was Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.5%. Chevron's dividend payout ratio is 68.26%.

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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