8,131 Chevron Corporation $CVX Shares Bought by Encompass More Asset Management

Key Points

• Encompass More Asset Management increased its Chevron position by 439.5% in the third quarter, purchasing 8,131 additional shares and bringing its total holdings to 9,981 shares valued at approximately $2.04 million.
• Chevron reported quarterly earnings of $6.06 per share, exceeding analyst expectations, while revenue rose 57.4% year over year to $67.2 billion. The company maintains a quarterly dividend of $1.78 per share, equivalent to a 3.2% annualized yield.
• Institutional investors own 72.42% of Chevron, and analyst sentiment is broadly positive, with the stock carrying a “Moderate Buy” consensus rating. However, recent insider selling and geopolitical risks to oil supply remain potential concerns.

Encompass More Asset Management lifted its position in Chevron Corporation (NYSE:CVX - Free Report) by 439.5% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 9,981 shares of the oil and gas company's stock after buying an additional 8,131 shares during the period. Encompass More Asset Management's holdings in Chevron were worth $2,038,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CVX. State Street Corp grew its holdings in Chevron by 3.9% during the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company's stock worth $28,016,651,000 after acquiring an additional 5,998,852 shares during the period. BlackRock Inc. bought a new stake in Chevron in the second quarter worth about $25,663,729,000. Bank of America Corp DE raised 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 acquiring an additional 1,334,976 shares in the last quarter. Amundi lifted its holdings in Chevron by 3.0% in the 1st quarter. Amundi now owns 12,185,436 shares of the oil and gas company's stock valued at $2,521,166,000 after acquiring an additional 349,416 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Chevron in the 2nd quarter valued at about $2,378,114,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Trading Up 0.0%

Shares of NYSE CVX opened at $225.00 on Monday. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $225.31. The company has a market cap 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 quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The business has a fifty day simple moving average of $207.58 and a 200-day simple moving average of $193.39.

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

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th were paid a dividend of $1.78 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.2%. Chevron's dividend payout ratio is currently 68.26%.

Insider Activity

In other news, insider R. Pate sold 2,470 shares of Chevron stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total value of $506,621.70. Following the transaction, the insider directly owned 10,794 shares of the company's stock, valued at $2,213,957.34. This trade represents a 18.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Andrew Walz sold 16,800 shares of the business'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 sale, the insider owned 14 shares in the company, valued at $2,814.84. This represents a 99.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,152,582 shares of company stock valued at $225,853,661 over the last ninety days. Corporate insiders own 0.56% of the company's stock.

Key Headlines Impacting Chevron

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

Wall Street Analyst Weigh In

CVX has been the subject of several research reports. TD Cowen raised their price objective on shares of Chevron from $215.00 to $225.00 and gave the company a "hold" rating in a research report on Monday, October 12th. Wolfe Research raised shares of Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 price objective on the stock in a research note on Thursday, July 2nd. Zacks Research upgraded shares of Chevron from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th. Dbs Bank raised shares of Chevron to a "moderate buy" rating in a research note on Thursday, August 6th. Finally, Weiss Ratings upgraded shares of Chevron from a "buy (b)" rating to a "buy (b+)" rating in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Chevron currently has an average rating of "Moderate Buy" and an average target price of $213.42.

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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