Argent Capital Management LLC Cuts Holdings in Chevron Corporation $CVX

Key Points

• Argent Capital Management reduced its Chevron stake by 10.2% in the first quarter, selling 16,538 shares and retaining 144,848 shares valued at approximately $30.0 million.
• Other institutional investors increased or initiated positions, while Chevron director John B. Hess sold 380,000 shares worth $73.4 million. Institutional investors collectively own 72.42% of Chevron, compared with 0.56% held by insiders.
• Chevron reported quarterly EPS of $6.06, beating estimates by $0.51, on revenue of $67.2 billion, up 57.4% year over year. The company maintained its $1.78 quarterly dividend, and analysts’ consensus rating remains “Moderate Buy” with an average price target of $207.17.

Argent Capital Management LLC reduced its position in Chevron Corporation (NYSE:CVX - Free Report) by 10.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 144,848 shares of the oil and gas company's stock after selling 16,538 shares during the period. Argent Capital Management LLC's holdings in Chevron were worth $29,969,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in CVX. Curtis Advisory Group LLC bought a new position in shares of Chevron during the 4th quarter worth approximately $1,381,000. Indivisible Partners bought a new stake in shares of Chevron in the fourth quarter worth $1,923,000. Janney Montgomery Scott LLC boosted its holdings in Chevron by 6.8% during 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 during the last quarter. Galaxy Digital Inc. acquired a new position in Chevron during the first quarter worth $2,028,000. Finally, Nations Financial Group Inc. IA ADV boosted its holdings in Chevron by 35.0% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 42,882 shares of the oil and gas company's stock worth $6,536,000 after purchasing an additional 11,120 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 380,000 shares of the business's stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the sale, the director owned 278,045 shares of the company's stock, valued at $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.56% of the stock is currently owned by corporate insiders.

Chevron Stock Performance

Shares of CVX stock opened at $197.10 on Friday. The firm has a market capitalization of $392.55 billion, a price-to-earnings ratio of 34.16, a PEG ratio of 0.60 and a beta of 0.50. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The business's 50-day moving average price is $181.95 and its 200-day moving average price is $184.96. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.55 by $0.51. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The company had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the prior year, the firm posted $1.77 earnings per share. The firm's revenue was up 57.4% compared to the same quarter last year. Equities research analysts forecast that Chevron Corporation will post 15.64 EPS for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Wednesday, August 19th. Chevron's payout ratio is 123.40%.

Analysts Set New Price Targets

CVX has been the topic of several recent research reports. Morgan Stanley lowered their price target on shares of Chevron from $214.00 to $210.00 and set an "overweight" rating on the stock in a research note on Monday, June 29th. Piper Sandler started coverage on shares of Chevron in a research note on Thursday, July 23rd. They set an "overweight" rating and a $207.00 price objective for the company. Scotiabank raised their price objective on Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Barclays lifted their target price on Chevron from $192.00 to $213.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 26th. Finally, TD Cowen upped their target price on Chevron from $197.00 to $200.00 and gave the stock a "hold" rating in a report on Wednesday, July 22nd. Eighteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Chevron has an average rating of "Moderate Buy" and an average price target of $207.17.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Strong earnings beat: Chevron reported adjusted earnings of $12.0 billion, or $6.06 per diluted share, versus analysts’ expectation of $5.55. Reported earnings reached $12.1 billion, the company’s highest quarterly profit in at least six years, while revenue rose 57.4% year over year to $67.2 billion. Chevron records highest quarterly profit in six years, tops estimates
• Positive Sentiment: Higher production and refining performance: Global oil-equivalent production increased 20% to 4.07 million barrels per day, supported by Hess-related assets, the Permian Basin and the Gulf of America. Record U.S. production, strong refining margins and near-full-capacity operations boosted results. CVX Q2 Earnings Beat on Higher Output and Strong Refining Margins
• Positive Sentiment: Excellent cash generation and growth opportunities: Operating cash flow was $22.6 billion, and Chevron maintained its $1.78 quarterly dividend. Management also highlighted expansion plans involving Iraq, Venezuela, Argentina and a 20-year power agreement to supply a Microsoft data center. Chevron CFO on second-quarter earnings, growth plan and Iraq accord
• Neutral Sentiment: Energy-sector tailwind: Rising crude, gasoline and diesel prices, driven by Middle East supply disruptions, lifted Chevron and other integrated oil companies and supported broader energy ETFs. Supermajor Earnings: Exxon and Chevron’s Impact on ETF Market
• Negative Sentiment: Geopolitical and valuation risks remain: Chevron said the conflict reduced output in the Saudi Arabia–Kuwait Partitioned Zone. Executives also warned of escalating supply risks, while potential gasoline-price interventions or windfall taxes could pressure future profits. Analysts noted that some of the earnings improvement may already be reflected in the stock price. Chevron’s Strong Quarter Shows Why It Still Leads the Energy Sector

Chevron Company Profile

Chevron Corporation NYSE: CVX is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron's core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

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