Canandaigua National Bank & Trust Co. Takes $7.92 Million Position in Chevron Corporation $CVX

Key Points

• Canandaigua National Bank & Trust initiated a $7.92 million Chevron position, purchasing 47,806 shares in the second quarter. Institutional investors and hedge funds collectively own 72.42% of Chevron.
• Chevron reported strong quarterly results, with adjusted EPS of $6.06 exceeding the $5.55 estimate and revenue rising 57.4% year over year. The company maintained its $1.78 quarterly dividend, equivalent to a 3.7% annualized yield.
• Chevron shares opened at $190.31, down 1.5%, amid risks from potentially lower oil prices, political criticism and Berkshire Hathaway’s 35% stake reduction. Analysts nevertheless maintain a “Moderate Buy” consensus with an average price target of $207.26.

Canandaigua National Bank & Trust Co. bought a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 47,806 shares of the oil and gas company's stock, valued at approximately $7,924,000.

A number of other hedge funds have also bought and sold shares of CVX. Midwest Capital Advisors LLC acquired a new stake in shares of Chevron during the first quarter worth $25,000. Core Wealth Advisors LLC purchased a new position in shares of Chevron in the fourth quarter worth about $26,000. Phillip James Consulting Co. acquired a new stake in shares of Chevron during the fourth quarter worth about $26,000. Basso Capital Management L.P. purchased a new stake in Chevron in the fourth quarter valued at approximately $27,000. Finally, Karpus Management Inc. purchased a new stake in Chevron in the fourth quarter valued at approximately $27,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron reported second-quarter 2026 revenue of $70.06 billion and net income of $12.07 billion, helped by higher production, early cost reductions and elevated refining margins. Adjusted earnings of $6.06 per share exceeded estimates of $5.55, while the company maintained its $1.78 quarterly dividend. Should Chevron’s War-Boosted Margins and Cash Flows Prompt a Portfolio Rethink for CVX Investors?
• Positive Sentiment: Management highlighted cost discipline, lower capital spending, global production growth and repeatable power projects, including a long-term artificial-intelligence power agreement with Microsoft. These initiatives could support cash flow after commodity conditions normalize. CVX Q2 Earnings Call Puts Cost Discipline and Power in Focus
• Positive Sentiment: Barclays raised its price target to $216 from $213, while Bernstein increased its target to $209 from $204. Although both firms retained neutral-style ratings, the revisions indicate improved earnings expectations. Analysts Increase Forecasts on Chevron Following Upbeat Q2 Earnings
• Neutral Sentiment: Chevron is studying a pipeline route through Iraq toward Syria or Turkey to reduce reliance on the Strait of Hormuz. The project could improve supply-chain resilience, but it remains exploratory and carries substantial geopolitical and execution risks. Chevron CEO Evaluates New Pipeline Route Around Strait of Hormuz
• Negative Sentiment: President Donald Trump criticized Chevron and ExxonMobil for allegedly earning excessive profits during the Iran conflict and demanded lower retail gasoline prices. While the immediate regulatory consequences are uncertain, the comments increase political and windfall-tax risk. Trump Demands Lower Gas Prices From Oil Companies
• Negative Sentiment: Reports that U.S.-Iran negotiations could ease supply disruptions triggered a crude-price selloff, pressuring energy shares. Lower oil prices would reduce the value of Chevron’s war-boosted upstream earnings and cash flows. Energy Stocks Drop as Iran Talks Trigger Crude Oil Selloff
• Negative Sentiment: Berkshire Hathaway reduced its Chevron position by 35% under Greg Abel, removing a notable source of investor confidence and adding to selling pressure. Berkshire Hathaway Reduces Chevron Stake

Chevron Trading Down 1.5%

Shares of NYSE:CVX opened at $190.31 on Wednesday. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71. The company has a market capitalization of $379.02 billion, a PE ratio of 18.25, a PEG ratio of 0.60 and a beta of 0.49. The business has a 50 day moving average of $182.09 and a two-hundred day moving average of $185.49. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping the consensus estimate of $5.55 by $0.51. The business had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. Chevron had a return on equity of 11.14% and a net margin of 9.57%.The business's quarterly revenue was up 57.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.77 EPS. As a group, analysts forecast that Chevron Corporation will post 15.66 EPS for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Wednesday, August 19th. Chevron's payout ratio is currently 68.26%.

Insider Transactions at Chevron

In related news, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the sale, the director owned 278,045 shares in the company, valued at approximately $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.56% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on CVX. Royal Bank Of Canada reissued an "outperform" rating and set a $220.00 price target on shares of Chevron in a research report on Tuesday, May 5th. TD Cowen upped their price objective on shares of Chevron from $197.00 to $200.00 and gave the company a "hold" rating in a report on Wednesday, July 22nd. Bank of America increased their price objective on shares of Chevron from $210.00 to $227.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. BNP Paribas Exane raised shares of Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 target price for the company in a report on Friday, April 17th. Finally, Morgan Stanley decreased their target price on shares of Chevron from $214.00 to $210.00 and set an "overweight" rating for the company in a research report on Monday, June 29th. Eighteen analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Chevron currently has an average rating of "Moderate Buy" and a consensus price target of $207.26.

About Chevron

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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