Chevron Corporation $CVX Position Lessened by Inscription Capital LLC

Key Points

• Inscription Capital cut its Chevron stake by 46.1% in the third quarter, selling 31,527 shares and ending the period with 36,799 shares valued at about $7.5 million.
• Chevron reported quarterly earnings of $5.28 per share, beating estimates of $4.87, while revenue rose 36.3% year over year to $65.24 billion.
• Chevron’s outlook has both positive and negative signals: record cash flow and natural-gas output support its growth story, while lower oil prices and a DZ Bank downgrade pose risks. The company announced a quarterly dividend of $1.78 per share.

Inscription Capital LLC lessened its position in Chevron Corporation (NYSE:CVX - Free Report) by 46.1% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 36,799 shares of the oil and gas company's stock after selling 31,527 shares during the period. Chevron makes up 0.8% of Inscription Capital LLC's holdings, making the stock its 20th largest position. Inscription Capital LLC's holdings in Chevron were worth $7,515,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of CVX. Gemmer Asset Management LLC raised its position in Chevron by 1.1% in the third quarter. Gemmer Asset Management LLC now owns 4,254 shares of the oil and gas company's stock worth $869,000 after acquiring an additional 47 shares in the last quarter. Livet Wealth LLC lifted its holdings in Chevron by 4.0% in the 3rd quarter. Livet Wealth LLC now owns 1,268 shares of the oil and gas company's stock valued at $259,000 after acquiring an additional 49 shares during the last quarter. First PREMIER Bank lifted its holdings in Chevron by 0.8% in the 2nd quarter. First PREMIER Bank now owns 6,450 shares of the oil and gas company's stock valued at $1,070,000 after acquiring an additional 50 shares during the last quarter. Vanguard Capital Wealth Advisors boosted its position in shares of Chevron by 1.8% during the 2nd quarter. Vanguard Capital Wealth Advisors now owns 2,818 shares of the oil and gas company's stock valued at $467,000 after purchasing an additional 50 shares in the last quarter. Finally, Nautilus Advisors LLC boosted its position in shares of Chevron by 2.8% during the 3rd quarter. Nautilus Advisors LLC now owns 1,859 shares of the oil and gas company's stock valued at $380,000 after purchasing an additional 50 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s record cash flow and seven consecutive earnings beats underscore its financial strength. A separate report highlighted strong third-quarter refining performance, cost discipline, debt reduction and increased buybacks. Chevron Has Become Very Interesting Again Following the Midterms Why ExxonMobil and Chevron Reminded Investors to Keep it Simple
• Positive Sentiment: Record natural-gas output above 9 Bcf/d in the third quarter, led by Australia and the Eastern Mediterranean, could strengthen Chevron’s position in the LNG market. Can Chevron's Record Natural Gas Output Strengthen Its LNG Position?
• Positive Sentiment: Progress on an Iraq oilfield agreement, alongside pursuit of additional fields and exploration blocks, offers potential for upstream growth. Chevron Advances Iraq Oilfield Deal, Expands Growth Prospects
• Negative Sentiment: Midterm results triggered a broad oil-stock selloff as investors reacted to lower oil prices and expectations that inflation—and the energy-price surge—may ease. Lower crude prices can weigh on Chevron’s upstream earnings and cash flow. Oil Stocks Chevron, Marathon, and Exxon Mobil Take a Beating on Midterm Results
• Negative Sentiment: DZ Bank lowered its rating on CVX, adding a cautious analyst signal amid the sector weakness. Chevron Stock Rating Lowered by DZ Bank

Analysts Set New Price Targets

CVX has been the topic of several recent research reports. HSBC set a $90.00 price objective on shares of Chevron in a research note on Friday, September 25th. Royal Bank Of Canada increased their target price on shares of Chevron from $220.00 to $230.00 and gave the company an "outperform" rating in a research note on Thursday, September 24th. The Goldman Sachs Group reissued a "buy" rating and set a $241.00 target price on shares of Chevron in a research note on Tuesday, October 20th. TD Cowen raised their target price on shares of Chevron from $215.00 to $225.00 and gave the stock a "hold" rating in a report on Monday, October 12th. Finally, Wall Street Zen upgraded shares of Chevron from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Chevron presently has an average rating of "Moderate Buy" and an average target price of $222.04.

Insider Transactions at Chevron

In related news, insider R. Pate sold 40,700 shares of the company's stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total value of $9,224,655.00. Following the completion of the sale, the insider owned 8,791 shares in the company, valued at approximately $1,992,480.15. This represents a 82.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Andrew Walz sold 16,800 shares of the company'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 completion of the sale, the insider owned 14 shares of the company's stock, valued at approximately $2,814.84. This trade represents a 99.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 379,470 shares of company stock valued at $77,216,415 over the last ninety days. Corporate insiders own 0.56% of the company's stock.

Chevron Trading Down 1.9%

NYSE:CVX opened at $212.92 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $236.48. The firm has a market capitalization of $420.68 billion, a price-to-earnings ratio of 15.58, a price-to-earnings-growth ratio of 0.51 and a beta of 0.47. The stock has a fifty day simple moving average of $214.66 and a 200 day simple moving average of $194.17.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, topping analysts' consensus estimates of $4.87 by $0.41. Chevron had a return on equity of 14.64% and a net margin of 11.56%. The firm had revenue of $65.24 billion for the quarter, compared to analysts' expectations of $61.82 billion. During the same quarter last year, the business posted $1.85 EPS. Chevron's revenue was up 36.3% on a year-over-year basis. Sell-side analysts forecast that Chevron Corporation will post 18.56 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Wednesday, November 18th will be given a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, November 18th. Chevron's dividend payout ratio (DPR) is 52.08%.

Chevron Company 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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