Chevron Corporation $CVX Position Raised by Americana Partners LLC

Key Points

• Americana Partners increased its Chevron position by 1.5% during the third quarter, bringing its holdings to 319,959 shares valued at approximately $65.3 million. Institutional investors collectively own 72.42% of Chevron.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $213.96, although Chevron recently traded near its 52-week high.
• Chevron reported a strong quarter, with earnings and revenue exceeding expectations and adjusted earnings nearly tripling year over year. However, insiders sold roughly $235.6 million of stock over the past 90 days, and planned downtime could reduce fourth-quarter production.

Americana Partners LLC grew its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 1.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 319,959 shares of the oil and gas company's stock after acquiring an additional 4,632 shares during the quarter. Chevron comprises about 1.4% of Americana Partners LLC's investment portfolio, making the stock its 20th largest holding. Americana Partners LLC's holdings in Chevron were worth $65,339,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Midwest Capital Advisors LLC acquired a new stake in Chevron in the 1st quarter valued at approximately $25,000. Main Street Group LTD acquired a new position in Chevron during the 1st quarter worth $28,000. Kilter Group LLC bought a new position in shares of Chevron in the second quarter worth $28,000. Principia Wealth Advisory LLC grew its stake in shares of Chevron by 49.6% in the second quarter. Principia Wealth Advisory LLC now owns 181 shares of the oil and gas company's stock worth $30,000 after purchasing an additional 60 shares in the last quarter. Finally, Financial Connections Group Inc. increased its holdings in shares of Chevron by 129.3% during the first quarter. Financial Connections Group Inc. now owns 211 shares of the oil and gas company's stock valued at $43,000 after purchasing an additional 119 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CVX. Wall Street Zen upgraded shares of Chevron from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Morgan Stanley increased their target price on shares of Chevron from $218.00 to $226.00 and gave the company an "overweight" rating in a research report on Thursday, October 15th. William Blair started coverage on shares of Chevron in a research report on Wednesday. They issued an "outperform" rating for the company. Wells Fargo & Company raised their target price on shares of Chevron from $226.00 to $230.00 and gave the company an "overweight" rating in a research note on Thursday, September 3rd. Finally, Sanford C. Bernstein boosted their price target on shares of Chevron from $204.00 to $209.00 and gave the stock a "market perform" rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $213.96.

Insider Buying and Selling at Chevron

In related news, CEO Michael K. Wirth sold 317,100 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the completion of the sale, the chief executive officer directly owned 26,308 shares of the company's stock, valued at $5,273,701.68. This represents a 92.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R. Pate sold 40,700 shares of the firm's stock in a transaction that occurred on Tuesday, October 20th. The stock was sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the sale, the insider owned 8,791 shares of the company's stock, valued at $1,992,480.15. The trade was a 82.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 1,195,682 shares of company stock worth $235,619,780. 0.56% of the stock is currently owned by company insiders.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Quarterly earnings exceeded expectations. Chevron reported adjusted earnings of $5.28 per share, above the roughly $4.87-$4.89 analyst consensus, while revenue reached $65.24 billion versus estimates of $61.82 billion. Adjusted earnings of approximately $10.4 billion nearly tripled from a year earlier. Chevron tops Q3 expectations on higher downstream profit
• Positive Sentiment: Refining was the standout business. Downstream earnings climbed to nearly $4.9 billion from about $1.1 billion a year earlier as refinery outages and conflicts involving Iran and Russia reduced fuel supplies and lifted margins. Chevron beats earnings expectations as refining profits soar
• Positive Sentiment: Cash generation and the balance sheet improved. Chevron generated roughly $12 billion of free cash flow and $16 billion of operating cash flow, while reducing net debt by about $7.8 billion. This supports dividends, potential buybacks and future investment. Chevron's profit nearly tripled from a year ago
• Neutral Sentiment: Analyst sentiment has become more constructive. One valuation estimate increased from $227.71 to $232.50, with higher oil-price assumptions, strong refining results and possible Venezuela-related upside supporting revised targets. However, the stock’s rally has reduced its dividend yield for new investors. Chevron stock fair value edges higher
• Negative Sentiment: Investors face risks beyond the strong quarter. Chevron warned that downtime could reduce fourth-quarter production by approximately 225,000 barrels of oil equivalent per day. In addition, refining profits may normalize if geopolitical disruptions ease, while the stock’s elevated valuation and lingering questions about buybacks could limit further upside. Chevron says downtime could hit Q4 output

Chevron Trading Up 1.8%

Shares of CVX stock opened at $235.62 on Friday. The stock has a 50-day simple moving average of $213.16 and a 200 day simple moving average of $193.07. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $236.48. The stock has a market capitalization of $465.53 billion, a P/E ratio of 17.24, a P/E/G ratio of 0.56 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.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.87 by $0.41. Chevron had a return on equity of 11.09% and a net margin of 9.57%. The firm had revenue of $65.24 billion for the quarter, compared to analyst estimates of $61.82 billion. During the same period in the previous year, the company earned $1.85 earnings per share. Chevron's revenue was up 36.3% compared to the same quarter last year. On average, sell-side analysts expect that Chevron Corporation will post 18.15 earnings per share for the current fiscal year.

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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