Chevron Corporation $CVX Position Raised by Oppenheimer & Co. Inc.

Key Points

• Oppenheimer increased its Chevron position by 10.4% in the third quarter, bringing its holdings to 205,219 shares valued at approximately $41.9 million. Institutional investors collectively own 72.42% of Chevron.
• Wall Street remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $213.96, while several firms recently raised their targets to between $226 and $243.
• Chevron’s shares have risen sharply, supported by higher oil prices, strong production and Hess-related synergies, but valuation and oil-price risks remain. Insiders sold roughly $235.6 million of stock over the past 90 days.

Oppenheimer & Co. Inc. raised its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 10.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 205,219 shares of the oil and gas company's stock after purchasing an additional 19,292 shares during the period. Oppenheimer & Co. Inc.'s holdings in Chevron were worth $41,908,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in CVX. Gemmer Asset Management LLC raised its stake in Chevron by 1.1% during the third quarter. Gemmer Asset Management LLC now owns 4,254 shares of the oil and gas company's stock valued at $869,000 after buying an additional 47 shares during the last quarter. First PREMIER Bank grew its stake in shares of Chevron by 0.8% in the second quarter. First PREMIER Bank now owns 6,450 shares of the oil and gas company's stock worth $1,070,000 after acquiring an additional 50 shares during the last quarter. Vanguard Capital Wealth Advisors grew its stake in shares of Chevron by 1.8% in the second quarter. Vanguard Capital Wealth Advisors now owns 2,818 shares of the oil and gas company's stock worth $467,000 after acquiring an additional 50 shares during the last quarter. Nautilus Advisors LLC increased its holdings in shares of Chevron by 2.8% during the third quarter. Nautilus Advisors LLC now owns 1,859 shares of the oil and gas company's stock valued at $380,000 after acquiring an additional 50 shares in the last quarter. Finally, Virginia Estate & Retirement Planning Advisors Inc. increased its holdings in shares of Chevron by 20.8% during the third quarter. Virginia Estate & Retirement Planning Advisors Inc. now owns 290 shares of the oil and gas company's stock valued at $59,000 after acquiring an additional 50 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Higher oil prices and potential earnings beat: Crude prices have strengthened Chevron’s earnings outlook, with analysts expecting the company to outperform third-quarter estimates when it reports on October 30. Investors will focus on production growth, cash flow, dividends and buybacks. 3 Energy Stocks Poised to Outshine Earnings Estimates in Q3
• Positive Sentiment: Production and Hess synergies are supporting cash flow: Ariel Investments highlighted Chevron’s strong production, benefits from its Hess acquisition and improving cash generation as reasons for the stock’s gains. The comments reinforce the view that Chevron’s scale and integration efforts can improve shareholder returns. Chevron Corporation Gains on Strong Production, Hess Synergies, and Higher Cash Flow
• Positive Sentiment: Expansion of offshore and international opportunities: TotalEnergies agreed to acquire a 25% interest in 26 Chevron-operated U.S. offshore exploration leases, while Chevron will take a 75% operated interest in two adjacent leases. Chevron also reportedly made a high-quality offshore gas discovery in Egypt and is positioned to participate in a 2027 Indian LPG supply tender. These developments could expand its long-term production portfolio. TotalEnergies Enters Chevron-Operated Offshore Exploration Blocks
• Neutral Sentiment: Long-term gas contract adds revenue visibility: Chevron Australia will supply South32 with 55 petajoules of natural gas over five years beginning in 2028, supporting a more predictable future revenue stream, though the financial benefit is several years away. Chevron's Australian Business Signs Long-Term Natural Gas Deal
• Negative Sentiment: Valuation and oil-price risk are rising: After a roughly 145% five-year advance and a strong recent run, valuation analyses question whether Chevron’s current market value assumes persistently high oil prices. A disappointment in crude prices or earnings could therefore trigger profit-taking. Chevron Earnings Preview

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CVX. Morgan Stanley lifted their price target on Chevron from $218.00 to $226.00 and gave the stock an "overweight" rating in a research report on Thursday, October 15th. Wells Fargo & Company raised their price objective 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. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $241.00 target price on shares of Chevron in a report on Tuesday, October 20th. Piper Sandler upped their target price on shares of Chevron from $207.00 to $243.00 and gave the stock an "overweight" rating in a research note on Thursday, September 3rd. Finally, UBS Group increased their price target on shares of Chevron from $220.00 to $235.00 and gave the company a "buy" rating in a report on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $213.96.

Chevron Price Performance

Shares of NYSE:CVX opened at $228.88 on Thursday. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $234.08. The business has a 50-day simple moving average of $212.05 and a two-hundred day simple moving average of $192.35. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The firm has a market cap of $452.22 billion, a price-to-earnings ratio of 21.94, a price-to-earnings-growth ratio of 0.55 and a beta of 0.53.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results 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. The business had revenue of $67.20 billion for the quarter, compared to analysts' expectations of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business's revenue for the quarter was up 57.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.77 EPS. On average, analysts expect that Chevron Corporation will post 18.20 earnings per share for the current year.

Insider Activity at Chevron

In related news, insider R. Pate sold 40,700 shares of the firm'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 sale, the insider owned 8,791 shares in the company, valued at approximately $1,992,480.15. This trade represents a 82.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael K. Wirth sold 317,100 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The stock was 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 owned 26,308 shares in the company, valued at $5,273,701.68. This represents a 92.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,195,682 shares of company stock valued at $235,619,780 over the last ninety days. Company insiders own 0.56% of the company's stock.

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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