Chevron Corporation $CVX Shares Bought by Leuthold Group LLC

Key Points

• Leuthold Group sharply increased its Chevron stake by 1,627.4% in the third quarter, ending the period with 43,099 shares valued at about $8.8 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.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $221.88; insiders sold 379,470 shares worth about $77.2 million over the past three months.

Leuthold Group LLC raised its stake in Chevron Corporation (NYSE:CVX - Free Report) by 1,627.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 43,099 shares of the oil and gas company's stock after purchasing an additional 40,604 shares during the period. Leuthold Group LLC's holdings in Chevron were worth $8,801,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Blue Capital Inc. bought a new position in Chevron in the second quarter worth about $786,000. OneAscent Wealth Management LLC bought a new position in shares of Chevron during the second quarter valued at approximately $973,000. Global Retirement Partners LLC acquired a new stake in shares of Chevron during the 2nd quarter worth approximately $14,276,000. Greg Jennings LLC acquired a new stake in shares of Chevron during the 3rd quarter worth approximately $1,314,000. Finally, Ferguson Wellman Capital Management Inc. raised its position in shares of Chevron by 0.6% during the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 911,718 shares of the oil and gas company's stock worth $186,182,000 after purchasing an additional 5,787 shares during the period. Institutional investors own 72.42% of the company's stock.

Insider Activity

In related news, insider R. Pate sold 40,700 shares of the business'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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 business's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $201.06, for a total value of $3,377,808.00. Following the sale, the insider directly owned 14 shares in the company, valued at approximately $2,814.84. The trade was a 99.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 379,470 shares of company stock worth $77,216,415 over the last three months. Corporate insiders own 0.56% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Chevron from $190.00 to $222.00 and gave the stock an "overweight" rating in a report on Monday, August 3rd. DZ Bank downgraded Chevron from a "buy" rating to a "hold" rating and set a $240.00 price objective for the company. in a research note on Tuesday, November 3rd. Bank of America upped their price objective on Chevron from $210.00 to $227.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Raymond James Financial dropped their target price on Chevron from $230.00 to $225.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 21st. Finally, Wells Fargo & Company raised their target price on Chevron from $230.00 to $268.00 and gave the company an "overweight" rating in a research note on Monday, November 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $221.88.

Chevron Stock Performance

CVX stock opened at $210.91 on Tuesday. The company has a 50-day simple moving average of $215.09 and a 200 day simple moving average of $194.63. The company has a market capitalization of $416.71 billion, a P/E ratio of 15.43, a PEG ratio of 0.51 and a beta of 0.47. 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 fifty-two week low of $146.49 and a fifty-two week high of $236.48.

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

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Wednesday, November 18th will be issued a $1.78 dividend. The ex-dividend date is Wednesday, November 18th. This represents a $7.12 annualized dividend and a dividend yield of 3.4%. 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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