Chevron Corporation $CVX Shares Sold by Banque Pictet & Cie SA

Key Points

• Banque Pictet & Cie SA reduced its Chevron stake by 4.3% in the third quarter, selling 5,833 shares and retaining 130,011 shares worth approximately $26.55 million. Institutional investors and hedge funds collectively own 72.42% of Chevron.
• Analysts remain broadly positive, with 21 Buy ratings and an average price target of $213.42; Chevron shares opened at $225.00 and recently traded near their 52-week high.
• Chevron reported quarterly earnings of $6.06 per share, exceeding estimates, while revenue rose 57.4% year over year. The company also declared a quarterly dividend of $1.78, equivalent to an annualized $7.12 payout and a 3.2% yield.

Banque Pictet & Cie SA lowered its position in Chevron Corporation (NYSE:CVX - Free Report) by 4.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 130,011 shares of the oil and gas company's stock after selling 5,833 shares during the period. Banque Pictet & Cie SA's holdings in Chevron were worth $26,550,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CVX. HSBC set a $90.00 price target on Chevron in a research report on Friday, September 25th. Wolfe Research upgraded shares of Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 price objective on the stock in a research report on Thursday, July 2nd. BNP Paribas Exane lowered their price objective on shares of Chevron from $230.00 to $224.00 and set an "outperform" rating on the stock in a research note on Friday, July 17th. Raymond James Financial dropped their target price on shares of Chevron from $230.00 to $225.00 and set an "outperform" rating for the company in a report on Tuesday, July 21st. Finally, Piper Sandler raised their target price on shares of Chevron from $207.00 to $243.00 and gave the company an "overweight" rating in a report on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $213.42.

Chevron Trading Up 2.6%

Shares of Chevron stock opened at $225.00 on Friday. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $225.31. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The business has a 50 day moving average price of $207.58 and a 200 day moving average price of $193.51. The company has a market capitalization of $444.55 billion, a P/E ratio of 21.57, a P/E/G ratio of 0.61 and a beta of 0.53.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating analysts' consensus estimates of $5.55 by $0.51. The firm had revenue of $67.20 billion for the quarter, compared to analysts' expectations of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%. Chevron's quarterly revenue was up 57.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.77 EPS. Sell-side analysts anticipate that Chevron Corporation will post 17.71 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were issued a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Wednesday, August 19th. Chevron's payout ratio is 68.26%.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Morgan Stanley raised its Chevron price target to $226 from $218 and assigned an “overweight” rating, while Wells Fargo reportedly initiated or reiterated a “buy” recommendation. These upgrades reinforce bullish sentiment, although Morgan Stanley’s revised target implies limited additional upside from current levels. Morgan Stanley raises Chevron price target
• Positive Sentiment: Chevron was selected as a relative-strength stock by Zacks, reflecting strong recent price performance and improving earnings estimates. The company is also receiving attention as a long-term and dividend-oriented investment, which may attract additional income-focused investors. Zacks relative strength stock picks
• Positive Sentiment: Wall Street expects a sharp year-over-year increase in Chevron’s third-quarter earnings, with results due by the end of October. Anticipation of stronger profits is helping sustain interest ahead of the report. Chevron earnings expectations
• Neutral Sentiment: Diamond Hill Capital highlighted Chevron in its third-quarter investor letter after its large-cap strategy outperformed the Russell 1000 Value Index. The item indicates institutional interest but does not represent a new company announcement or change in fundamentals. Diamond Hill Chevron investment discussion
• Negative Sentiment: CEO Mike Wirth warned that commercial inventories, emergency reserves and previously sanctioned oil supplies have been depleted following the Iran-related shock. While tighter supply could support crude prices and Chevron’s upstream revenue, it also raises geopolitical, refining and diesel-price risks. Chevron CEO warns oil buffers are depleted

Insider Buying and Selling

In other news, insider R. Pate sold 2,470 shares of the company's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total value of $506,621.70. Following the sale, the insider directly owned 10,794 shares in the company, valued at $2,213,957.34. This represents a 18.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Hess sold 710,665 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $194.10, for a total value of $137,940,076.50. Following the sale, the director directly owned 363,711 shares in the company, valued at approximately $70,596,305.10. The trade was a 66.15% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 1,152,582 shares of company stock valued at $225,853,661. 0.56% of the stock is owned by insiders.

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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