Chevron Corporation $CVX Shares Sold by Eagle Rock Investment Company LLC

Key Points

• Eagle Rock Investment Company reduced its Chevron stake by 12.1% in the third quarter, selling 5,994 shares and retaining 43,605 shares valued at approximately $8.9 million. Institutional investors collectively own 72.42% of Chevron.
• Chevron insiders sold approximately 1.2 million shares worth $235.6 million over the past quarter, including substantial sales by R. Pate and Andrew Walz under pre-arranged trading plans.
• Analysts maintain a generally positive view, with Chevron carrying a “Moderate Buy” consensus rating and an average price target of $213.96. The company also reported quarterly EPS of $6.06, above estimates, and pays an annualized dividend of $7.12 per share, yielding about 3.1%.

Eagle Rock Investment Company LLC lowered its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 12.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 43,605 shares of the oil and gas company's stock after selling 5,994 shares during the quarter. Chevron comprises about 1.1% of Eagle Rock Investment Company LLC's investment portfolio, making the stock its 27th largest position. Eagle Rock Investment Company LLC's holdings in Chevron were worth $8,905,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. White Lighthouse Investment Management Inc. increased its stake in shares of Chevron by 30.0% in the third quarter. White Lighthouse Investment Management Inc. now owns 1,844 shares of the oil and gas company's stock valued at $377,000 after buying an additional 425 shares in the last quarter. AFG Fiduciary Services Limited Partnership bought a new position in shares of Chevron in the third quarter valued at about $230,000. Kings Path Partners LLC bought a new position in shares of Chevron in the third quarter valued at about $459,000. AMG Asset Management Group Inc. lifted its position in Chevron by 17.7% during the 3rd quarter. AMG Asset Management Group Inc. now owns 1,501 shares of the oil and gas company's stock worth $307,000 after buying an additional 226 shares in the last quarter. Finally, Arvest Investments Inc. lifted its position in Chevron by 44.0% during the 3rd quarter. Arvest Investments Inc. now owns 10,629 shares of the oil and gas company's stock worth $2,171,000 after buying an additional 3,248 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Insider Transactions at Chevron

In other Chevron news, insider R. Pate sold 40,700 shares of the company's stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the transaction, the insider directly owned 8,791 shares in the company, valued at approximately $1,992,480.15. This represents a 82.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 dated 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 transaction, the insider owned 14 shares in the company, valued at approximately $2,814.84. The trade was a 99.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 1,195,682 shares of company stock valued at $235,619,780. 0.56% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on CVX. BNP Paribas Exane decreased their price objective on shares of Chevron from $230.00 to $224.00 and set an "outperform" rating on the stock in a report on Friday, July 17th. Weiss Ratings upgraded shares of Chevron from a "buy (b)" rating to a "buy (b+)" rating in a research report on Friday, October 16th. JPMorgan Chase & Co. boosted their target price on shares of Chevron from $190.00 to $222.00 and gave the stock an "overweight" rating in a research note on Monday, August 3rd. TD Cowen upped their target price on shares of Chevron from $215.00 to $225.00 and gave the stock a "hold" rating in a research report on Monday, October 12th. Finally, Wolfe Research upgraded shares of Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 target price on the stock in a research report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $213.96.

Chevron Stock Down 0.1%

NYSE CVX opened at $226.65 on Friday. The stock has a market capitalization of $447.80 billion, a P/E ratio of 21.73, a price-to-earnings-growth ratio of 0.54 and a beta of 0.53. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $229.04. 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 stock has a fifty day moving average of $209.95 and a 200-day moving average of $194.11.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly 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. Chevron had a return on equity of 11.09% and a net margin of 9.57%. The business had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same quarter in the prior year, the firm posted $1.77 earnings per share. The firm's revenue for the quarter was up 57.4% compared to the same quarter last year. On average, equities research analysts forecast that Chevron Corporation will post 18.12 EPS for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th were issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Wednesday, August 19th. Chevron's payout ratio is currently 68.26%.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is considering a sale of approximately $1 billion in mature U.S. Gulf of Mexico oil and gas assets. Divesting older properties could streamline operations, unlock cash and redirect capital toward newer offshore projects and long-term production growth. Chevron Eyes $1B Gulf Asset Sale to Focus on Growth Projects
• Positive Sentiment: Bank of America raised its Chevron price target to $252 from $227, adding support to investor confidence in the company’s earnings and cash-flow potential. Chevron price target raised at BofA
• Positive Sentiment: Analysts highlight CVX as a potential beneficiary of the oil rally, citing production growth, disciplined capital spending, diversified operations and a dividend supported by recurring cash flow. Oil Prices Climb: Energy Stocks Poised to Benefit
• Neutral Sentiment: Chevron’s leadership changes, including a new chief financial officer, and upcoming production and earnings updates give investors additional information to assess execution and whether higher commodity prices are translating into stronger results. Chevron’s new CFO among four executive changes
• Negative Sentiment: Director R. Pate sold 43,100 shares worth roughly $9.8 million. The transactions were made under a pre-arranged Rule 10b5-1 plan, reducing their value as a bearish signal, but the substantial reduction in ownership may weigh modestly on sentiment. Chevron insider trading filing

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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