Chevron Corporation $CVX Shares Sold by Nisa Investment Advisors LLC

Key Points

• Nisa Investment Advisors reduced its Chevron stake by 6.4%, selling 32,722 shares and retaining 480,737 shares valued at approximately $98.2 million. Institutional investors collectively own 72.42% of Chevron.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and average price target of $213.96; Bank of America later raised its target to $252 from $227.
• Chevron reported quarterly EPS of $6.06, beating estimates, while revenue rose 57.4% year over year to $67.2 billion. The company also declared a quarterly dividend of $1.78, equivalent to a 3.1% annualized yield.

Nisa Investment Advisors LLC cut its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 6.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 480,737 shares of the oil and gas company's stock after selling 32,722 shares during the period. Nisa Investment Advisors LLC's holdings in Chevron were worth $98,171,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

CVX has been the subject of a number of research reports. Raymond James Financial reduced their target price on shares of Chevron from $230.00 to $225.00 and set an "outperform" rating for the company in a research report on Tuesday, July 21st. Mizuho set a $234.00 price target on shares of Chevron in a report on Monday, October 12th. Wells Fargo & Company upped their price objective on Chevron from $226.00 to $230.00 and gave the company an "overweight" rating in a research note on Thursday, September 3rd. HSBC set a $90.00 price objective on Chevron in a report on Friday, September 25th. Finally, JPMorgan Chase & Co. raised their target price on Chevron from $190.00 to $222.00 and gave the stock an "overweight" rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $213.96.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Bank of America raised its Chevron price target to $252 from $227, signaling greater confidence in the company’s earnings and cash-flow outlook. Chevron price target raised to $252 from $227 at BofA
• Positive Sentiment: Chevron is reportedly selling older Gulf of Mexico assets to sharpen its focus on higher-priority U.S. Gulf operations. Asset sales could streamline the portfolio, improve capital efficiency and support cash flow, although proceeds and transaction terms remain important. Chevron to sharpen US Gulf focus with sale of older assets
• Positive Sentiment: Elevated oil prices, with Brent crude pushed above $110 by Iran-related supply concerns, have helped Chevron and other integrated oil companies reach 52-week highs by improving the potential value of production and cash generation. Chevron, ExxonMobil Stocks Hit 52-Week Highs
• Positive Sentiment: Investors are watching Chevron’s Venezuela investment for potential production growth toward roughly 600,000 barrels per day. If achieved, the project could add substantial revenue, while relatively low production costs may support long-term profitability. Chevron Is Pouring Billions Into Venezuela
• Neutral Sentiment: Chevron’s production update and upcoming earnings are drawing attention because investors will assess whether higher oil prices and recent operational changes are translating into stronger results. Why Is Chevron in Focus?
• Negative Sentiment: Director R. Pate sold 43,100 Chevron shares for approximately $9.8 million across two transactions. The trades were made under a pre-arranged Rule 10b5-1 plan, reducing their significance as a discretionary bearish signal, but the large reduction in ownership could still weigh modestly on sentiment. Chevron insider trading filing

Insider Buying and Selling at Chevron

In related news, Director John Hess sold 100,000 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the sale, the director directly owned 178,045 shares in the company, valued at approximately $34,587,021.70. This represents a 35.97% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Andrew Walz sold 16,800 shares of the firm'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 transaction of $3,377,808.00. Following the completion of the transaction, the insider directly owned 14 shares of the company's stock, valued at approximately $2,814.84. This trade represents 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 90 days, insiders have sold 1,195,682 shares of company stock valued at $235,619,780. 0.56% of the stock is owned by corporate insiders.

Chevron Trading Up 0.5%

Shares of Chevron stock opened at $226.81 on Thursday. The stock has a market capitalization of $448.13 billion, a P/E ratio of 21.75, a P/E/G ratio of 0.62 and a beta of 0.53. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $228.48. 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's 50-day simple moving average is $209.37 and its 200 day simple moving average is $193.91.

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

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were given a $1.78 dividend. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.1%. Chevron's payout ratio is 68.26%.

About Chevron

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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