Chevron Corporation $CVX Shares Sold by Schwartz Investment Counsel Inc.

Key Points

• Schwartz Investment Counsel reduced its Chevron stake by 4.1%, selling 11,182 shares and retaining 261,885 shares valued at approximately $53.5 million. Institutional investors still own 72.42% of Chevron’s stock.
• Analysts remain broadly bullish: Chevron has a “Moderate Buy” consensus rating and an average price target of $213.96, supported by strong recent earnings and revenue growth.
• Chevron faces rising valuation and oil-price risks after a strong share-price advance, while higher crude prices, production growth and Hess-related synergies continue to support its earnings outlook.

Schwartz Investment Counsel Inc. reduced its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 4.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 261,885 shares of the oil and gas company's stock after selling 11,182 shares during the quarter. Chevron comprises 1.9% of Schwartz Investment Counsel Inc.'s investment portfolio, making the stock its 17th biggest position. Schwartz Investment Counsel Inc.'s holdings in Chevron were worth $53,480,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. BlackRock Inc. purchased a new position in Chevron in the 2nd quarter valued at approximately $25,663,729,000. Bank of New York Mellon Corp bought a new stake in Chevron during the 2nd quarter valued at $2,378,114,000. Legal & General Group Plc bought a new stake in Chevron during the 2nd quarter valued at $1,462,412,000. Deutsche Bank AG purchased a new stake in shares of Chevron during the second quarter worth $1,189,577,000. Finally, State Street Corp lifted its position in shares of Chevron by 3.9% during the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company's stock worth $28,016,651,000 after acquiring an additional 5,998,852 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of analyst reports. Royal Bank Of Canada raised their price target on Chevron from $220.00 to $230.00 and gave the stock an "outperform" rating in a report on Thursday, September 24th. Argus boosted their price objective on Chevron from $206.00 to $211.00 and gave the company a "buy" rating in a research note on Tuesday, August 11th. Barclays dropped their price objective on Chevron from $216.00 to $208.00 and set an "equal weight" rating on the stock in a report on Monday, August 17th. Piper Sandler increased their price objective on Chevron from $207.00 to $243.00 and gave the stock an "overweight" rating in a report on Thursday, September 3rd. Finally, Wolfe Research upgraded Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 target price for the company in a research note on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned 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 company presently has a consensus rating of "Moderate Buy" and a consensus price target of $213.96.

Chevron Stock Performance

Chevron stock opened at $228.88 on Thursday. The firm's 50 day simple moving average is $212.05 and its 200 day simple moving average is $192.35. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $452.22 billion, a PE ratio of 21.94, a price-to-earnings-growth ratio of 0.55 and a beta of 0.53. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $234.08.

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, topping the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business had revenue of $67.20 billion for the quarter, compared to analysts' expectations of $62.72 billion. During the same period in the prior year, the company posted $1.77 EPS. The business's revenue for the quarter was up 57.4% compared to the same quarter last year. As a group, analysts expect that Chevron Corporation will post 18.20 earnings per share for the current fiscal year.

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

Insider Activity

In other news, insider Andrew Walz sold 16,800 shares of the company's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the transaction, the insider owned 14 shares of the company's stock, valued at approximately $2,814.84. This represents a 99.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider R. Pate sold 40,700 shares of the stock in a transaction on Tuesday, October 20th. The stock was sold at an average price of $226.65, for a total value of $9,224,655.00. Following the completion of the sale, the insider owned 8,791 shares in the company, valued at $1,992,480.15. This trade represents a 82.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,195,682 shares of company stock valued at $235,619,780 over the last 90 days. Company insiders own 0.56% of the company's stock.

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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