Chevron Corporation $CVX Shares Sold by United Asset Strategies Inc.

Key Points

• United Asset Strategies Inc. cut its Chevron stake by 33.4% in Q3, selling 27,635 shares and leaving 55,138 shares valued at about $8.56 million.
• Significant insider selling occurred in early January—CEO Michael Wirth sold 320,700 shares (~$52.27M) and CFO Eimear Bonner sold 28,334 shares (~$4.68M); insiders sold 631,990 shares (~$99.7M) in the past 90 days.
• Chevron is in advanced talks with the U.S. government to expand its Venezuela operating license and has ramped tanker loadings, a development that could boost volumes and margins but carries political and execution risks.

United Asset Strategies Inc. lessened its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 33.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,138 shares of the oil and gas company's stock after selling 27,635 shares during the quarter. United Asset Strategies Inc.'s holdings in Chevron were worth $8,562,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Quaker Wealth Management LLC lifted its stake in shares of Chevron by 197.7% during the second quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company's stock valued at $31,000 after buying an additional 439 shares during the period. Vermillion & White Wealth Management Group LLC boosted its holdings in shares of Chevron by 86.1% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 255 shares of the oil and gas company's stock worth $37,000 after purchasing an additional 118 shares during the last quarter. IMG Wealth Management Inc. grew its position in shares of Chevron by 52.3% in the second quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company's stock valued at $38,000 after purchasing an additional 91 shares during the period. GFG Capital LLC purchased a new stake in shares of Chevron in the second quarter valued at $42,000. Finally, Barnes Dennig Private Wealth Management LLC increased its stake in Chevron by 306.1% in the third quarter. Barnes Dennig Private Wealth Management LLC now owns 268 shares of the oil and gas company's stock valued at $42,000 after purchasing an additional 202 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is in advanced talks with the U.S. government to expand its Venezuela operating license — a move that would allow higher exports to Chevron’s refineries and to third parties, potentially boosting volumes and margins. Exclusive: Chevron in talks with US government for expanded Venezuela license, sources say
• Positive Sentiment: Shipping and field activity show operational acceleration: reports say Chevron has ramped tanker loadings and contracted multiple vessels for Venezuelan port calls — evidence it can scale exports quickly if the license expands. Chevron Is Loading Venezuela Oil Onto Tankers at the Fastest Pace in Months
• Positive Sentiment: Some sell-side views are constructive: Bernstein raised its target on Chevron as its oil outlook balances volatility and strength, supporting upside to the stock if higher Venezuela volumes materialize. Bernstein raises Chevron (CVX) target
• Neutral Sentiment: Not all flows are cleared: some loadings for traditional buyers (notably Chinese customers) have been paused, highlighting distribution and counterparty risks that could delay cash conversion of any export ramp. Chevron continues to ship Venezuelan oil, but loading on hold for Chinese buyers
• Neutral Sentiment: Senior U.S. officials and oil companies warn major investments in Venezuela will require government guarantees, implying large-scale redevelopment will be conditional and take time. US oil companies say they need guarantees to invest in Venezuela
• Negative Sentiment: Broker downgrade: Freedom Capital moved CVX to a "strong sell," a headline that can pressure sentiment and trigger short-term selling. Chevron Cut to "Strong Sell" at Freedom Capital
• Negative Sentiment: Significant insider selling: filings show large sales by the CEO, CFO and other insiders in early January, which markets often interpret as a negative signal or near-term supply pressure. SEC Form 4 filings — insider sales
• Negative Sentiment: Political and reputational risk: high-profile criticism and scrutiny around U.S. plans for Venezuela increase execution and regulatory uncertainty for any rapid expansion. Elizabeth Warren comments on Venezuela plan

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CVX shares. Weiss Ratings reissued a "hold (c)" rating on shares of Chevron in a research note on Wednesday, October 8th. BMO Capital Markets restated an "outperform" rating on shares of Chevron in a report on Thursday. Bank of America dropped their price target on shares of Chevron from $183.00 to $180.00 and set a "buy" rating for the company in a research report on Thursday, December 11th. Scotiabank lifted their price target on shares of Chevron from $160.00 to $165.00 and gave the company a "sector perform" rating in a report on Thursday, October 9th. Finally, Zacks Research raised shares of Chevron from a "strong sell" rating to a "hold" rating in a research note on Tuesday, December 23rd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $167.14.

Insider Buying and Selling

In other news, CFO Eimear P. Bonner sold 28,334 shares of the stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $165.05, for a total value of $4,676,526.70. Following the completion of the sale, the chief financial officer owned 4,366 shares in the company, valued at approximately $720,608.30. This trade represents a 86.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael K. Wirth sold 320,700 shares of the firm's stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $162.99, for a total value of $52,270,893.00. Following the sale, the chief executive officer owned 14,450 shares in the company, valued at approximately $2,355,205.50. The trade was a 95.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 631,990 shares of company stock worth $99,716,808. Company insiders own 0.21% of the company's stock.

Chevron Trading Up 2.6%

Shares of CVX stock opened at $159.27 on Friday. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.19. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The firm's 50 day moving average price is $152.22 and its two-hundred day moving average price is $153.31. The stock has a market cap of $320.70 billion, a price-to-earnings ratio of 22.40, a price-to-earnings-growth ratio of 9.72 and a beta of 0.70.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, beating analysts' consensus estimates of $1.71 by $0.14. The business had revenue of $48.17 billion for the quarter, compared to the consensus estimate of $46.99 billion. Chevron had a net margin of 6.57% and a return on equity of 8.74%. The business's revenue for the quarter was down 1.9% compared to the same quarter last year. During the same quarter last year, the firm posted $2.48 EPS. On average, analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Tuesday, November 18th were given a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $6.84 annualized dividend and a yield of 4.3%. Chevron's dividend payout ratio (DPR) is 96.20%.

About Chevron

Chevron Corporation NYSE: CVX is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron's core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.