Chevron Corporation $CVX Stake Boosted by CapWealth Advisors LLC

Key Points

• CapWealth Advisors increased its Chevron stake by 3.9% in the third quarter to 199,164 shares valued at approximately $40.7 million. Institutional investors collectively own 72.42% of Chevron’s outstanding stock.
• Chevron reported quarterly earnings of $6.06 per share, exceeding estimates of $5.55, while revenue rose 57.4% year over year to $67.2 billion. The company maintains a quarterly dividend of $1.78, equivalent to a 3.5% annual yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $210.87, although insiders sold more than 1.15 million shares worth roughly $225.9 million over the past 90 days.

CapWealth Advisors LLC raised its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 3.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 199,164 shares of the oil and gas company's stock after purchasing an additional 7,418 shares during the period. Chevron accounts for approximately 3.1% of CapWealth Advisors LLC's investment portfolio, making the stock its 5th biggest holding. CapWealth Advisors LLC's holdings in Chevron were worth $40,671,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Adelphi Trust Co boosted its position in shares of Chevron by 5.0% in the 3rd quarter. Adelphi Trust Co now owns 3,219 shares of the oil and gas company's stock worth $657,000 after purchasing an additional 152 shares in the last quarter. Heartwood Wealth Advisors LLC increased its position in Chevron by 3.2% during the 3rd quarter. Heartwood Wealth Advisors LLC now owns 11,227 shares of the oil and gas company's stock valued at $2,293,000 after buying an additional 348 shares in the last quarter. Miller Global Investments LLC raised its stake in Chevron by 9.3% in the third quarter. Miller Global Investments LLC now owns 5,828 shares of the oil and gas company's stock valued at $1,190,000 after buying an additional 498 shares during the last quarter. Polaris Financial Partners purchased a new stake in Chevron in the third quarter valued at about $143,000. Finally, CX Institutional boosted its holdings in Chevron by 22.0% in the third quarter. CX Institutional now owns 21,922 shares of the oil and gas company's stock worth $4,636,000 after acquiring an additional 3,946 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Performance

Shares of CVX stock traded down $0.69 on Monday, hitting $206.00. The company had a trading volume of 2,725,282 shares, compared to its average volume of 10,548,735. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $217.78. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The firm has a market cap of $407.00 billion, a P/E ratio of 19.74, a price-to-earnings-growth ratio of 0.59 and a beta of 0.53. The company has a 50-day moving average price of $202.83 and a 200-day moving average price of $192.72.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share 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 company had revenue of $67.20 billion during the quarter, compared to analysts' expectations of $62.72 billion. During the same period last year, the business earned $1.77 earnings per share. Chevron's quarterly revenue was up 57.4% on a year-over-year basis. As a group, equities research analysts predict that Chevron Corporation will post 16.98 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were paid a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Wednesday, August 19th. Chevron's payout ratio is currently 68.26%.

Insider Activity

In related news, insider R. Pate sold 2,470 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total transaction of $506,621.70. Following the sale, the insider directly owned 10,794 shares of the company's stock, valued at approximately $2,213,957.34. This represents a 18.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Michael Wirth sold 317,100 shares of the firm's stock in a transaction on Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the sale, the chief executive officer owned 26,308 shares in the company, valued at approximately $5,273,701.68. This represents a 92.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 1,152,582 shares of company stock valued at $225,853,661. 0.56% of the stock is currently owned by company insiders.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Rising crude prices are improving the outlook for Chevron’s upstream earnings and cash flow. Analysts see the company as having potential to reach new highs if the oil rally continues. Chevron: New All-Time Highs In Sight As Oil Surges
• Positive Sentiment: Chevron’s investments in politically challenging regions, including Venezuela and the war-torn Middle East, could provide access to high-value reserves and longer-term production growth if operating and regulatory risks are managed successfully. Why This Oil Giant Keeps Betting on Countries Everyone Else Avoids
• Positive Sentiment: Some market commentators continue to view Chevron as an attractively valued energy major with substantial cash flow, dividend appeal and exposure to higher oil prices. Why Jim Cramer Calls Chevron the King
• Neutral Sentiment: Chevron is heavily searched by investors, increasing visibility but not providing a fundamental change to earnings or valuation. Investors Heavily Search Chevron
• Neutral Sentiment: Chevron is promoting its CFO and moving the executive to lead oil and gas operations, alongside a planned CFO transition. The changes may strengthen operational leadership, but they also highlight heightened speculation about who will succeed CEO Mike Wirth. Chevron Promotes CFO as Succession Drama Heats Up
• Negative Sentiment: Investments in Venezuela and conflict-affected regions carry substantial geopolitical, sanctions, execution and capital-allocation risks, which could offset their potential production benefits. Chevron’s Geopolitical Investments

Wall Street Analysts Forecast Growth

CVX has been the topic of several recent analyst reports. Royal Bank Of Canada upped their price objective on shares of Chevron from $220.00 to $230.00 and gave the company an "outperform" rating in a report on Thursday, September 24th. Morgan Stanley boosted their target price on shares of Chevron from $210.00 to $218.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 19th. Dbs Bank upgraded shares of Chevron to a "moderate buy" rating in a research note on Thursday, August 6th. Piper Sandler lifted their price objective on shares of Chevron from $207.00 to $243.00 and gave the stock an "overweight" rating in a research note on Thursday, September 3rd. Finally, TD Cowen raised their target price on Chevron from $205.00 to $215.00 and gave the stock a "hold" rating in a research note on Monday, September 28th. Twenty-one analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Chevron currently has a consensus rating of "Moderate Buy" and an average target price of $210.87.

Chevron 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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