Chevron Corporation $CVX Stock Acquired by D.A. Davidson & CO.

Key Points

• D.A. Davidson increased its Chevron stake by 1.3% in the third quarter, adding 5,208 shares for a total holding of 395,892 shares valued at approximately $80.8 million. Institutional investors collectively own 72.42% of Chevron’s stock.
• Chevron exceeded quarterly earnings and revenue expectations, reporting $5.28 in earnings per share versus the $4.87 consensus and $65.24 billion in revenue versus $61.82 billion expected. Shares traded near a one-year high at $235.62, while analysts maintained a “Moderate Buy” consensus rating with a $213.96 target price.
• Insiders have been substantial sellers: company insiders sold approximately 1.2 million shares worth $235.6 million in the latest quarter, leaving insiders with just 0.56% ownership.

D.A. Davidson & CO. grew its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 1.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 395,892 shares of the oil and gas company's stock after buying an additional 5,208 shares during the quarter. D.A. Davidson & CO.'s holdings in Chevron were worth $80,845,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Essential Investment Partners LLC grew its stake in Chevron by 4.2% in the third quarter. Essential Investment Partners LLC now owns 1,886 shares of the oil and gas company's stock worth $385,000 after purchasing an additional 76 shares in the last quarter. Garrison Bradford & Associates Inc. purchased a new stake in shares of Chevron during the third quarter worth about $204,000. BOKF NA grew its holdings in shares of Chevron by 5.9% during the third quarter. BOKF NA now owns 245,931 shares of the oil and gas company's stock valued at $50,222,000 after buying an additional 13,605 shares during the last quarter. DecisionPoint Financial LLC lifted its holdings in shares of Chevron by 14.2% during the third quarter. DecisionPoint Financial LLC now owns 619 shares of the oil and gas company's stock worth $128,000 after purchasing an additional 77 shares during the period. Finally, North Dakota State Investment Board grew its holdings in Chevron by 3.9% during the third quarter. North Dakota State Investment Board now owns 56,825 shares of the oil and gas company's stock worth $11,604,000 after acquiring an additional 2,144 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Trading Up 1.8%

Shares of CVX stock opened at $235.62 on Friday. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $236.48. The firm has a market capitalization of $465.53 billion, a PE ratio of 22.59, a price-to-earnings-growth ratio of 0.55 and a beta of 0.53. The stock has a fifty day moving average of $213.16 and a two-hundred day moving average of $193.07. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, topping analysts' consensus estimates of $4.87 by $0.41. The firm had revenue of $65.24 billion during the quarter, compared to the consensus estimate of $61.82 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%. The firm's revenue for the quarter was up 36.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.85 earnings per share. As a group, research analysts expect that Chevron Corporation will post 18.20 EPS for the current year.

Analysts Set New Price Targets

CVX has been the subject of several research analyst reports. Sanford C. Bernstein upped their price target on shares of Chevron from $204.00 to $209.00 and gave the stock a "market perform" rating in a research report on Monday, August 3rd. BMO Capital Markets lifted their price objective on Chevron from $210.00 to $235.00 and gave the company an "outperform" rating in a research note on Thursday, September 3rd. Raymond James Financial lowered their price objective on Chevron from $230.00 to $225.00 and set an "outperform" rating for the company in a research report on Tuesday, July 21st. Weiss Ratings raised Chevron from a "buy (b)" rating to a "buy (b+)" rating in a report on Friday, October 16th. Finally, Barclays lowered their target price on shares of Chevron from $216.00 to $208.00 and set an "equal weight" rating on the stock in a research report on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Chevron presently has an average rating of "Moderate Buy" and a consensus target price of $213.96.

Insider Activity at Chevron

In related news, insider R. Pate sold 40,700 shares of the stock in a transaction that occurred 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 transaction, the insider owned 8,791 shares in the company, valued at approximately $1,992,480.15. This represents a 82.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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 stock was sold at an average price of $201.06, for a total value of $3,377,808.00. Following the sale, the insider owned 14 shares of the company's stock, valued at approximately $2,814.84. This trade represents a 99.92% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 1,195,682 shares of company stock valued at $235,619,780. Insiders own 0.56% of the company's stock.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Quarterly earnings exceeded expectations. Chevron reported adjusted earnings of $5.28 per share, above the roughly $4.87-$4.89 analyst consensus, while revenue reached $65.24 billion versus estimates of $61.82 billion. Adjusted earnings of approximately $10.4 billion nearly tripled from a year earlier. Chevron tops Q3 expectations on higher downstream profit
• Positive Sentiment: Refining was the standout business. Downstream earnings climbed to nearly $4.9 billion from about $1.1 billion a year earlier as refinery outages and conflicts involving Iran and Russia reduced fuel supplies and lifted margins. Chevron beats earnings expectations as refining profits soar
• Positive Sentiment: Cash generation and the balance sheet improved. Chevron generated roughly $12 billion of free cash flow and $16 billion of operating cash flow, while reducing net debt by about $7.8 billion. This supports dividends, potential buybacks and future investment. Chevron's profit nearly tripled from a year ago
• Neutral Sentiment: Analyst sentiment has become more constructive. One valuation estimate increased from $227.71 to $232.50, with higher oil-price assumptions, strong refining results and possible Venezuela-related upside supporting revised targets. However, the stock’s rally has reduced its dividend yield for new investors. Chevron stock fair value edges higher
• Negative Sentiment: Investors face risks beyond the strong quarter. Chevron warned that downtime could reduce fourth-quarter production by approximately 225,000 barrels of oil equivalent per day. In addition, refining profits may normalize if geopolitical disruptions ease, while the stock’s elevated valuation and lingering questions about buybacks could limit further upside. Chevron says downtime could hit Q4 output

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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