Chevron Corporation $CVX Stock: Alta Advisers Ltd Grows Holdings

Key Points

• Alta Advisers increased its Chevron stake by 84.6% in the third quarter, to 13,966 shares valued at about $2.85 million. Institutional investors collectively own 72.42% of the company’s shares.
• Chevron beat quarterly expectations, reporting EPS of $5.28 versus the $4.87 consensus and revenue of $65.24 billion, up 36.3% year over year. The company also declared a quarterly dividend of $1.78 per share.
• Analyst sentiment is broadly positive, with a “Moderate Buy” consensus and an average price target of $222.04; however, oil-sector weakness and insider share sales are notable counterpoints.

Alta Advisers Ltd boosted its stake in Chevron Corporation (NYSE:CVX - Free Report) by 84.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,966 shares of the oil and gas company's stock after buying an additional 6,402 shares during the quarter. Alta Advisers Ltd's holdings in Chevron were worth $2,852,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of Chevron during the second quarter valued at approximately $25,663,729,000. Bank of New York Mellon Corp purchased a new position in shares of Chevron in the second quarter valued at approximately $2,378,114,000. Legal & General Group Plc purchased a new position in shares of Chevron in the second quarter valued at approximately $1,462,412,000. Deutsche Bank AG acquired a new stake in shares of Chevron in the second quarter worth approximately $1,189,577,000. Finally, State Street Corp boosted its stake in shares of Chevron by 3.9% in 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 during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Michael Wirth sold 317,100 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the completion of the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $5,273,701.68. This represents a 92.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Andrew Walz sold 16,800 shares of the stock in a transaction on 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 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 SEC filing for this sale provides additional information. Insiders have sold a total of 379,470 shares of company stock valued at $77,216,415 in the last quarter. Insiders own 0.56% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. UBS Group boosted their price target on Chevron from $235.00 to $265.00 and gave the stock a "buy" rating in a research report on Monday. Barclays raised their price objective on Chevron from $208.00 to $244.00 and gave the company an "equal weight" rating in a report on Monday. Wall Street Zen raised shares of Chevron from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. JPMorgan Chase & Co. lifted their target price on shares of Chevron from $190.00 to $222.00 and gave the stock an "overweight" rating in a research note on Monday, August 3rd. Finally, Wells Fargo & Company upped their target price on shares of Chevron from $230.00 to $268.00 and gave the stock an "overweight" rating in a report on Monday. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Chevron presently has an average rating of "Moderate Buy" and an average price target of $222.04.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s record cash flow and seven consecutive earnings beats underscore its financial strength. A separate report highlighted strong third-quarter refining performance, cost discipline, debt reduction and increased buybacks. Chevron Has Become Very Interesting Again Following the Midterms Why ExxonMobil and Chevron Reminded Investors to Keep it Simple
• Positive Sentiment: Record natural-gas output above 9 Bcf/d in the third quarter, led by Australia and the Eastern Mediterranean, could strengthen Chevron’s position in the LNG market. Can Chevron's Record Natural Gas Output Strengthen Its LNG Position?
• Positive Sentiment: Progress on an Iraq oilfield agreement, alongside pursuit of additional fields and exploration blocks, offers potential for upstream growth. Chevron Advances Iraq Oilfield Deal, Expands Growth Prospects
• Negative Sentiment: Midterm results triggered a broad oil-stock selloff as investors reacted to lower oil prices and expectations that inflation—and the energy-price surge—may ease. Lower crude prices can weigh on Chevron’s upstream earnings and cash flow. Oil Stocks Chevron, Marathon, and Exxon Mobil Take a Beating on Midterm Results
• Negative Sentiment: DZ Bank lowered its rating on CVX, adding a cautious analyst signal amid the sector weakness. Chevron Stock Rating Lowered by DZ Bank

Chevron Stock Down 1.9%

Shares of NYSE CVX opened at $212.92 on Friday. The company has a market capitalization of $420.68 billion, a P/E ratio of 15.58, a P/E/G ratio of 0.51 and a beta of 0.47. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The company has a 50 day simple moving average of $214.66 and a 200-day simple moving average of $194.17. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $236.48.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, beating analysts' consensus estimates of $4.87 by $0.41. The firm had revenue of $65.24 billion for the quarter, compared to analysts' expectations of $61.82 billion. Chevron had a return on equity of 14.64% and a net margin of 11.56%. The firm's quarterly revenue was up 36.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.85 earnings per share. On average, equities research analysts predict that Chevron Corporation will post 18.56 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Wednesday, November 18th will be paid a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, November 18th. Chevron's dividend payout ratio is 52.08%.

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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