Chevron Corporation $CVX Stock Bought by Ashton Thomas Private Wealth LLC

Key Points

• Ashton Thomas Private Wealth increased its Chevron stake by 15.1% in the third quarter, adding 11,956 shares to hold 90,967 shares valued at $18.6 million.
• Chevron reported quarterly earnings of $5.28 per share, beating estimates of $4.87, while revenue of $65.24 billion also exceeded expectations and rose 36.3% year over year.
• The company announced a quarterly dividend of $1.78 per share, equivalent to $7.12 annually and a stated yield of 3.3%.

Ashton Thomas Private Wealth LLC boosted its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 15.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 90,967 shares of the oil and gas company's stock after buying an additional 11,956 shares during the quarter. Ashton Thomas Private Wealth LLC's holdings in Chevron were worth $18,576,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. State Street Corp increased its position in Chevron by 3.9% in the 2nd quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company's stock valued at $28,016,651,000 after acquiring an additional 5,998,852 shares during the period. BlackRock Inc. acquired a new position in Chevron during the 2nd quarter worth approximately $25,663,729,000. Bank of America Corp DE lifted its stake in Chevron by 5.1% during the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company's stock worth $5,716,694,000 after purchasing an additional 1,334,976 shares during the last quarter. Amundi raised its holdings in Chevron by 3.0% during the first quarter. Amundi now owns 12,185,436 shares of the oil and gas company's stock worth $2,521,166,000 after buying an additional 349,416 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Chevron in the 2nd quarter valued at about $2,378,114,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Price Performance

NYSE:CVX opened at $212.66 on Friday. The company has a market capitalization of $420.17 billion, a price-to-earnings ratio of 15.56, a PEG ratio of 0.54 and a beta of 0.47. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $236.48. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The company has a 50-day moving average of $214.91 and a 200-day moving average of $194.40.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.87 by $0.41. The company had revenue of $65.24 billion during the quarter, compared to analysts' expectations of $61.82 billion. Chevron had a net margin of 11.56% and a return on equity of 14.64%. Chevron'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 company posted $1.85 earnings per share. As a group, equities research analysts anticipate that Chevron Corporation will post 18.56 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Wednesday, November 18th will be issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Wednesday, November 18th. Chevron's dividend payout ratio (DPR) is presently 52.08%.

Insider Buying and Selling at Chevron

In related news, insider Andrew Walz sold 16,800 shares of Chevron stock in a transaction on Monday, August 17th. The stock was sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider R. Pate sold 40,700 shares of the company's stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the completion of the sale, the insider directly owned 8,791 shares of the company's stock, valued at $1,992,480.15. The trade was 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. Over the last three months, insiders have sold 379,470 shares of company stock worth $77,216,415. 0.56% of the stock is owned by insiders.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was upgraded by Freedom Broker from “sell” to “hold,” with a $218 price target. The change signals less bearishness, though the target implies only modest upside from the cited share price. Freedom Broker rating
• Positive Sentiment: Natural-gas production topped 9 billion cubic feet per day in the third quarter, supported by operations in Australia and the Eastern Mediterranean. Record output could strengthen Chevron’s position in the liquefied natural gas market, despite operational disruptions. Zacks article on gas production
• Positive Sentiment: Recent coverage points to record cash flow and a run of earnings beats as reasons to consider CVX for the long term. Chevron’s latest reported quarter also exceeded analyst expectations for earnings and revenue, supporting the fundamental case. 247WallSt analysis
• Neutral Sentiment: An executive reported selling 24,439 shares in an option exercise-and-sale transaction. The report alone does not establish a change in the company’s outlook. Insider transaction report
• Negative Sentiment: Coverage says a post-election political shift sent oil prices lower, dragging energy stocks, including Chevron. A separate analyst downgrade also contributed to reported share-price pressure, highlighting sensitivity to oil-market expectations and cautious ratings. Report on analyst downgrade

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Argus upped their target price on Chevron from $206.00 to $211.00 and gave the stock a "buy" rating in a research note on Tuesday, August 11th. William Blair assumed coverage on Chevron in a report on Wednesday, October 28th. They issued an "outperform" rating on the stock. BNP Paribas Exane lowered their price objective on Chevron from $230.00 to $224.00 and set an "outperform" rating on the stock in a research note on Friday, July 17th. Wells Fargo & Company boosted their price objective on Chevron from $230.00 to $268.00 and gave the company an "overweight" rating in a research note on Monday. Finally, Jefferies Financial Group lifted their price objective on Chevron from $216.00 to $233.00 and gave the stock a "buy" rating in a report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Chevron currently has an average rating of "Moderate Buy" and an average price target of $221.88.

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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