Chevron Corporation $CVX Stock Bought by Elite Wealth Management Inc.

Key Points

• Elite Wealth Management increased its Chevron stake by 2,170% in the third quarter, adding 35,197 shares and bringing its position to 36,819 shares, valued at about $7.5 million. Institutional investors collectively own 72.42% of Chevron.
• Chevron’s latest quarter topped analyst expectations: earnings were $5.28 per share versus a $4.87 estimate, while revenue reached $65.24 billion. The company declared a quarterly dividend of $1.78 per share, equivalent to a 3.3% yield at the cited share price.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $221.88. The article also reported substantial insider stock sales, including sales by CEO Michael Wirth and another executive.

Elite Wealth Management Inc. boosted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 2,170.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,819 shares of the oil and gas company's stock after purchasing an additional 35,197 shares during the period. Chevron comprises approximately 1.4% of Elite Wealth Management Inc.'s holdings, making the stock its 19th largest holding. Elite Wealth Management Inc.'s holdings in Chevron were worth $7,519,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CVX. M Holdings Securities Inc. purchased a new position in shares of Chevron in the 3rd quarter valued at approximately $8,542,000. Avantax Planning Partners Inc. lifted its position in Chevron by 2.8% during the third quarter. Avantax Planning Partners Inc. now owns 62,970 shares of the oil and gas company's stock valued at $12,859,000 after buying an additional 1,691 shares during the period. Richard Young Associates Ltd. bought a new stake in shares of Chevron during the 3rd quarter valued at $257,000. American State Bank Iowa boosted its holdings in shares of Chevron by 3.2% during the 3rd quarter. American State Bank Iowa now owns 8,332 shares of the oil and gas company's stock valued at $1,701,000 after buying an additional 259 shares in the last quarter. Finally, Chapman Investment Management LLC grew its position in shares of Chevron by 200.0% in the 3rd quarter. Chapman Investment Management LLC now owns 1,217 shares of the oil and gas company's stock worth $249,000 after buying an additional 2,434 shares during the period. Institutional investors own 72.42% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CVX shares. Wall Street Zen raised shares of Chevron from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Bank of America boosted their price target on Chevron from $210.00 to $227.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Mizuho set a $234.00 price target on Chevron in a research note on Monday, October 12th. Jefferies Financial Group lifted their price objective on Chevron from $216.00 to $233.00 and gave the company a "buy" rating in a research note on Monday, August 17th. Finally, Raymond James Financial dropped their target price on Chevron from $230.00 to $225.00 and set an "outperform" rating on the stock in a report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $221.88.

Chevron Stock Performance

Shares of CVX opened at $212.66 on Monday. The firm has a market capitalization of $420.17 billion, a P/E ratio of 15.56, a PEG ratio of 0.50 and a beta of 0.47. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.34 and a quick ratio of 1.07. Chevron Corporation has a one year low of $146.49 and a one year high of $236.48. The business has a fifty day moving average of $214.91 and a 200 day moving average of $194.40.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, beating analysts' consensus estimates of $4.87 by $0.41. The company had revenue of $65.24 billion for the quarter, compared to the consensus estimate of $61.82 billion. Chevron had a return on equity of 14.49% and a net margin of 11.56%. Chevron's revenue was up 36.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.85 earnings per share. As a group, sell-side analysts anticipate that Chevron Corporation will post 18.56 EPS for the current year.

Chevron Announces Dividend

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

Key Headlines Impacting Chevron

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

Insider Activity

In other news, insider R. Pate sold 40,700 shares of the firm's stock in a transaction 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 sale, the insider directly owned 8,791 shares in the company, valued at $1,992,480.15. This trade represents a 82.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Wirth sold 317,100 shares of Chevron 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 transaction, the chief executive officer owned 26,308 shares in the company, valued at approximately $5,273,701.68. This trade represents a 92.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 379,470 shares of company stock worth $77,216,415 in the last three months. Company insiders own 0.56% of the company's stock.

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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