Chevron Corporation $CVX Stock Bought by Kestra Advisory Services LLC

Key Points

• Kestra Advisory Services increased its Chevron stake 11% in the third quarter, adding 37,772 shares to hold 381,713 shares valued at about $78 million.
• Chevron beat quarterly earnings and revenue estimates, reporting EPS of $5.28 and revenue of $65.24 billion, up 36.3% year over year. The company declared a quarterly dividend of $1.78 per share.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $222.04; meanwhile, insiders sold about $77.2 million in shares over the past 90 days.

Kestra Advisory Services LLC raised its stake in Chevron Corporation (NYSE:CVX - Free Report) by 11.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 381,713 shares of the oil and gas company's stock after acquiring an additional 37,772 shares during the period. Kestra Advisory Services LLC's holdings in Chevron were worth $77,950,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of CVX. Main Street Group LTD purchased a new position in shares of Chevron during the first quarter valued at about $28,000. Kilter Group LLC bought a new stake in shares of Chevron in the second quarter worth about $28,000. Principia Wealth Advisory LLC lifted its position in shares of Chevron by 49.6% in the second quarter. Principia Wealth Advisory LLC now owns 181 shares of the oil and gas company's stock worth $30,000 after buying an additional 60 shares in the last quarter. Financial Connections Group Inc. lifted its position in shares of Chevron by 129.3% in the first quarter. Financial Connections Group Inc. now owns 211 shares of the oil and gas company's stock worth $43,000 after buying an additional 119 shares in the last quarter. Finally, Legacy Wealth Managment LLC ID lifted its position in shares of Chevron by 81.8% in the first quarter. Legacy Wealth Managment LLC ID now owns 220 shares of the oil and gas company's stock worth $46,000 after buying an additional 99 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron News Summary

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on CVX. Barclays increased their price target on Chevron from $208.00 to $244.00 and gave the company an "equal weight" rating in a research note on Monday. Argus lifted their price objective on Chevron from $206.00 to $211.00 and gave the stock a "buy" rating in a research note on Tuesday, August 11th. Wells Fargo & Company upped their price objective on Chevron from $230.00 to $268.00 and gave the stock an "overweight" rating in a report on Monday. UBS Group increased their target price on Chevron from $235.00 to $265.00 and gave the company a "buy" rating in a research report on Monday. Finally, Sanford C. Bernstein raised their target price on shares of Chevron from $204.00 to $209.00 and gave the company a "market perform" rating in a report on Monday, August 3rd. One equities research 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 company. According to data from MarketBeat.com, Chevron has a consensus rating of "Moderate Buy" and an average price target of $222.04.

Insider Buying and Selling at Chevron

In other news, insider Andrew Walz sold 16,800 shares of the business's stock in a transaction on Monday, August 17th. The shares were 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 directly owned 14 shares of the company's stock, valued at approximately $2,814.84. The trade was a 99.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael K. Wirth sold 317,100 shares of the company's stock in a transaction dated 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 owned 26,308 shares in the company, valued at $5,273,701.68. This represents a 92.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 379,470 shares of company stock worth $77,216,415 over the last 90 days. Company insiders own 0.56% of the company's stock.

Chevron Stock Performance

Chevron stock opened at $212.92 on Friday. The company's 50-day moving average price is $214.66 and its 200-day moving average price is $194.17. 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 company has a market cap of $420.68 billion, a PE ratio of 15.58, a price-to-earnings-growth ratio of 0.51 and a beta of 0.47. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $236.48.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $61.82 billion. Chevron had a net margin of 11.56% and a return on equity of 14.64%. The firm's revenue for the quarter was up 36.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.85 EPS. On average, equities research analysts forecast that Chevron Corporation will post 18.56 EPS for the current fiscal year.

Chevron Announces Dividend

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

About Chevron

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.