Chevron Corporation $CVX Stock Holdings Increased by Modera Wealth Management LLC

Key Points

• Modera Wealth Management increased its Chevron stake by 18.9% in the third quarter, bringing its holdings to 36,832 shares valued at approximately $7.5 million. Institutional investors collectively own 72.42% of Chevron’s stock.
• Chevron reported a strong quarter, with adjusted earnings of $5.28 per share and revenue of $65.24 billion, both exceeding analyst expectations. Refining profits surged, while the company generated roughly $12 billion in free cash flow and reduced net debt by about $7.8 billion.
• Analysts remain broadly positive, but risks persist: Chevron has a “Moderate Buy” consensus rating and an average target price of $213.96, while insiders sold roughly $235.6 million of stock recently and operational downtime could reduce fourth-quarter production.

Modera Wealth Management LLC lifted its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 18.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,832 shares of the oil and gas company's stock after buying an additional 5,846 shares during the quarter. Modera Wealth Management LLC's holdings in Chevron were worth $7,521,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. State Street Corp grew its holdings in 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 purchasing an additional 5,998,852 shares during the period. BlackRock Inc. bought a new position in shares of Chevron during the second quarter valued at approximately $25,663,729,000. Bank of America Corp DE increased its stake in shares of 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 valued at $5,716,694,000 after purchasing an additional 1,334,976 shares in the last quarter. Amundi lifted its holdings in shares of Chevron by 3.0% during the first quarter. Amundi now owns 12,185,436 shares of the oil and gas company's stock valued at $2,521,166,000 after purchasing an additional 349,416 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Chevron during the second quarter valued at approximately $2,378,114,000. 72.42% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Chevron 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 sale, the chief executive officer directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value 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 position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 1,195,682 shares of company stock valued at $235,619,780. 0.56% of the stock is currently owned by company insiders.

Key Stories Impacting Chevron

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

Analyst Upgrades and Downgrades

A number of analysts have recently commented on CVX shares. Argus boosted their price target on Chevron from $206.00 to $211.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. Sanford C. Bernstein raised their price objective on Chevron from $204.00 to $209.00 and gave the company a "market perform" rating in a research report on Monday, August 3rd. Bank of America lifted their price objective on Chevron from $210.00 to $227.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. Wells Fargo & Company boosted their target price on Chevron from $226.00 to $230.00 and gave the stock an "overweight" rating in a report on Thursday, September 3rd. Finally, Morgan Stanley boosted their target price on Chevron from $218.00 to $226.00 and gave the stock an "overweight" rating in a report on Thursday, October 15th. One equities research 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 issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $213.96.

Chevron Trading Up 1.8%

NYSE:CVX opened at $235.62 on Friday. The company's 50 day moving average price is $213.16 and its 200-day moving average price is $193.07. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $236.48. 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 stock has a market cap of $465.53 billion, a price-to-earnings ratio of 17.24, a PEG ratio of 0.56 and a beta of 0.53.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, beating the consensus estimate of $4.87 by $0.41. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company had revenue of $65.24 billion during the quarter, compared to the consensus estimate of $61.82 billion. During the same quarter last year, the firm earned $1.85 earnings per share. The firm's quarterly revenue was up 36.3% compared to the same quarter last year. On average, equities research analysts forecast that Chevron Corporation will post 18.15 earnings per share for the current fiscal year.

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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