Chevron Corporation $CVX Stock Position Boosted by Bank Pictet & Cie Europe AG

Key Points

• Bank Pictet & Cie Europe AG increased its Chevron stake by 65% in the third quarter, holding 16,594 shares valued at approximately $3.39 million. Institutional investors collectively own 72.42% of Chevron.
• Chevron reported quarterly earnings of $6.06 per share, exceeding the $5.55 consensus estimate, while revenue rose 57.4% year over year to $67.2 billion. The company also maintains a $1.78 quarterly dividend, equal to a 3.1% yield.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and a $213.96 price target, although insiders sold significant shares recently, including sales by executive R. Pate and director John Hess.

Bank Pictet & Cie Europe AG increased its position in Chevron Corporation (NYSE:CVX - Free Report) by 65.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,594 shares of the oil and gas company's stock after purchasing an additional 6,537 shares during the period. Bank Pictet & Cie Europe AG's holdings in Chevron were worth $3,389,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. State Street Corp increased its holdings 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 worth $28,016,651,000 after buying an additional 5,998,852 shares in the last quarter. BlackRock Inc. purchased a new position in Chevron in the 2nd quarter worth about $25,663,729,000. Bank of America Corp DE lifted its stake in Chevron by 5.1% during the 1st 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 acquiring an additional 1,334,976 shares during the period. Amundi lifted its stake in Chevron by 3.0% during the 1st quarter. Amundi now owns 12,185,436 shares of the oil and gas company's stock valued at $2,521,166,000 after acquiring an additional 349,416 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in Chevron during the 2nd quarter valued at about $2,378,114,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of CVX opened at $226.81 on Thursday. The firm has a market capitalization of $448.13 billion, a P/E ratio of 20.82, a PEG ratio of 0.62 and a beta of 0.53. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. Chevron Corporation has a one year low of $146.49 and a one year high of $228.48. The business has a fifty day moving average of $209.37 and a 200 day moving average of $193.91.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, beating analysts' consensus estimates of $5.55 by $0.51. The company had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%. Chevron's revenue was up 57.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.77 earnings per share. As a group, sell-side analysts anticipate that Chevron Corporation will post 17.71 EPS for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were given a dividend of $1.78 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.1%. Chevron's dividend payout ratio is presently 68.26%.

Insider Buying and Selling at Chevron

In other news, insider R. Pate sold 40,700 shares of the stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total value of $9,224,655.00. Following the transaction, the insider owned 8,791 shares in the company, valued at $1,992,480.15. This 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 link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John Hess sold 100,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the completion of the transaction, the director owned 178,045 shares in the company, valued at $34,587,021.70. This trade represents a 35.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,195,682 shares of company stock worth $235,619,780 over the last 90 days. 0.56% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wall Street Zen raised shares of Chevron from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Zacks Research raised shares of Chevron from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th. JPMorgan Chase & Co. increased their price objective on shares of Chevron from $190.00 to $222.00 and gave the company an "overweight" rating in a research report on Monday, August 3rd. Piper Sandler increased their price objective on shares of Chevron from $207.00 to $243.00 and gave the company an "overweight" rating in a research report on Thursday, September 3rd. Finally, BMO Capital Markets raised their target price on shares of Chevron from $210.00 to $235.00 and gave the stock an "outperform" rating in a report on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $213.96.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Bank of America raised its Chevron price target to $252 from $227, signaling greater confidence in the company’s earnings and cash-flow outlook. Chevron price target raised to $252 from $227 at BofA
• Positive Sentiment: Chevron is reportedly selling older Gulf of Mexico assets to sharpen its focus on higher-priority U.S. Gulf operations. Asset sales could streamline the portfolio, improve capital efficiency and support cash flow, although proceeds and transaction terms remain important. Chevron to sharpen US Gulf focus with sale of older assets
• Positive Sentiment: Elevated oil prices, with Brent crude pushed above $110 by Iran-related supply concerns, have helped Chevron and other integrated oil companies reach 52-week highs by improving the potential value of production and cash generation. Chevron, ExxonMobil Stocks Hit 52-Week Highs
• Positive Sentiment: Investors are watching Chevron’s Venezuela investment for potential production growth toward roughly 600,000 barrels per day. If achieved, the project could add substantial revenue, while relatively low production costs may support long-term profitability. Chevron Is Pouring Billions Into Venezuela
• Neutral Sentiment: Chevron’s production update and upcoming earnings are drawing attention because investors will assess whether higher oil prices and recent operational changes are translating into stronger results. Why Is Chevron in Focus?
• Negative Sentiment: Director R. Pate sold 43,100 Chevron shares for approximately $9.8 million across two transactions. The trades were made under a pre-arranged Rule 10b5-1 plan, reducing their significance as a discretionary bearish signal, but the large reduction in ownership could still weigh modestly on sentiment. Chevron insider trading filing

Chevron Company 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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