Chevron Corporation $CVX Stock Position Lifted by Asset One Wealth Management LLC

Key Points

• Asset One Wealth Management increased its Chevron stake by 56.9% in the third quarter, to 14,559 shares valued at about $2.97 million. Institutional investors and hedge funds collectively own 72.42% of Chevron.
• Chevron reported quarterly earnings of $5.28 per share and revenue of $65.24 billion, beating analyst estimates; revenue rose 36.3% year over year. The company declared a quarterly dividend of $1.78 per share, equivalent to an annualized yield of 3.3%.
• Analysts’ average rating was “Moderate Buy,” with an average price target of $221.88. Company insiders sold 379,470 shares worth about $77.2 million over the last 90 days.

Asset One Wealth Management LLC boosted its stake in Chevron Corporation (NYSE:CVX - Free Report) by 56.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,559 shares of the oil and gas company's stock after acquiring an additional 5,282 shares during the period. Asset One Wealth Management LLC's holdings in Chevron were worth $2,973,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. State Street Corp grew its position in shares of Chevron by 3.9% during 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 buying an additional 5,998,852 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Chevron in the second quarter valued at about $25,663,729,000. Bank of America Corp DE raised its holdings in shares of Chevron by 5.1% in the 1st 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 buying an additional 1,334,976 shares in the last quarter. Amundi boosted its stake in Chevron by 3.0% in 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 acquiring an additional 349,416 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Chevron during the second quarter worth about $2,378,114,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Price Performance

CVX stock opened at $212.66 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The company's 50-day moving average is $214.91 and its 200-day moving average is $194.40. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $236.48. The stock has a market capitalization of $420.17 billion, a PE ratio of 15.56, a price-to-earnings-growth ratio of 0.54 and a beta of 0.47.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results 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 business 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% on a year-over-year basis. During the same period in the previous year, the firm posted $1.85 earnings per share. Equities research analysts expect 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 given 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 payout ratio is presently 52.08%.

More Chevron News

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 related news, 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 transaction, the insider owned 8,791 shares of the company's stock, valued at approximately $1,992,480.15. This represents a 82.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael K. Wirth sold 317,100 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 26,308 shares of the company's stock, valued at approximately $5,273,701.68. The trade was a 92.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 379,470 shares of company stock valued at $77,216,415 in the last 90 days. Company insiders own 0.56% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on CVX shares. BNP Paribas Exane dropped 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 raised their target price on shares of Chevron from $230.00 to $268.00 and gave the stock an "overweight" rating in a report on Monday. Barclays increased their price target on Chevron from $208.00 to $244.00 and gave the company an "equal weight" rating in a research report on Monday, November 2nd. Freedom Broker upgraded Chevron from a "sell" rating to a "hold" rating and set a $218.00 price objective for the company in a research report on Thursday. Finally, Morgan Stanley increased their target price on Chevron from $226.00 to $230.00 and gave the stock an "overweight" rating in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $221.88.

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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