Chevron Corporation $CVX Stock Position Trimmed by Park Avenue Securities LLC

Key Points

• Park Avenue Securities reduced its Chevron position by 5.5% in the third quarter, selling 8,489 shares and retaining 147,251 shares valued at approximately $30.1 million. Institutional investors collectively own 72.42% of Chevron.
• Chevron’s outlook is supported by stronger oil prices, production growth, Hess acquisition synergies and expanding offshore opportunities. Analysts maintain a “Moderate Buy” consensus with an average price target of $213.96.
• Valuation and insider-selling risks remain: Chevron has rallied significantly and trades near its 12-month high, while insiders sold roughly 1.2 million shares worth $235.6 million over the past 90 days.

Park Avenue Securities LLC trimmed its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 5.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 147,251 shares of the oil and gas company's stock after selling 8,489 shares during the period. Park Avenue Securities LLC's holdings in Chevron were worth $30,070,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp boosted 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 valued at $28,016,651,000 after purchasing an additional 5,998,852 shares during the last quarter. BlackRock Inc. acquired a new stake in Chevron during the 2nd quarter valued at approximately $25,663,729,000. Bank of America Corp DE grew 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 purchasing an additional 1,334,976 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Chevron during the 2nd quarter worth approximately $2,378,114,000. Finally, Amundi increased its holdings in Chevron by 14.1% during the 2nd quarter. Amundi now owns 13,900,271 shares of the oil and gas company's stock worth $2,304,109,000 after purchasing an additional 1,714,835 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Higher oil prices and potential earnings beat: Crude prices have strengthened Chevron’s earnings outlook, with analysts expecting the company to outperform third-quarter estimates when it reports on October 30. Investors will focus on production growth, cash flow, dividends and buybacks. 3 Energy Stocks Poised to Outshine Earnings Estimates in Q3
• Positive Sentiment: Production and Hess synergies are supporting cash flow: Ariel Investments highlighted Chevron’s strong production, benefits from its Hess acquisition and improving cash generation as reasons for the stock’s gains. The comments reinforce the view that Chevron’s scale and integration efforts can improve shareholder returns. Chevron Corporation Gains on Strong Production, Hess Synergies, and Higher Cash Flow
• Positive Sentiment: Expansion of offshore and international opportunities: TotalEnergies agreed to acquire a 25% interest in 26 Chevron-operated U.S. offshore exploration leases, while Chevron will take a 75% operated interest in two adjacent leases. Chevron also reportedly made a high-quality offshore gas discovery in Egypt and is positioned to participate in a 2027 Indian LPG supply tender. These developments could expand its long-term production portfolio. TotalEnergies Enters Chevron-Operated Offshore Exploration Blocks
• Neutral Sentiment: Long-term gas contract adds revenue visibility: Chevron Australia will supply South32 with 55 petajoules of natural gas over five years beginning in 2028, supporting a more predictable future revenue stream, though the financial benefit is several years away. Chevron's Australian Business Signs Long-Term Natural Gas Deal
• Negative Sentiment: Valuation and oil-price risk are rising: After a roughly 145% five-year advance and a strong recent run, valuation analyses question whether Chevron’s current market value assumes persistently high oil prices. A disappointment in crude prices or earnings could therefore trigger profit-taking. Chevron Earnings Preview

Insider Buying and Selling

In other news, 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 transaction of $3,377,808.00. Following the transaction, the insider owned 14 shares in the company, 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 filing with the SEC, which can be accessed through the SEC website. Also, insider R. Pate sold 40,700 shares of the company's stock in a transaction dated 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 completion of 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 1,195,682 shares of company stock worth $235,619,780. Company insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of recent analyst reports. Raymond James Financial decreased their price target on shares of Chevron from $230.00 to $225.00 and set an "outperform" rating for the company in a research report on Tuesday, July 21st. Argus upped their price target on shares of Chevron from $206.00 to $211.00 and gave the company a "buy" rating in a report on Tuesday, August 11th. Weiss Ratings raised shares of Chevron from a "buy (b)" rating to a "buy (b+)" rating in a report on Friday, October 16th. Wells Fargo & Company increased their price objective on shares of Chevron from $226.00 to $230.00 and gave the company an "overweight" rating in a research note on Thursday, September 3rd. Finally, UBS Group raised their price objective on shares of Chevron from $220.00 to $235.00 and gave the stock a "buy" rating in a report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $213.96.

Chevron Trading Up 0.3%

Chevron stock opened at $228.88 on Thursday. The firm has a 50 day simple moving average of $212.05 and a 200-day simple moving average of $192.35. 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 stock has a market capitalization of $452.22 billion, a PE ratio of 21.94, a price-to-earnings-growth ratio of 0.55 and a beta of 0.53. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $234.08.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, beating the consensus estimate of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%. The business had revenue of $67.20 billion during the quarter, compared to analysts' expectations of $62.72 billion. During the same quarter last year, the business posted $1.77 earnings per share. The company's quarterly revenue was up 57.4% on a year-over-year basis. As a group, equities research analysts expect that Chevron Corporation will post 18.20 EPS for the current fiscal year.

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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