Chevron Corporation $CVX Stock Purchased by Ferguson Wellman Capital Management Inc.

Key Points

• Ferguson Wellman Capital Management increased its Chevron stake by 0.6% in the third quarter, owning 911,718 shares worth approximately $186.2 million. Institutional investors collectively hold 72.42% of Chevron’s outstanding stock.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $210.87; several firms recently raised their targets, including Wells Fargo and RBC to $230.
• Chevron reported stronger-than-expected quarterly results, including $6.06 in EPS and $67.2 billion in revenue, while maintaining a $1.78 quarterly dividend. However, insiders sold more than 1.15 million shares worth approximately $225.9 million during the quarter.

Ferguson Wellman Capital Management Inc. boosted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 0.6% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 911,718 shares of the oil and gas company's stock after acquiring an additional 5,787 shares during the period. Chevron comprises about 2.2% of Ferguson Wellman Capital Management Inc.'s holdings, making the stock its 10th biggest holding. Ferguson Wellman Capital Management Inc.'s holdings in Chevron were worth $186,182,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of the business. CapWealth Advisors LLC increased its position in shares of Chevron by 3.9% during the 3rd quarter. CapWealth Advisors LLC now owns 199,164 shares of the oil and gas company's stock worth $40,671,000 after purchasing an additional 7,418 shares during the last quarter. Adelphi Trust Co lifted its stake in Chevron by 5.0% in the third quarter. Adelphi Trust Co now owns 3,219 shares of the oil and gas company's stock worth $657,000 after acquiring an additional 152 shares during the last quarter. Heartwood Wealth Advisors LLC raised its stake in Chevron by 3.2% in the third quarter. Heartwood Wealth Advisors LLC now owns 11,227 shares of the oil and gas company's stock valued at $2,293,000 after buying an additional 348 shares in the last quarter. Miller Global Investments LLC raised its position in shares of Chevron by 9.3% during the 3rd quarter. Miller Global Investments LLC now owns 5,828 shares of the oil and gas company's stock worth $1,190,000 after acquiring an additional 498 shares in the last quarter. Finally, Polaris Financial Partners purchased a new stake in Chevron during the third quarter worth approximately $143,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Rising crude prices are improving the outlook for Chevron’s upstream earnings and cash flow. Analysts see the company as having potential to reach new highs if the oil rally continues. Chevron: New All-Time Highs In Sight As Oil Surges
• Positive Sentiment: Chevron’s investments in politically challenging regions, including Venezuela and the war-torn Middle East, could provide access to high-value reserves and longer-term production growth if operating and regulatory risks are managed successfully. Why This Oil Giant Keeps Betting on Countries Everyone Else Avoids
• Positive Sentiment: Some market commentators continue to view Chevron as an attractively valued energy major with substantial cash flow, dividend appeal and exposure to higher oil prices. Why Jim Cramer Calls Chevron the King
• Neutral Sentiment: Chevron is heavily searched by investors, increasing visibility but not providing a fundamental change to earnings or valuation. Investors Heavily Search Chevron
• Neutral Sentiment: Chevron is promoting its CFO and moving the executive to lead oil and gas operations, alongside a planned CFO transition. The changes may strengthen operational leadership, but they also highlight heightened speculation about who will succeed CEO Mike Wirth. Chevron Promotes CFO as Succession Drama Heats Up
• Negative Sentiment: Investments in Venezuela and conflict-affected regions carry substantial geopolitical, sanctions, execution and capital-allocation risks, which could offset their potential production benefits. Chevron’s Geopolitical Investments

Analyst Ratings Changes

Several equities analysts have issued reports on CVX shares. Wells Fargo & Company raised their price objective on Chevron from $226.00 to $230.00 and gave the stock an "overweight" rating in a report on Thursday, September 3rd. Wolfe Research upgraded shares of Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 target price on the stock in a research report on Thursday, July 2nd. Argus upped their price target on shares of Chevron from $206.00 to $211.00 and gave the company a "buy" rating in a research report on Tuesday, August 11th. Royal Bank Of Canada upped their target price on shares of Chevron from $220.00 to $230.00 and gave the company an "outperform" rating in a report on Thursday, September 24th. Finally, UBS Group set a $250.00 price target on Chevron in a research report on Friday, September 25th. Twenty-one equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Chevron currently has a consensus rating of "Moderate Buy" and a consensus target price of $210.87.

Insider Activity at Chevron

In related news, Director John B. Hess sold 100,000 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $194.26, for a total value of $19,426,000.00. Following the completion of the transaction, the director owned 178,045 shares of the company's stock, valued at approximately $34,587,021.70. This trade represents a 35.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider R. Pate sold 2,470 shares of Chevron stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total transaction of $506,621.70. Following the sale, the insider directly owned 10,794 shares of the company's stock, valued at $2,213,957.34. This trade represents a 18.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,152,582 shares of company stock valued at $225,853,661 over the last quarter. Corporate insiders own 0.56% of the company's stock.

Chevron Price Performance

Shares of CVX stock traded down $0.58 during midday trading on Monday, reaching $206.11. 2,790,153 shares of the company traded hands, compared to its average volume of 10,549,233. The firm's 50 day simple moving average is $202.83 and its two-hundred day simple moving average is $192.72. 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 firm has a market cap of $407.23 billion, a PE ratio of 19.78, a price-to-earnings-growth ratio of 0.59 and a beta of 0.53. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $217.78.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating analysts' consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm had revenue of $67.20 billion for the quarter, compared to analysts' expectations of $62.72 billion. During the same quarter in the prior year, the firm earned $1.77 EPS. Chevron's quarterly revenue was up 57.4% on a year-over-year basis. On average, equities research analysts expect that Chevron Corporation will post 16.98 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were given a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Wednesday, August 19th. Chevron's dividend payout ratio is currently 68.26%.

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.

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