Chevron Corporation $CVX Stock Sold by Alps Advisors Inc.

Key Points

• Alps Advisors cut its Chevron stake by 7.3% in the third quarter, selling 15,050 shares; it still held 191,114 shares valued at about $39 million. Institutional investors own 72.42% of Chevron’s stock.
• Chevron reported quarterly earnings of $5.28 per share, beating estimates of $4.87, while revenue rose 36.3% year over year to $65.24 billion.
• Chevron announced a quarterly dividend of $1.78 per share, equivalent to an annualized 3.3% yield. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $221.88.

Alps Advisors Inc. lowered its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 7.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 191,114 shares of the oil and gas company's stock after selling 15,050 shares during the quarter. Alps Advisors Inc.'s holdings in Chevron were worth $39,027,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CVX. BlackRock Inc. bought a new stake in Chevron during the second quarter worth approximately $25,663,729,000. Bank of New York Mellon Corp acquired a new position in shares of Chevron in the second quarter valued at $2,378,114,000. Legal & General Group Plc acquired a new position in Chevron in the second quarter valued at about $1,462,412,000. Deutsche Bank AG bought a new position in shares of Chevron during the second quarter valued at $1,189,577,000. Finally, State Street Corp raised its stake in Chevron by 3.9% during 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 during the period. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Down 0.1%

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 stock has a market capitalization of $420.17 billion, a price-to-earnings ratio of 15.56, a PEG ratio of 0.54 and a beta of 0.47. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $236.48. The business's fifty day moving average price is $214.91 and its two-hundred day moving average price is $194.40.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, beating the consensus estimate of $4.87 by $0.41. The firm 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 business's quarterly revenue was up 36.3% compared to the same quarter last year. During the same period last year, the firm earned $1.85 EPS. On average, equities analysts anticipate that Chevron Corporation will post 18.56 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Wednesday, November 18th will be issued a dividend of $1.78 per share. The ex-dividend date is Wednesday, November 18th. This represents a $7.12 annualized dividend and a dividend yield of 3.3%. Chevron's payout ratio is presently 52.08%.

Key Stories Impacting Chevron

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

Wall Street Analysts Forecast Growth

CVX has been the subject of several recent analyst reports. Barclays boosted their target price on Chevron from $208.00 to $244.00 and gave the stock an "equal weight" rating in a research report on Monday, November 2nd. Zacks Research raised shares of Chevron from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 5th. Royal Bank Of Canada upped their target price on Chevron from $220.00 to $230.00 and gave the company an "outperform" rating in a research report on Thursday, September 24th. UBS Group lifted their target price on shares of Chevron from $235.00 to $265.00 and gave the stock a "buy" rating in a research note on Monday, November 2nd. Finally, Weiss Ratings lowered shares of Chevron from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $221.88.

Insiders Place Their Bets

In other Chevron news, insider Andrew Walz sold 16,800 shares of the firm's 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 sale, the insider owned 14 shares of the company's stock, valued at approximately $2,814.84. This trade represents a 99.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider R. Pate sold 40,700 shares of the business's stock in a transaction dated Tuesday, October 20th. The stock was 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 in the company, valued at approximately $1,992,480.15. This trade represents a 82.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 379,470 shares of company stock valued at $77,216,415 over the last three months. Company insiders own 0.56% of the company's stock.

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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