Chevron Corporation $CVX Stock Sold by Commonwealth Equity Services LLC

Key Points

• Commonwealth Equity Services cut its Chevron stake by 4.7% in the third quarter, selling 48,780 shares; it still held 993,310 shares valued at about $202.8 million.
• Chevron’s latest quarterly results beat expectations: earnings were $5.28 per share versus a $4.87 consensus, while revenue rose 36.3% year over year to $65.24 billion. The company declared a $1.78 quarterly dividend, equivalent to a 3.3% yield at the article’s cited share price.
• Chevron insiders sold 379,470 shares worth about $77.2 million over the prior 90 days. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $222.04.

Commonwealth Equity Services LLC decreased its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 4.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 993,310 shares of the oil and gas company's stock after selling 48,780 shares during the quarter. Commonwealth Equity Services LLC owned 0.05% of Chevron worth $202,844,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Blue Capital Inc. purchased a new position in shares of Chevron during the 2nd quarter worth $786,000. OneAscent Wealth Management LLC purchased a new stake in shares of Chevron in the 2nd quarter worth $973,000. Global Retirement Partners LLC purchased a new stake in shares of Chevron in the 2nd quarter worth $14,276,000. Greg Jennings LLC purchased a new stake in shares of Chevron in the 3rd quarter worth $1,314,000. Finally, Ferguson Wellman Capital Management Inc. raised its holdings in Chevron by 0.6% in the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 911,718 shares of the oil and gas company's stock worth $186,182,000 after purchasing an additional 5,787 shares during the period. Institutional investors own 72.42% of the company's stock.

Insiders Place Their Bets

In other Chevron news, CEO Michael Wirth sold 317,100 shares of the business's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the sale, the chief executive officer owned 26,308 shares in the company, valued at approximately $5,273,701.68. The trade was a 92.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R. Pate sold 40,700 shares of the 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 directly owned 8,791 shares in the company, valued at $1,992,480.15. This represents a 82.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 379,470 shares of company stock valued at $77,216,415. 0.56% of the stock is owned by company insiders.

Chevron Trading Down 1.9%

Shares of Chevron stock opened at $212.92 on Friday. The firm's 50 day simple moving average is $214.66 and its two-hundred day simple moving average is $194.17. The firm has a market capitalization of $420.68 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 0.51 and a beta of 0.47. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $236.48. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 EPS 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 business's revenue for the quarter was up 36.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.85 earnings per share. Analysts predict that Chevron Corporation will post 18.56 EPS for the current year.

Chevron Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Mizuho set a $234.00 target price on Chevron in a research report on Monday, October 12th. BNP Paribas Exane reduced their price target on Chevron from $230.00 to $224.00 and set an "outperform" rating for the company in a research report on Friday, July 17th. UBS Group raised their price objective on Chevron from $235.00 to $265.00 and gave the stock a "buy" rating in a research note on Monday. DZ Bank downgraded Chevron from a "buy" rating to a "hold" rating and set a $240.00 price objective on the stock. in a research note on Tuesday. Finally, Wells Fargo & Company lifted their price objective on Chevron from $230.00 to $268.00 and gave the company an "overweight" rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $222.04.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s record cash flow and seven consecutive earnings beats underscore its financial strength. A separate report highlighted strong third-quarter refining performance, cost discipline, debt reduction and increased buybacks. Chevron Has Become Very Interesting Again Following the Midterms Why ExxonMobil and Chevron Reminded Investors to Keep it Simple
• Positive Sentiment: Record natural-gas output above 9 Bcf/d in the third quarter, led by Australia and the Eastern Mediterranean, could strengthen Chevron’s position in the LNG market. Can Chevron's Record Natural Gas Output Strengthen Its LNG Position?
• Positive Sentiment: Progress on an Iraq oilfield agreement, alongside pursuit of additional fields and exploration blocks, offers potential for upstream growth. Chevron Advances Iraq Oilfield Deal, Expands Growth Prospects
• Negative Sentiment: Midterm results triggered a broad oil-stock selloff as investors reacted to lower oil prices and expectations that inflation—and the energy-price surge—may ease. Lower crude prices can weigh on Chevron’s upstream earnings and cash flow. Oil Stocks Chevron, Marathon, and Exxon Mobil Take a Beating on Midterm Results
• Negative Sentiment: DZ Bank lowered its rating on CVX, adding a cautious analyst signal amid the sector weakness. Chevron Stock Rating Lowered by DZ Bank

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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