Chevron Corporation $CVX Stock Sold by Prime Capital Investment Advisors LLC

Key Points

• Prime Capital Investment Advisors reduced its Chevron stake by 5.2%, selling 8,318 shares and retaining 151,401 shares valued at approximately $30.9 million. Institutional investors collectively own 72.42% of Chevron.
• Chevron insiders sold substantial holdings, including CEO Michael Wirth’s sale of 317,100 shares and Director John Hess’s sale of 100,000 shares; insiders sold roughly $235.6 million worth of stock during the quarter.
• Chevron reported stronger-than-expected quarterly results, with $6.06 in adjusted EPS and $67.2 billion in revenue, while maintaining a quarterly dividend of $1.78 per share, or a 3.1% annualized yield. Analysts’ consensus rating remains “Moderate Buy.”

Prime Capital Investment Advisors LLC lessened its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 5.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 151,401 shares of the oil and gas company's stock after selling 8,318 shares during the quarter. Prime Capital Investment Advisors LLC's holdings in Chevron were worth $30,918,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Climber Capital SA purchased a new stake in Chevron during the 3rd quarter valued at about $227,000. Mayfair Advisory Group LLC raised its holdings in Chevron by 0.7% in the 3rd quarter. Mayfair Advisory Group LLC now owns 7,292 shares of the oil and gas company's stock valued at $1,489,000 after acquiring an additional 52 shares during the last quarter. Eagle Wealth Advisors LLC lifted its stake in Chevron by 8.8% in the 3rd quarter. Eagle Wealth Advisors LLC now owns 1,435 shares of the oil and gas company's stock worth $293,000 after purchasing an additional 116 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Chevron by 1.6% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 551,979 shares of the oil and gas company's stock worth $112,720,000 after purchasing an additional 8,833 shares in the last quarter. Finally, Vestia Personal Wealth Advisors lifted its stake in Chevron by 12.8% in the 3rd quarter. Vestia Personal Wealth Advisors now owns 2,621 shares of the oil and gas company's stock worth $535,000 after purchasing an additional 298 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Activity

In other news, CEO Michael Wirth sold 317,100 shares of Chevron stock in a transaction that occurred on 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 sale, the chief executive officer 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Hess sold 100,000 shares of Chevron stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the sale, the director directly owned 178,045 shares in the company, valued at approximately $34,587,021.70. The trade was a 35.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,195,682 shares of company stock worth $235,619,780 over the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Chevron Trading Up 0.5%

Shares of CVX opened at $226.81 on Thursday. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $228.48. The firm has a market capitalization of $448.13 billion, a P/E ratio of 21.75, a P/E/G ratio of 0.62 and a beta of 0.53. The firm has a 50-day moving average price of $209.37 and a 200 day moving average price of $193.91. 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 issued its earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping analysts' consensus estimates of $5.55 by $0.51. The company had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. Chevron's quarterly revenue was up 57.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.77 earnings per share. Sell-side analysts forecast that Chevron Corporation will post 17.71 EPS for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were issued a dividend of $1.78 per share. The ex-dividend date was Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.1%. Chevron's dividend payout ratio (DPR) is currently 68.26%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. The Goldman Sachs Group restated a "buy" rating and set a $241.00 target price on shares of Chevron in a report on Tuesday. Raymond James Financial cut their price target on Chevron from $230.00 to $225.00 and set an "outperform" rating for the company in a report on Tuesday, July 21st. Morgan Stanley increased their price target on Chevron from $218.00 to $226.00 and gave the company an "overweight" rating in a report on Thursday, October 15th. HSBC set a $90.00 price objective on Chevron in a research report on Friday, September 25th. Finally, Wells Fargo & Company boosted their price objective on Chevron from $226.00 to $230.00 and gave the stock an "overweight" rating in a research note on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Chevron currently has an average rating of "Moderate Buy" and a consensus target price of $213.96.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Bank of America raised its Chevron price target to $252 from $227, signaling greater confidence in the company’s earnings and cash-flow outlook. Chevron price target raised to $252 from $227 at BofA
• Positive Sentiment: Chevron is reportedly selling older Gulf of Mexico assets to sharpen its focus on higher-priority U.S. Gulf operations. Asset sales could streamline the portfolio, improve capital efficiency and support cash flow, although proceeds and transaction terms remain important. Chevron to sharpen US Gulf focus with sale of older assets
• Positive Sentiment: Elevated oil prices, with Brent crude pushed above $110 by Iran-related supply concerns, have helped Chevron and other integrated oil companies reach 52-week highs by improving the potential value of production and cash generation. Chevron, ExxonMobil Stocks Hit 52-Week Highs
• Positive Sentiment: Investors are watching Chevron’s Venezuela investment for potential production growth toward roughly 600,000 barrels per day. If achieved, the project could add substantial revenue, while relatively low production costs may support long-term profitability. Chevron Is Pouring Billions Into Venezuela
• Neutral Sentiment: Chevron’s production update and upcoming earnings are drawing attention because investors will assess whether higher oil prices and recent operational changes are translating into stronger results. Why Is Chevron in Focus?
• Negative Sentiment: Director R. Pate sold 43,100 Chevron shares for approximately $9.8 million across two transactions. The trades were made under a pre-arranged Rule 10b5-1 plan, reducing their significance as a discretionary bearish signal, but the large reduction in ownership could still weigh modestly on sentiment. Chevron insider trading filing

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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