Insight Wealth Strategies LLC Decreases Stock Position in Chevron Corporation $CVX

Key Points

• Insight Wealth Strategies reduced its Chevron stake by 5.5% in the third quarter, selling 9,446 shares and retaining 161,957 shares valued at approximately $33.1 million.
• Institutional investors own 72.42% of Chevron, while recent insider selling included CEO Michael Wirth’s sale of 317,100 shares. Analysts nevertheless maintain a “Moderate Buy” consensus with an average price target of $210.24.
• Chevron reported quarterly earnings and revenue above expectations and pays a $1.78 quarterly dividend, equivalent to a 3.3% yield; shares recently traded at $212.78, near their 52-week high.

Insight Wealth Strategies LLC lowered its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 5.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 161,957 shares of the oil and gas company's stock after selling 9,446 shares during the quarter. Chevron accounts for 3.3% of Insight Wealth Strategies LLC's investment portfolio, making the stock its 4th biggest position. Insight Wealth Strategies LLC's holdings in Chevron were worth $33,073,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp lifted its stake in Chevron by 3.9% during the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company's stock worth $28,016,651,000 after purchasing an additional 5,998,852 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Chevron during the 2nd quarter valued at about $25,663,729,000. Berkshire Hathaway Inc lifted its position in Chevron by 6.6% in the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock worth $19,837,131,000 after buying an additional 8,091,570 shares during the last quarter. Bank of America Corp DE boosted its stake in Chevron by 5.1% in the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company's stock worth $5,716,694,000 after buying an additional 1,334,976 shares in the last quarter. Finally, Invesco Ltd. grew its position in Chevron by 1.5% during the fourth quarter. Invesco Ltd. now owns 17,119,575 shares of the oil and gas company's stock valued at $2,609,194,000 after acquiring an additional 254,323 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider R. Pate sold 2,470 shares of the firm's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total value of $506,621.70. Following the completion of the sale, the insider owned 10,794 shares of the company's stock, valued at $2,213,957.34. This trade represents a 18.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael Wirth sold 317,100 shares of Chevron stock in a transaction 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 completion of the sale, the chief executive officer owned 26,308 shares in the company, valued at approximately $5,273,701.68. This trade represents a 92.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,152,582 shares of company stock worth $225,853,661 in the last ninety days. Insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Barclays lowered their price objective on shares of Chevron from $216.00 to $208.00 and set an "equal weight" rating for the company in a report on Monday, August 17th. Raymond James Financial decreased their target price on shares of Chevron from $230.00 to $225.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 21st. Dbs Bank upgraded shares of Chevron to a "moderate buy" rating in a research report on Thursday, August 6th. Weiss Ratings raised Chevron from a "hold (c)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Finally, BNP Paribas Exane decreased their price objective on Chevron from $230.00 to $224.00 and set an "outperform" rating on the stock in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $210.24.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Higher oil prices support the stock. Crude oil moved above $92.60 amid concerns about Middle East supply disruptions, helping lift energy shares. UBS also raised its Chevron price target to $235. Why Is Chevron Stock Surging on Thursday?
• Positive Sentiment: Analyst support remains favorable. Piper Sandler maintained its Buy rating, while other recent research has highlighted Chevron’s cash generation, shareholder returns and potential for stronger returns from portfolio changes. Piper Sandler Sticks to Their Buy Rating for Chevron
• Positive Sentiment: The Hess Midstream restructuring could improve Chevron’s cost structure. Chevron is transferring its Hess Midstream interests and DJ Basin assets in exchange for revised Bakken contracts. The transaction is expected to reduce Bakken midstream costs by roughly 50%, eliminate approximately $3.7 billion of associated debt and simplify the portfolio. Chevron's Portfolio Reshaping Strategy to Unlock Stronger Returns
• Neutral Sentiment: Analyst opinions are mixed. Although Piper Sandler remains bullish, broader coverage reflects differing views on Chevron and the energy sector, limiting the impact of any single rating. Analysts’ Opinions Are Mixed on Chevron
• Negative Sentiment: The restructuring carries a sizable near-term charge. Reports estimate Chevron could absorb a $3 billion–$4 billion closing loss, while Hess Midstream’s revised contracts indicate lower future volumes and earnings. Chevron Is Offloading Hess Midstream
• Negative Sentiment: Storm-related shutdowns create temporary operating risk. Chevron shut in four Gulf of Mexico facilities as Tropical Storm Isaias approached. The disruption may reduce near-term production, although tighter fuel markets and higher prices could partly offset the impact. Chevron Shuts In Four Gulf Facilities

Chevron Trading Up 0.6%

Shares of Chevron stock traded up $1.23 during trading on Friday, reaching $212.78. 2,288,987 shares of the stock were exchanged, compared to its average volume of 10,459,173. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The firm has a market cap of $420.40 billion, a price-to-earnings ratio of 20.42, a price-to-earnings-growth ratio of 0.57 and a beta of 0.53. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $217.78. The stock's fifty day moving average is $204.21 and its 200 day moving average is $192.94.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating 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 return on equity of 11.09% and a net margin of 9.57%.Chevron's revenue was up 57.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.77 EPS. As a group, equities research analysts expect that Chevron Corporation will post 17.47 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were paid a dividend of $1.78 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.3%. Chevron's payout ratio is 68.26%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.