Plancorp LLC Acquires 7,216 Shares of Chevron Corporation $CVX

Key Points

• Plancorp LLC increased its Chevron holdings by 51.7% in the third quarter, acquiring 7,216 shares to bring its position to 21,185 shares, valued at about $4.33 million.
• Chevron beat quarterly expectations, reporting earnings of $5.28 per share versus a $4.87 consensus and revenue of $65.24 billion versus $61.82 billion expected.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $221.88; shares were cited at $212.66.

Plancorp LLC increased its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 51.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 21,185 shares of the oil and gas company's stock after buying an additional 7,216 shares during the quarter. Plancorp LLC's holdings in Chevron were worth $4,326,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Chevron in the second quarter worth about $25,663,729,000. Bank of New York Mellon Corp acquired a new stake in shares of Chevron in the 2nd quarter valued at approximately $2,378,114,000. Legal & General Group Plc bought a new stake in shares of Chevron during the 2nd quarter valued at approximately $1,462,412,000. Deutsche Bank AG bought a new stake in shares of Chevron during the 2nd quarter valued at approximately $1,189,577,000. Finally, State Street Corp increased its position 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 purchasing an additional 5,998,852 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CVX has been the topic of a number of research analyst reports. HSBC set a $90.00 target price on shares of Chevron in a research report on Friday, September 25th. Morgan Stanley raised their price objective on Chevron from $226.00 to $230.00 and gave the company an "overweight" rating in a report on Monday, November 2nd. William Blair began coverage on Chevron in a research report on Wednesday, October 28th. They set an "outperform" rating on the stock. DZ Bank downgraded Chevron from a "buy" rating to a "hold" rating and set a $240.00 target price for the company. in a research report on Tuesday. Finally, Argus lifted their price target on Chevron from $206.00 to $211.00 and gave the company a "buy" rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $221.88.

Chevron Trading Down 0.1%

Shares of NYSE:CVX traded down $0.27 during mid-day trading on Friday, reaching $212.66. 8,080,978 shares of the company's stock were exchanged, compared to its average volume of 7,613,494. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $236.48. The firm 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. The business's fifty day moving average price is $214.91 and its 200-day moving average price is $194.40.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, beating analysts' consensus estimates 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 return on equity of 14.64% and a net margin of 11.56%. Chevron's quarterly revenue was up 36.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.85 earnings per share. On average, research analysts predict that Chevron Corporation will post 18.56 EPS for the current fiscal year.

Chevron Announces Dividend

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

Insider Transactions at Chevron

In other Chevron news, insider R. Pate sold 40,700 shares of the stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the completion of the sale, the insider owned 8,791 shares of the company's stock, valued at approximately $1,992,480.15. This represents a 82.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael K. Wirth sold 317,100 shares of the firm's stock in a transaction that occurred on 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 transaction, 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 SEC filing for this sale provides additional information. Insiders sold 379,470 shares of company stock worth $77,216,415 over the last ninety days. 0.56% of the stock is owned by insiders.

Chevron News Roundup

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

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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