Pullen Investment Management LLC Sells 11,728 Shares of Chevron Corporation $CVX

Key Points

• Pullen Investment Management cut its Chevron stake by 51.5%, selling 11,728 shares and retaining 11,064 shares valued at approximately $2.26 million. Institutional investors collectively own 72.42% of Chevron.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $213.96, despite mixed target-price changes from major research firms.
• Chevron reported quarterly EPS of $6.06, surpassing estimates of $5.55, while revenue rose 57.4% year over year to $67.2 billion. However, recent insider selling—including substantial sales by the CEO and a director—represents a potential cautionary signal.

Pullen Investment Management LLC lessened its stake in Chevron Corporation (NYSE:CVX - Free Report) by 51.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,064 shares of the oil and gas company's stock after selling 11,728 shares during the quarter. Pullen Investment Management LLC's holdings in Chevron were worth $2,259,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. BlackRock Inc. purchased a new stake in Chevron during the second quarter valued at about $25,663,729,000. Bank of New York Mellon Corp purchased a new position in Chevron in the 2nd quarter valued at approximately $2,378,114,000. Legal & General Group Plc purchased a new position in Chevron in the 2nd quarter valued at approximately $1,462,412,000. Deutsche Bank AG bought a new stake in Chevron during the 2nd quarter valued at $1,189,577,000. Finally, State Street Corp raised its holdings 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 valued at $28,016,651,000 after acquiring an additional 5,998,852 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on CVX. Morgan Stanley increased their target price on Chevron from $218.00 to $226.00 and gave the stock an "overweight" rating in a research report on Thursday, October 15th. 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. Zacks Research upgraded Chevron from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 5th. BMO Capital Markets increased their price objective on Chevron from $210.00 to $235.00 and gave the stock an "outperform" rating in a report on Thursday, September 3rd. Finally, Barclays dropped their price objective on Chevron from $216.00 to $208.00 and set an "equal weight" rating on the stock in a report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $213.96.

Chevron Trading Down 1.6%

Shares of CVX opened at $228.18 on Wednesday. The company has a market cap of $450.84 billion, a PE ratio of 21.88 and a beta of 0.53. The stock has a 50-day moving average price of $211.59 and a 200-day moving average price of $192.01. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $234.08.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping the consensus estimate of $5.55 by $0.51. The business had revenue of $67.20 billion for the quarter, compared to analysts' expectations of $62.72 billion. The firm's revenue for the quarter was up 57.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.77 EPS. As a group, analysts predict that Chevron Corporation will post 18.20 earnings per share for the current year.

Insider Activity at Chevron

In other news, Director John B. Hess sold 710,665 shares of the firm's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the sale, the director owned 363,711 shares in the company, valued at approximately $70,596,305.10. This trade represents a 66.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Michael K. Wirth sold 317,100 shares of Chevron stock in a transaction 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 sale, the chief executive officer directly owned 26,308 shares of the company's stock, valued at $5,273,701.68. This represents a 92.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,195,682 shares of company stock worth $235,619,780 in the last 90 days. 0.56% of the stock is currently owned by corporate insiders.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron reported a “high-quality” natural-gas discovery offshore Egypt. The find could expand the company’s Egyptian resource base and support future production growth, although commercial development details are not yet available. Chevron makes high-quality gas discovery offshore Egypt
• Positive Sentiment: Chevron Australia agreed to supply South32 with 55 petajoules of natural gas over five years beginning in 2028. The long-term contract provides additional visibility for Chevron’s Australian gas business and supports demand from Worsley Alumina operations. Chevron Australian natural gas agreement
• Positive Sentiment: Chevron outlined a proposed $13.8 billion investment through 2035 to expand its Vaca Muerta operations in Argentina, with a goal of tripling oil production from its assets there. The plan offers a long-term production-growth opportunity, though it also requires substantial capital and carries regional execution risk. Chevron Vaca Muerta expansion
• Positive Sentiment: Exchange-traded funds recorded approximately $50.5 million in net buying of CVX on October 23, indicating continued institutional or passive-investment demand. Chevron ETF buying
• Neutral Sentiment: Analysts expect a sharp year-over-year rebound in third-quarter earnings, supported by stronger energy prices. However, the anticipated improvement may already be reflected in CVX’s valuation following its recent rally. Chevron expected earnings rebound
• Negative Sentiment: Investor commentary suggests that, despite attractive dividends and buybacks, CVX may offer less near-term upside after Brent crude rose above $115 and the shares approached their 12-month high. This backdrop can encourage investors to wait for earnings or lock in gains. Chevron dividend and buyback commentary
• Negative Sentiment: The principal near-term risk is the October 30 earnings report: elevated expectations leave less room for an earnings miss, cautious guidance, or weaker production and refining results to be received positively.

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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