Summit Global Investments Buys 7,420 Shares of Chevron Corporation $CVX

Key Points

• Summit Global Investments increased its Chevron stake by 39.5% in the third quarter, buying 7,420 shares for a total holding of 26,224 shares valued at approximately $5.36 million. Institutional investors collectively own 72.42% of Chevron.
• Chevron delivered a strong quarterly performance, reporting $5.28 in adjusted EPS and $65.24 billion in revenue, both above analyst expectations. Refining profits surged, while the company generated roughly $12 billion in free cash flow and reduced net debt by about $7.8 billion.
• Risks include substantial insider selling and potential earnings normalization. Insiders sold about $235.6 million of stock over the past 90 days, while Chevron warned that downtime could reduce fourth-quarter production and that refining profits may decline if geopolitical disruptions ease.

Summit Global Investments raised its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 39.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,224 shares of the oil and gas company's stock after buying an additional 7,420 shares during the period. Summit Global Investments' holdings in Chevron were worth $5,355,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CVX. MGO One Seven LLC grew its holdings in shares of Chevron by 8.5% in the 3rd quarter. MGO One Seven LLC now owns 43,545 shares of the oil and gas company's stock valued at $8,892,000 after acquiring an additional 3,412 shares in the last quarter. Curtis Advisory Group LLC lifted its holdings in Chevron by 15.7% during the 3rd quarter. Curtis Advisory Group LLC now owns 10,480 shares of the oil and gas company's stock valued at $2,140,000 after purchasing an additional 1,420 shares during the last quarter. Marin Bay Wealth Advisors LLC lifted its stake in shares of Chevron by 0.4% during the 3rd quarter. Marin Bay Wealth Advisors LLC now owns 38,326 shares of the oil and gas company's stock worth $7,827,000 after buying an additional 135 shares during the last quarter. Greatmark Investment Partners Inc. boosted its holdings in shares of Chevron by 0.5% during the third quarter. Greatmark Investment Partners Inc. now owns 34,844 shares of the oil and gas company's stock worth $7,115,000 after acquiring an additional 175 shares during the period. Finally, Americana Partners LLC boosted its stake in Chevron by 1.5% in the 3rd quarter. Americana Partners LLC now owns 319,959 shares of the oil and gas company's stock valued at $65,339,000 after purchasing an additional 4,632 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John Hess sold 100,000 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $194.26, for a total value of $19,426,000.00. Following the completion of the sale, the director owned 178,045 shares in the company, valued at $34,587,021.70. This represents a 35.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider R. Pate sold 40,700 shares of the business's stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the transaction, the insider owned 8,791 shares in the company, valued at approximately $1,992,480.15. This trade represents a 82.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 1,195,682 shares of company stock worth $235,619,780. 0.56% of the stock is owned by insiders.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Quarterly earnings exceeded expectations. Chevron reported adjusted earnings of $5.28 per share, above the roughly $4.87-$4.89 analyst consensus, while revenue reached $65.24 billion versus estimates of $61.82 billion. Adjusted earnings of approximately $10.4 billion nearly tripled from a year earlier. Chevron tops Q3 expectations on higher downstream profit
• Positive Sentiment: Refining was the standout business. Downstream earnings climbed to nearly $4.9 billion from about $1.1 billion a year earlier as refinery outages and conflicts involving Iran and Russia reduced fuel supplies and lifted margins. Chevron beats earnings expectations as refining profits soar
• Positive Sentiment: Cash generation and the balance sheet improved. Chevron generated roughly $12 billion of free cash flow and $16 billion of operating cash flow, while reducing net debt by about $7.8 billion. This supports dividends, potential buybacks and future investment. Chevron's profit nearly tripled from a year ago
• Neutral Sentiment: Analyst sentiment has become more constructive. One valuation estimate increased from $227.71 to $232.50, with higher oil-price assumptions, strong refining results and possible Venezuela-related upside supporting revised targets. However, the stock’s rally has reduced its dividend yield for new investors. Chevron stock fair value edges higher
• Negative Sentiment: Investors face risks beyond the strong quarter. Chevron warned that downtime could reduce fourth-quarter production by approximately 225,000 barrels of oil equivalent per day. In addition, refining profits may normalize if geopolitical disruptions ease, while the stock’s elevated valuation and lingering questions about buybacks could limit further upside. Chevron says downtime could hit Q4 output

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. BMO Capital Markets raised their target price on shares of Chevron from $210.00 to $235.00 and gave the stock an "outperform" rating in a report on Thursday, September 3rd. UBS Group increased their target price on shares of Chevron from $220.00 to $235.00 and gave the stock a "buy" rating in a report on Thursday, October 8th. Weiss Ratings upgraded Chevron from a "buy (b)" rating to a "buy (b+)" rating in a research note on Friday, October 16th. Barclays cut their target price on shares of Chevron from $216.00 to $208.00 and set an "equal weight" rating on the stock in a research report on Monday, August 17th. Finally, HSBC set a $90.00 target price on Chevron in a report on Friday, September 25th. One analyst has rated the stock with a Strong Buy rating, twenty-two have given 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 company currently has a consensus rating of "Moderate Buy" and a consensus price target of $213.96.

Chevron Price Performance

Shares of NYSE:CVX opened at $235.62 on Friday. 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 $465.53 billion, a price-to-earnings ratio of 17.24, a PEG ratio of 0.56 and a beta of 0.53. The stock's 50 day moving average is $213.16 and its 200-day moving average is $193.07. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.87 by $0.41. The firm had revenue of $65.24 billion during the quarter, compared to analysts' expectations of $61.82 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business's revenue was up 36.3% on a year-over-year basis. During the same period last year, the company earned $1.85 earnings per share. Sell-side analysts forecast that Chevron Corporation will post 18.15 EPS for the current fiscal year.

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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