TD Waterhouse Canada Inc. Has $27.62 Million Stock Holdings in Chevron Corporation $CVX

Key Points

• TD Waterhouse Canada reduced its Chevron stake by 16.3% in the second quarter, selling 32,516 shares and retaining 166,613 shares valued at approximately $27.6 million. Institutional investors collectively own 72.42% of Chevron.
• Analysts remain broadly positive, with 20 Buy ratings, five Holds and one Sell; Chevron has a consensus “Moderate Buy” rating and an average price target of $211.35.
• Chevron reported better-than-expected quarterly results, including $6.06 in earnings per share and $67.2 billion in revenue, while maintaining a quarterly dividend of $1.78 per share. However, recent insider selling and risks surrounding its Venezuela investment remain concerns.

TD Waterhouse Canada Inc. decreased its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 16.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 166,613 shares of the oil and gas company's stock after selling 32,516 shares during the period. TD Waterhouse Canada Inc.'s holdings in Chevron were worth $27,624,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Midwest Capital Advisors LLC bought a new stake in shares of Chevron during the first quarter worth $25,000. Core Wealth Advisors LLC bought a new position in Chevron in the fourth quarter valued at about $26,000. Phillip James Consulting Co. acquired a new stake in Chevron in the fourth quarter worth about $26,000. Quattro Advisors LLC acquired a new stake in Chevron in the fourth quarter worth about $27,000. Finally, Karpus Management Inc. bought a new stake in Chevron during the 4th quarter worth about $27,000. 72.42% of the stock is owned by institutional investors.

Analyst Ratings Changes

CVX has been the topic of several recent research reports. Mizuho set a $224.00 target price on shares of Chevron in a research note on Monday, August 3rd. Barclays reduced their price objective on shares of Chevron from $216.00 to $208.00 and set an "equal weight" rating on the stock in a research note on Monday, August 17th. Wall Street Zen upgraded shares of Chevron from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Weiss Ratings raised Chevron from a "hold (c)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Finally, UBS Group reaffirmed a "buy" rating on shares of Chevron in a research note on Tuesday, June 23rd. Twenty investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $211.35.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s planned investment of more than $7 billion in Venezuela is expected to expand production to approximately 600,000 barrels per day over five years. Investors view the Orinoco Belt opportunity as a potential source of significant production growth and attractive economics. Chevron Commits $7 Billion to Venezuela to Double Production
• Positive Sentiment: Analysts and fund managers remain constructive on Chevron, citing its scale, strong fundamentals, production growth following the Hess acquisition, dividend record and long-term exposure to energy demand. Rising crude prices above $90 per barrel have also supported sentiment toward major oil companies. Why Gabelli Remains Bullish on Chevron
• Positive Sentiment: A preliminary agreement covering Ghana’s South Deepwater Tano Cape Three Points block could provide Chevron with another international growth option, although commercial terms and ownership details have not been finalized. Chevron and Shell Sign Preliminary Ghana Agreement
• Neutral Sentiment: Chevron’s dividend remains a key attraction, with 39 consecutive years of increases. However, its sustainability would be tested if oil prices fall materially from current elevated levels. Chevron’s Dividend and Oil Price Risk
• Negative Sentiment: Investors remain concerned that the Venezuela strategy will require substantial capital, face operational challenges and carry elevated political and execution risk. Critics also question whether the expansion can deliver its projected returns. Capital Requirements and Operational Challenges
• Negative Sentiment: Valuation concerns have become more important after the rally: Chevron is trading near the upper end of its recent range, while reported insider activity has consisted of sales rather than purchases. A decline in oil prices could further pressure earnings and the stock.

Insider Buying and Selling at Chevron

In other news, Director John Hess sold 710,665 shares of the stock in a transaction dated 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 completion of the transaction, the director directly owned 363,711 shares in the company, valued at $70,596,305.10. This represents a 66.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Andrew Walz sold 16,800 shares of the business's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $201.06, for a total value of $3,377,808.00. Following the transaction, the insider directly owned 14 shares in the company, valued at $2,814.84. This trade represents a 99.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,152,582 shares of company stock worth $225,853,661 in the last three months. 0.56% of the stock is currently owned by company insiders.

Chevron Price Performance

Shares of CVX opened at $208.48 on Friday. The stock has a 50 day simple moving average of $191.10 and a 200 day simple moving average of $189.77. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The firm has a market capitalization of $411.91 billion, a PE ratio of 19.99, a P/E/G ratio of 0.63 and a beta of 0.50.

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 for the quarter, beating analysts' consensus estimates of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The firm had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same quarter in the previous year, the firm posted $1.77 earnings per share. The business's revenue was up 57.4% on a year-over-year basis. Sell-side analysts predict that Chevron Corporation will post 16.24 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be issued a dividend of $1.78 per share. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.4%. Chevron's dividend payout ratio is presently 68.26%.

Chevron Profile

Chevron Corporation NYSE: CVX is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron's core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

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