Chevron Corporation $CVX Stock Sold by Payden & Rygel

Payden & Rygel trimmed its stake in shares of Chevron Corporation (NYSE:CVX) by 20.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 102,200 shares of the oil and gas company’s stock after selling 26,300 shares during the quarter. Chevron makes up 1.6% of Payden & Rygel’s portfolio, making the stock its 17th biggest position. Payden & Rygel’s holdings in Chevron were worth $20,870,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Lebenthal Global Advisors LLC acquired a new position in Chevron during the 3rd quarter worth $202,000. Canopy Partners LLC increased its position in shares of Chevron by 4.7% in the 3rd quarter. Canopy Partners LLC now owns 7,184 shares of the oil and gas company’s stock worth $1,467,000 after purchasing an additional 321 shares during the last quarter. Brian Low Financial Group LLC raised its stake in shares of Chevron by 7.7% in the 3rd quarter. Brian Low Financial Group LLC now owns 1,842 shares of the oil and gas company’s stock valued at $376,000 after purchasing an additional 131 shares in the last quarter. CHICAGO TRUST Co NA raised its stake in shares of Chevron by 2.9% in the 3rd quarter. CHICAGO TRUST Co NA now owns 36,899 shares of the oil and gas company’s stock valued at $7,535,000 after purchasing an additional 1,039 shares in the last quarter. Finally, Partners Wealth Management LLC lifted its position in shares of Chevron by 136.9% during the third quarter. Partners Wealth Management LLC now owns 6,236 shares of the oil and gas company’s stock worth $1,273,000 after purchasing an additional 3,604 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider R. Pate sold 40,700 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the insider owned 8,791 shares in the company, valued at $1,992,480.15. The trade was a 82.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Andrew Walz sold 16,800 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the transaction, the insider owned 14 shares of the company’s stock, valued at $2,814.84. This represents a 99.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,195,682 shares of company stock valued at $235,619,780 over the last three months. 0.56% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently commented on CVX. BNP Paribas Exane decreased their price target on Chevron from $230.00 to $224.00 and set an “outperform” rating for the company in a research note on Friday, July 17th. Piper Sandler boosted their price objective on Chevron from $207.00 to $243.00 and gave the company an “overweight” rating in a report on Thursday, September 3rd. BMO Capital Markets upped their price objective on Chevron from $210.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, September 3rd. Royal Bank Of Canada boosted their price target on Chevron from $220.00 to $230.00 and gave the company an “outperform” rating in a report on Thursday, September 24th. Finally, Morgan Stanley upped their price target on Chevron from $218.00 to $226.00 and gave the company an “overweight” rating in a research report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Chevron currently has a consensus rating of “Moderate Buy” and an average price target of $213.96.

Chevron Trading Up 1.8%

NYSE CVX opened at $235.62 on Friday. Chevron Corporation has a one year low of $146.49 and a one year high of $236.48. The company has a 50-day simple moving average of $213.16 and a 200-day simple moving average of $193.07. 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 $465.53 billion, a PE ratio of 22.59, a price-to-earnings-growth ratio of 0.55 and a beta of 0.53.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.87 by $0.41. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The firm had revenue of $65.24 billion for the quarter, compared to analyst estimates of $61.82 billion. During the same quarter in the prior year, the business earned $1.85 earnings per share. Chevron’s quarterly revenue was up 36.3% on a year-over-year basis. On average, equities analysts forecast that Chevron Corporation will post 18.20 earnings per share for the current year.

Chevron News Summary

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

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.