Canandaigua National Trust Co of Florida Buys New Stake in Chevron Corporation $CVX

Canandaigua National Trust Co of Florida bought a new position in shares of Chevron Corporation (NYSE:CVX) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 7,345 shares of the oil and gas company’s stock, valued at approximately $1,500,000. Chevron accounts for approximately 0.8% of Canandaigua National Trust Co of Florida’s investment portfolio, making the stock its 25th largest holding.

Several other hedge funds have also added to or reduced their stakes in CVX. Exchange Bank raised its stake in Chevron by 2.0% in the 3rd quarter. Exchange Bank now owns 22,537 shares of the oil and gas company’s stock worth $4,602,000 after purchasing an additional 448 shares in the last quarter. Greenfield Savings Bank grew its position in shares of Chevron by 1.4% during the 3rd quarter. Greenfield Savings Bank now owns 11,531 shares of the oil and gas company’s stock worth $2,355,000 after purchasing an additional 164 shares in the last quarter. Rhodes Investment Advisors Inc. ADV grew its position in shares of Chevron by 11.1% during the 3rd quarter. Rhodes Investment Advisors Inc. ADV now owns 1,353 shares of the oil and gas company’s stock worth $276,000 after purchasing an additional 135 shares in the last quarter. Echo45 Advisors LLC bought a new position in shares of Chevron during the third quarter worth approximately $262,000. Finally, Bank & Trust Co increased its holdings in shares of Chevron by 21.6% during the third quarter. Bank & Trust Co now owns 13,246 shares of the oil and gas company’s stock worth $2,850,000 after purchasing an additional 2,355 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is transferring its Hess Midstream ownership interests and DJ Basin midstream assets to simplify its portfolio and reduce Bakken midstream costs by approximately 50%. The revised contracts extend through 2045, which could improve future earnings, cash flow visibility and return on capital. Chevron to Divest its Ownership Interests in Hess Midstream and DJ Basin Crude Midstream Assets
• Positive Sentiment: The deal should strengthen Chevron’s Bakken economics by reducing transportation and processing expenses, eliminating roughly $3.7 billion of associated debt from its financial profile and allowing the company to focus on its core upstream operations. Chevron’s Portfolio Reshaping Strategy to Unlock Stronger Returns
• Positive Sentiment: Zacks upgraded Chevron to “Strong Buy,” while tighter global oil and fuel inventories and elevated crude prices provide a supportive backdrop for the integrated energy company. Chevron is also increasing its position in Namibia ahead of a potential exploration well, adding longer-term growth optionality. Chevron Upgraded to Strong-Buy at Zacks Research
• Neutral Sentiment: CEO Mike Wirth warned that a U.S. diesel-export ban could restrict global supply and raise domestic prices. The comments highlight potential fuel-market tightness but also expose Chevron to policy and geopolitical uncertainty. Chevron CEO Warns Against Unwise Diesel Export Ban
• Negative Sentiment: Investors are reacting to the restructuring charge and the possibility of lower Bakken production volumes as Chevron reduces its rig count. Chevron also evacuated non-essential workers from Gulf of Mexico platforms ahead of a possible storm, creating a temporary operational risk. Chevron Evacuates Some Workers From Gulf of Mexico Platforms

Analyst Upgrades and Downgrades

CVX has been the subject of several recent research reports. Morgan Stanley boosted their price target on Chevron from $210.00 to $218.00 and gave the company an “overweight” rating in a research note on Wednesday, August 19th. JPMorgan Chase & Co. raised their price objective on Chevron from $190.00 to $222.00 and gave the stock an “overweight” rating in a research note on Monday, August 3rd. The Goldman Sachs Group dropped their price objective on Chevron from $240.00 to $228.00 and set a “buy” rating for the company in a report on Tuesday, September 22nd. Piper Sandler upped their target price on Chevron from $207.00 to $243.00 and gave the company an “overweight” rating in a research report on Thursday, September 3rd. Finally, Wolfe Research raised Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 target price on the stock in a report on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $210.87.

Insiders Place Their Bets

In related news, Director John B. Hess sold 710,665 shares of Chevron stock in a transaction that occurred 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 directly owned 363,711 shares of the company’s stock, valued at approximately $70,596,305.10. The trade was a 66.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael K. Wirth sold 317,100 shares of the company’s 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 transaction, the chief executive officer owned 26,308 shares of the company’s stock, valued at $5,273,701.68. This trade 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 a total of 1,152,582 shares of company stock worth $225,853,661 in the last ninety days. Insiders own 0.56% of the company’s stock.

Chevron Price Performance

Shares of Chevron stock traded down $2.32 on Wednesday, reaching $205.26. 5,731,028 shares of the stock were exchanged, compared to its average volume of 10,517,426. 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 cap of $405.55 billion, a PE ratio of 19.68, a P/E/G ratio of 0.57 and a beta of 0.53. The firm’s 50 day moving average is $203.56 and its 200-day moving average is $192.84. Chevron Corporation has a one year low of $146.49 and a one year high of $217.78.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The company had revenue of $67.20 billion during the quarter, compared to analysts’ expectations of $62.72 billion. During the same quarter in the previous year, the firm earned $1.77 EPS. Chevron’s revenue was up 57.4% on a year-over-year basis. As a group, analysts anticipate that Chevron Corporation will post 17.47 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th were paid a dividend of $1.78 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.5%. Chevron’s payout ratio is presently 68.26%.

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.