Chevron Corporation $CVX Shares Acquired by Eurizon Capital SGR S.p.A.

Eurizon Capital SGR S.p.A. boosted its position in Chevron Corporation (NYSE:CVX) by 69.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 812,021 shares of the oil and gas company’s stock after acquiring an additional 331,621 shares during the period. Eurizon Capital SGR S.p.A.’s holdings in Chevron were worth $165,902,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVX. State Street Corp grew its position in shares of 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 worth $28,016,651,000 after buying an additional 5,998,852 shares during the period. BlackRock Inc. bought a new stake in shares of Chevron during the second quarter worth approximately $25,663,729,000. Bank of America Corp DE raised its stake in shares of Chevron by 5.1% during the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock worth $5,716,694,000 after buying an additional 1,334,976 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Chevron during the second quarter worth approximately $2,378,114,000. Finally, Amundi lifted its holdings in Chevron by 14.1% in the second quarter. Amundi now owns 13,900,271 shares of the oil and gas company’s stock valued at $2,304,109,000 after buying an additional 1,714,835 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Price Performance

Chevron stock opened at $216.64 on Friday. The firm has a market capitalization of $425.78 billion, a P/E ratio of 15.85, a PEG ratio of 0.50 and a beta of 0.47. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $236.48. The business has a 50-day moving average of $215.33 and a 200-day moving average of $195.33. The company has a current ratio of 1.34, a quick ratio of 1.07 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, beating analysts’ consensus estimates of $4.87 by $0.41. The company had revenue of $65.24 billion during the quarter, compared to analysts’ expectations of $61.82 billion. Chevron had a return on equity of 14.49% and a net margin of 11.56%. Chevron’s revenue was up 36.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.85 EPS. On average, equities analysts anticipate that Chevron Corporation will post 18.64 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Wednesday, November 18th will be issued a dividend of $1.78 per share. The ex-dividend date is Wednesday, November 18th. This represents a $7.12 dividend on an annualized basis and a yield of 3.3%. Chevron’s payout ratio is currently 52.08%.

Insider Activity at Chevron

In other Chevron news, insider R. Pate sold 40,700 shares of the stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total value of $9,224,655.00. Following the sale, the insider directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Andrew Walz sold 16,800 shares of Chevron stock in a transaction on Monday, August 17th. The stock was sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the transaction, the insider directly owned 14 shares in the company, valued at approximately $2,814.84. This represents a 99.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 174,370 shares of company stock worth $37,224,309. 0.56% of the stock is currently owned by company insiders.

Key Stories Impacting Chevron

Here are a few of the latest stories about CVX:

• Positive Sentiment: Chevron’s third-quarter adjusted profit nearly tripled to $10.4 billion. Strong refining margins lifted downstream earnings 333%, and refineries ran at 98% capacity, helping offset a 2.6% decline in production. Coverage also cited record U.S. refinery throughput, strong cash flow and rising estimates. Article: Chevron’s Production Fell. Its Profit Nearly Tripled.
• Positive Sentiment: Chevron plans to restart its Ralston biodiesel facility in Iowa, supported by a feedstock supply agreement with Landus Cooperative. The move could add to its renewable-fuels activity, though the articles provided no financial contribution estimates. Article: Chevron to Restart Ralston Biodiesel Facility in Iowa
• Neutral Sentiment: Chevron has emphasized the importance of maintaining financial strength amid volatile oil prices. Uncertainty about the oil-market outlook could affect results, although the company’s integrated business and strong refining performance offer some diversification. Article: What Exxon, Chevron and Shell Said About Where Oil Goes Next

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of recent research reports. TD Cowen raised their price objective on shares of Chevron from $215.00 to $225.00 and gave the company a “hold” rating in a research note on Monday, October 12th. Argus lifted their target price on shares of Chevron from $206.00 to $211.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. JPMorgan Chase & Co. upped their target price on shares of Chevron from $190.00 to $222.00 and gave the company an “overweight” rating in a research report on Monday, August 3rd. DZ Bank downgraded Chevron from a “buy” rating to a “hold” rating and set a $240.00 price target on the stock. in a research note on Tuesday, November 3rd. Finally, HSBC set a $90.00 price target on Chevron in a research note on Friday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $222.81.

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.