Chevron Corporation $CVX Shares Bought by Hohimer Wealth Management LLC

Hohimer Wealth Management LLC grew its holdings in Chevron Corporation (NYSE:CVX) by 212.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,609 shares of the oil and gas company’s stock after acquiring an additional 18,783 shares during the period. Hohimer Wealth Management LLC’s holdings in Chevron were worth $5,638,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CVX. BlackRock Inc. acquired a new position in Chevron during the second quarter valued at $25,663,729,000. Bank of New York Mellon Corp purchased a new stake in Chevron in the second quarter valued at $2,378,114,000. Legal & General Group Plc purchased a new stake in Chevron in the second quarter valued at $1,462,412,000. Deutsche Bank AG purchased a new stake in Chevron in the second quarter valued at $1,189,577,000. Finally, State Street Corp grew its position in 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 purchasing an additional 5,998,852 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Piper Sandler lifted their price objective on Chevron from $207.00 to $243.00 and gave the company an “overweight” rating in a research note on Thursday, September 3rd. Morgan Stanley boosted their price objective on Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a report on Monday, November 2nd. Sanford C. Bernstein upped their target price on Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. DZ Bank downgraded Chevron from a “buy” rating to a “hold” rating and set a $240.00 target price on the stock. in a research note on Tuesday, November 3rd. Finally, William Blair began coverage on Chevron in a report on Wednesday, October 28th. They set an “outperform” rating on the stock. One analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $221.88.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was upgraded by Freedom Broker from “sell” to “hold,” with a $218 price target. The change signals less bearishness, though the target implies only modest upside from the cited share price. Freedom Broker rating
• Positive Sentiment: Natural-gas production topped 9 billion cubic feet per day in the third quarter, supported by operations in Australia and the Eastern Mediterranean. Record output could strengthen Chevron’s position in the liquefied natural gas market, despite operational disruptions. Zacks article on gas production
• Positive Sentiment: Recent coverage points to record cash flow and a run of earnings beats as reasons to consider CVX for the long term. Chevron’s latest reported quarter also exceeded analyst expectations for earnings and revenue, supporting the fundamental case. 247WallSt analysis
• Neutral Sentiment: An executive reported selling 24,439 shares in an option exercise-and-sale transaction. The report alone does not establish a change in the company’s outlook. Insider transaction report
• Negative Sentiment: Coverage says a post-election political shift sent oil prices lower, dragging energy stocks, including Chevron. A separate analyst downgrade also contributed to reported share-price pressure, highlighting sensitivity to oil-market expectations and cautious ratings. Report on analyst downgrade

Chevron Price Performance

NYSE:CVX opened at $212.66 on Monday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.34 and a quick ratio of 1.07. The company has a 50 day moving average price of $214.91 and a 200-day moving average price of $194.40. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $236.48. The firm has a market cap of $420.17 billion, a price-to-earnings ratio of 15.56, a price-to-earnings-growth ratio of 0.50 and a beta of 0.47.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.87 by $0.41. Chevron had a net margin of 11.56% and a return on equity of 14.49%. The firm had revenue of $65.24 billion for the quarter, compared to the consensus estimate of $61.82 billion. During the same period in the prior year, the firm posted $1.85 earnings per share. The firm’s quarterly revenue was up 36.3% compared to the same quarter last year. Equities research analysts forecast that Chevron Corporation will post 18.56 EPS for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 18th will be issued a $1.78 dividend. The ex-dividend date of this dividend 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 presently 52.08%.

Insider Buying and Selling at Chevron

In other Chevron news, CEO Michael Wirth sold 317,100 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $200.46, for a total value of $63,565,866.00. Following the completion of the transaction, the chief executive officer owned 26,308 shares in the company, valued at approximately $5,273,701.68. This represents a 92.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider R. Pate sold 40,700 shares of the 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 sale, the insider directly owned 8,791 shares in the company, valued at approximately $1,992,480.15. The trade was 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. Over the last quarter, insiders sold 379,470 shares of company stock valued at $77,216,415. Corporate insiders own 0.56% of the company’s stock.

Chevron Company 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.