Motley Fool Asset Management LLC lowered its stake in Chevron Corporation (NYSE:CVX – Free Report) by 6.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 139,190 shares of the oil and gas company’s stock after selling 10,156 shares during the quarter. Chevron makes up 1.1% of Motley Fool Asset Management LLC’s investment portfolio, making the stock its 19th largest position. Motley Fool Asset Management LLC’s holdings in Chevron were worth $28,424,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of Chevron in the second quarter worth about $25,663,729,000. Bank of New York Mellon Corp bought a new position in shares of Chevron in the second quarter valued at approximately $2,378,114,000. Legal & General Group Plc purchased a new position in Chevron during the second quarter valued at approximately $1,462,412,000. Deutsche Bank AG purchased a new position in Chevron during the second quarter valued at approximately $1,189,577,000. Finally, State Street Corp increased its holdings 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 acquiring an additional 5,998,852 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on CVX shares. HSBC set a $90.00 target price on shares of Chevron in a report on Friday, September 25th. Sanford C. Bernstein raised their price target on shares of Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. William Blair started coverage on shares of Chevron in a research report on Wednesday. They set an “outperform” rating for the company. Zacks Research raised shares of Chevron from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. Finally, Argus upped their price target on shares of Chevron from $206.00 to $211.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and an average price target of $213.96.
Read Our Latest Analysis on CVX
Chevron Stock Performance
Shares of CVX opened at $231.32 on Friday. The company has a market cap of $457.03 billion, a PE ratio of 22.18, a price-to-earnings-growth ratio of 0.54 and a beta of 0.53. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The stock has a 50-day moving average price of $212.56 and a 200-day moving average price of $192.70. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $234.08.
Chevron (NYSE:CVX – Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping the consensus estimate of $5.55 by $0.51. The company had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%. Chevron’s revenue was up 57.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.77 earnings per share. As a group, equities analysts forecast that Chevron Corporation will post 18.20 earnings per share for the current fiscal year.
Insider Activity at Chevron
In other Chevron news, insider R. Pate sold 40,700 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider owned 8,791 shares of the company’s stock, valued at $1,992,480.15. The trade was a 82.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John Hess sold 100,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the completion of the transaction, the director directly owned 178,045 shares in the company, valued at $34,587,021.70. The trade was a 35.97% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 1,195,682 shares of company stock valued at $235,619,780. Company insiders own 0.56% of the company’s stock.
Key Chevron News
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Higher oil and natural-gas prices could support a strong quarterly performance. Analysts expect approximately $4.83 in adjusted EPS and $61.65 billion in revenue, while other previews suggest Chevron may beat estimates. Oil Stocks in Spotlight Friday: Chevron, ExxonMobil, BP Could Show Impact of Higher Gas Prices
- Positive Sentiment: Investors will focus on whether the oil-price surge translated into free cash flow and shareholder returns. Chevron’s strong production, Hess integration benefits and improved cash generation are supporting the bullish case. Chevron Hit a Record High. Friday’s Report Has to Show Where the Oil-Spike Cash Went
- Positive Sentiment: TotalEnergies is acquiring a 25% interest in 26 Chevron-operated offshore exploration leases in the U.S. Gulf. The partnership helps share exploration costs while expanding Chevron’s offshore portfolio. TotalEnergies Expands US Exploration Footprint With 26 Offshore Leases
- Neutral Sentiment: Options activity indicates potential for a post-earnings rally, but the stock is already near a record high, raising the bar for a positive surprise. Investors will also assess dividend sustainability and the outlook for oil prices. Ahead of Chevron Earnings, Here’s What Barchart Data Says Comes Next for CVX Stock
- Negative Sentiment: Chevron canceled plans for executives to attend the ADIPEC conference in the United Arab Emirates because of security concerns. The decision is unlikely to materially affect earnings but highlights continuing geopolitical risks to operations and travel. Exxon, Chevron cancel ADIPEC executive trips, sources say
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.
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