TD Waterhouse Canada Inc. Sells 32,516 Shares of Chevron Corporation $CVX

TD Waterhouse Canada Inc. decreased its position in shares of Chevron Corporation (NYSE:CVX) by 16.3% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 166,613 shares of the oil and gas company’s stock after selling 32,516 shares during the quarter. TD Waterhouse Canada Inc.’s holdings in Chevron were worth $27,624,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of Chevron during the second quarter worth approximately $25,663,729,000. State Street Corp grew its position in Chevron by 9.1% during the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock worth $23,698,184,000 after buying an additional 12,789,399 shares in the last quarter. Berkshire Hathaway Inc increased its stake in Chevron by 6.6% during the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock worth $19,837,131,000 after acquiring an additional 8,091,570 shares during the period. Geode Capital Management LLC raised its holdings in Chevron by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company’s stock valued at $6,620,187,000 after acquiring an additional 134,890 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Chevron by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company’s stock valued at $5,492,377,000 after acquiring an additional 961,341 shares during the period. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

Chevron stock opened at $208.48 on Friday. The company has a market capitalization of $411.91 billion, a PE ratio of 19.99, a P/E/G ratio of 0.63 and a beta of 0.50. 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 $191.10 and a two-hundred day moving average price of $189.77. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. During the same quarter last year, the business earned $1.77 EPS. The firm’s quarterly revenue was up 57.4% on a year-over-year basis. Analysts expect that Chevron Corporation will post 16.24 EPS for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a $1.78 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.4%. Chevron’s payout ratio is currently 68.26%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. TD Cowen raised their price target on Chevron from $200.00 to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, August 5th. Bank of America upped their price target on shares of Chevron from $210.00 to $227.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Wall Street Zen upgraded shares of Chevron from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Piper Sandler raised their target price on Chevron from $207.00 to $243.00 and gave the company an “overweight” rating in a report on Thursday. Finally, BMO Capital Markets boosted their price target on Chevron from $210.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday. Twenty investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $211.35.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s planned investment of more than $7 billion in Venezuela is expected to expand production to approximately 600,000 barrels per day over five years. Investors view the Orinoco Belt opportunity as a potential source of significant production growth and attractive economics. Chevron Commits $7 Billion to Venezuela to Double Production
• Positive Sentiment: Analysts and fund managers remain constructive on Chevron, citing its scale, strong fundamentals, production growth following the Hess acquisition, dividend record and long-term exposure to energy demand. Rising crude prices above $90 per barrel have also supported sentiment toward major oil companies. Why Gabelli Remains Bullish on Chevron
• Positive Sentiment: A preliminary agreement covering Ghana’s South Deepwater Tano Cape Three Points block could provide Chevron with another international growth option, although commercial terms and ownership details have not been finalized. Chevron and Shell Sign Preliminary Ghana Agreement
• Neutral Sentiment: Chevron’s dividend remains a key attraction, with 39 consecutive years of increases. However, its sustainability would be tested if oil prices fall materially from current elevated levels. Chevron’s Dividend and Oil Price Risk
• Negative Sentiment: Investors remain concerned that the Venezuela strategy will require substantial capital, face operational challenges and carry elevated political and execution risk. Critics also question whether the expansion can deliver its projected returns. Capital Requirements and Operational Challenges
• Negative Sentiment: Valuation concerns have become more important after the rally: Chevron is trading near the upper end of its recent range, while reported insider activity has consisted of sales rather than purchases. A decline in oil prices could further pressure earnings and the stock.

Insider Buying and Selling

In related news, Director John Hess sold 100,000 shares of the firm’s 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 of the company’s stock, valued at $34,587,021.70. This trade represents a 35.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R. Pate sold 2,470 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total value of $506,621.70. Following the completion of the sale, the insider owned 10,794 shares in the company, valued at $2,213,957.34. This trade represents a 18.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 1,152,582 shares of company stock valued at $225,853,661. Company insiders own 0.56% of the company’s stock.

Chevron Company Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.