Chevron Corporation $CVX Stock Holdings Lowered by Gradient Investments LLC

Gradient Investments LLC trimmed its holdings in shares of Chevron Corporation (NYSE:CVX) by 12.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 285,053 shares of the oil and gas company’s stock after selling 39,850 shares during the quarter. Chevron accounts for about 0.8% of Gradient Investments LLC’s investment portfolio, making the stock its 29th biggest position. Gradient Investments LLC’s holdings in Chevron were worth $58,211,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in CVX. Midwest Capital Advisors LLC acquired a new position in Chevron during the 1st quarter worth $25,000. Phillip James Consulting Co. purchased a new position in shares of Chevron during the fourth quarter valued at $26,000. Basso Capital Management L.P. acquired a new position in Chevron in the 4th quarter valued at approximately $27,000. Main Street Group LTD acquired a new stake in shares of Chevron during the 1st quarter valued at about $28,000. Finally, Kilter Group LLC acquired a new stake in shares of Chevron in the 2nd quarter valued at $28,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. TD Cowen upped their price target on Chevron from $205.00 to $215.00 and gave the stock a “hold” rating in a report on Monday, September 28th. Raymond James Financial lowered their target price on Chevron from $230.00 to $225.00 and set an “outperform” rating for the company in a research note on Tuesday, July 21st. HSBC set a $90.00 target price on Chevron in a report on Friday, September 25th. Wall Street Zen upgraded Chevron from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Finally, BMO Capital Markets raised their price target on shares of Chevron from $210.00 to $235.00 and gave the stock an “outperform” rating in a research note on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and an average price target of $210.24.

Chevron Price Performance

NYSE CVX traded up $6.27 during midday trading on Thursday, hitting $211.42. The company had a trading volume of 3,825,712 shares, compared to its average volume of 10,480,227. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $217.78. The firm has a 50-day moving average price of $203.83 and a 200-day moving average price of $192.87. 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 company has a market capitalization of $417.72 billion, a PE ratio of 20.25, a P/E/G ratio of 0.58 and a beta of 0.53.

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

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th were issued 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 3.4%. Chevron’s payout ratio is presently 68.26%.

Insider Activity

In other Chevron news, Director John B. Hess sold 100,000 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the completion of the sale, the director owned 178,045 shares in the company, valued at approximately $34,587,021.70. The trade was a 35.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Michael K. Wirth sold 317,100 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $200.46, for a total value of $63,565,866.00. Following the completion of the sale, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at approximately $5,273,701.68. This trade represents a 92.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 1,152,582 shares of company stock valued at $225,853,661. Company insiders own 0.56% of the company’s stock.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Bakken restructuring could improve returns: Chevron is transferring its Hess Midstream interests and DJ Basin midstream assets in exchange for revised Bakken agreements. The deal is expected to cut Chevron’s Bakken midstream costs by roughly 50%, remove associated debt exposure and extend contracts through 2045. Analysts say the changes could strengthen cash flow and return on capital, despite an estimated $3 billion-$4 billion closing loss. Chevron’s Portfolio Reshaping Strategy to Unlock Stronger Returns
• Positive Sentiment: Bullish analyst sentiment: Zacks upgraded Chevron to “Strong Buy” and highlighted the company as its Bull of the Day, citing cash generation, rising estimates and shareholder returns. A separate outlook places a potential price target near $225. Chevron highlighted as Zacks Bull of the Day
• Positive Sentiment: Tight fuel markets support oil prices: Chevron CEO Mike Wirth said global oil and fuel inventories have become dangerously thin, particularly ahead of winter. The supply concerns and ongoing geopolitical volatility may support crude prices and energy-sector earnings. Chevron CEO issues warning on depleting oil reserves
• Neutral Sentiment: Gulf operations curtailed by storm: Chevron has shut in four operated Gulf of Mexico facilities and moved some personnel ashore, while five other facilities reportedly continue producing. Industrywide, roughly 512,000 barrels per day of Gulf output had been temporarily shut in. The disruption could support fuel prices, but it also reduces Chevron’s near-term production. Chevron Shuts In Four Gulf Facilities as Hurricane Isaias Nears
• Negative Sentiment: Transaction charge and execution risk: The Hess Midstream restructuring involves a substantial upfront accounting loss, while lower drilling activity in the Bakken could reduce throughput. Investors will weigh the near-term hit against the expected long-term cost savings. Chevron Is Offloading Hess Midstream and Taking a $3 Billion to $4 Billion Hit
• Negative Sentiment: Diesel export-policy uncertainty: Wirth warned that a U.S. diesel export ban would remove supply from global markets and worsen the energy crisis. Although the comments support Chevron’s position, any new restrictions could disrupt refining markets and increase policy risk. Chevron CEO warns against diesel export ban

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.