Chevron Corporation $CVX Stock Bought by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC boosted its position in shares of Chevron Corporation (NYSE:CVX) by 372.2% in the 3rd quarter, Holdings Channel.com reports. The fund owned 14,193 shares of the oil and gas company’s stock after purchasing an additional 11,187 shares during the period. Provenance Wealth Advisors LLC’s holdings in Chevron were worth $2,898,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. bought a new position in Chevron in the 2nd quarter valued at $25,663,729,000. Bank of New York Mellon Corp purchased a new position in shares of Chevron during the 2nd quarter valued at $2,378,114,000. Legal & General Group Plc bought a new position in shares of Chevron in the second quarter worth $1,462,412,000. Deutsche Bank AG bought a new position in shares of Chevron in the second quarter worth $1,189,577,000. Finally, State Street Corp increased its holdings in shares of Chevron by 3.9% in the second 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 own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of recent analyst reports. Morgan Stanley increased their price objective on Chevron from $226.00 to $230.00 and gave the stock an “overweight” rating in a research report on Monday. Raymond James Financial reduced their target price on Chevron from $230.00 to $225.00 and set an “outperform” rating for the company in a research report on Tuesday, July 21st. Royal Bank Of Canada upped their target price on Chevron from $220.00 to $230.00 and gave the stock an “outperform” rating in a research note on Thursday, September 24th. Wall Street Zen raised Chevron from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Finally, Piper Sandler lifted their price target on Chevron from $207.00 to $243.00 and gave the company an “overweight” rating in a research report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have given 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.com, Chevron has a consensus rating of “Moderate Buy” and an average price target of $222.04.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron reported adjusted third-quarter earnings of $5.28 per share, topping expectations, with record U.S. refinery throughput and strong refining margins contributing to results. UBS raised its price target to $265 and retained a Buy rating after the results. Q3 results deep dive
• Positive Sentiment: Chevron says it remains on track to supply power to a Microsoft West Texas data center in 2028 through Project Kilby, despite permitting uncertainty—an update supporting its efforts to build data-center energy demand into a growth opportunity. Chevron data-center power target
• Neutral Sentiment: Oil-market sentiment is volatile: Brent fell about 8% after signals that Iran may be open to peace talks, but reports of U.S. strikes in Iran complicate the outlook. A sustained easing of conflict could pressure crude prices, while renewed escalation could reverse the move. Oil-market reaction to Iran news
• Negative Sentiment: Lower crude prices pose a potential headwind for Chevron’s upstream earnings, and the shares may also be vulnerable to profit-taking after a substantial rally. ETF flows were mixed, with reports of net sales on Oct. 30. ETF sales of Chevron shares
• Negative Sentiment: DZ Bank lowered its rating from Buy to Hold, adding a cautious analyst view even as its $240 target remains above the quoted share price. DZ Bank rating action

Chevron Price Performance

CVX stock opened at $225.58 on Wednesday. The firm has a 50 day simple moving average of $214.06 and a two-hundred day simple moving average of $193.68. The stock has a market cap of $445.70 billion, a PE ratio of 16.50, a P/E/G ratio of 0.54 and a beta of 0.47. Chevron Corporation has a one year low of $146.49 and a one year high of $236.48. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, beating the consensus estimate of $4.87 by $0.41. The firm had revenue of $65.24 billion for the quarter, compared to analysts’ expectations of $61.82 billion. Chevron had a net margin of 11.56% and a return on equity of 14.64%. The business’s quarterly revenue was up 36.3% on a year-over-year basis. During the same quarter last year, the company posted $1.85 EPS. On average, analysts predict that Chevron Corporation will post 18.20 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 18th will be given 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 3.2%. Chevron’s dividend payout ratio (DPR) is presently 52.08%.

Insiders Place Their Bets

In other Chevron news, insider Andrew Walz sold 16,800 shares of Chevron stock in a transaction dated 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 completion of the sale, the insider owned 14 shares of the company’s stock, valued at $2,814.84. The trade was a 99.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Wirth sold 317,100 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer owned 26,308 shares of the company’s stock, valued at $5,273,701.68. The trade was a 92.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 379,470 shares of company stock valued at $77,216,415 over the last 90 days. 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.