Chevron Corporation $CVX Stock Acquired by Ritholtz Wealth Management

Ritholtz Wealth Management boosted its holdings in Chevron Corporation (NYSE:CVX) by 8.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,088 shares of the oil and gas company’s stock after purchasing an additional 3,054 shares during the quarter. Ritholtz Wealth Management’s holdings in Chevron were worth $8,391,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Gemmer Asset Management LLC grew its position in Chevron by 1.1% during the 3rd quarter. Gemmer Asset Management LLC now owns 4,254 shares of the oil and gas company’s stock worth $869,000 after purchasing an additional 47 shares during the last quarter. Livet Wealth LLC raised its holdings in shares of Chevron by 4.0% in the third quarter. Livet Wealth LLC now owns 1,268 shares of the oil and gas company’s stock valued at $259,000 after buying an additional 49 shares during the last quarter. Uhlmann Price Securities LLC raised its holdings in shares of Chevron by 3.1% in the third quarter. Uhlmann Price Securities LLC now owns 1,639 shares of the oil and gas company’s stock valued at $335,000 after buying an additional 49 shares during the last quarter. First PREMIER Bank boosted its stake in shares of Chevron by 0.8% during the second quarter. First PREMIER Bank now owns 6,450 shares of the oil and gas company’s stock worth $1,070,000 after buying an additional 50 shares during the period. Finally, Vanguard Capital Wealth Advisors boosted its stake in shares of Chevron by 1.8% during the second quarter. Vanguard Capital Wealth Advisors now owns 2,818 shares of the oil and gas company’s stock worth $467,000 after buying an additional 50 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 0.9%

Shares of Chevron stock opened at $213.21 on Thursday. Chevron Corporation has a one year low of $146.49 and a one year high of $236.48. The company has a market cap of $419.05 billion, a P/E ratio of 15.60, a PEG ratio of 0.49 and a beta of 0.47. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.07 and a current ratio of 1.34. The firm has a fifty day moving average of $215.23 and a two-hundred day moving average of $195.08.

Chevron (NYSE:CVX) last issued its earnings results 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. Chevron had a net margin of 11.56% and a return on equity of 14.49%. The business had revenue of $65.24 billion for the quarter, compared to the consensus estimate of $61.82 billion. During the same quarter in the previous year, the firm earned $1.85 earnings per share. The business’s quarterly revenue was up 36.3% compared to the same quarter last year. On average, analysts forecast that Chevron Corporation will post 18.64 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Wednesday, November 18th will be given a $1.78 dividend. The ex-dividend date is Wednesday, November 18th. This represents a $7.12 dividend on an annualized basis and a yield of 3.3%. Chevron’s dividend payout ratio (DPR) is presently 52.08%.

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 stock was sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the transaction, the insider owned 8,791 shares in the company, valued at approximately $1,992,480.15. The trade was a 82.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Andrew Walz sold 16,800 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $201.06, for a total value of $3,377,808.00. Following the transaction, the insider directly owned 14 shares of the company’s stock, valued at approximately $2,814.84. This trade represents a 99.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 379,470 shares of company stock worth $77,216,415 over the last 90 days. Company insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

CVX has been the topic of a number of research reports. Piper Sandler raised their price target on Chevron from $207.00 to $243.00 and gave the stock an “overweight” rating in a report on Thursday, September 3rd. Mizuho set a $234.00 price objective on Chevron in a research note on Monday, October 12th. Royal Bank Of Canada increased their price objective on Chevron from $220.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, September 24th. Barclays increased their price objective on Chevron from $208.00 to $244.00 and gave the stock an “equal weight” rating in a research report on Monday, November 2nd. Finally, Morgan Stanley lifted their target price on Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a research note on Monday, November 2nd. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $221.88.

Latest Chevron News

Investors following CVX have been watching these news items:

• Positive Sentiment: A 25% stake in Chevron’s Namibia offshore license is being sold to QatarEnergy. Sharing exploration costs while retaining control could limit Chevron’s financial exposure and preserve potential upside from a discovery. Chevron Expands Namibia Ties With QatarEnergy Offshore Stake Deal
• Positive Sentiment: Chevron plans to invest $13.8 billion in Argentina’s Vaca Muerta shale region and aims to triple output there by 2035. Applying Permian expertise could support long-term production growth, if the company can manage high costs and pipeline constraints. Can Chevron’s $13.8B Vaca Muerta Bet Fuel Long-Term Growth?
• Negative Sentiment: Oil futures fell to their lowest level since August after comments that the Iran conflict was effectively over. Lower crude prices can weigh on energy-sector earnings expectations, although the report notes there was no confirmed deal and Iran denied talks. Oil Prices Just Fell to Their Lowest Since August

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.