Chevron Corporation $CVX Stock: Inscription Capital LLC Reduces Holdings

Inscription Capital LLC trimmed its stake in Chevron Corporation (NYSE:CVX) by 46.1% in the third quarter, Holdings Channel.com reports. The firm owned 36,799 shares of the oil and gas company’s stock after selling 31,527 shares during the quarter. Chevron comprises 0.8% of Inscription Capital LLC’s portfolio, making the stock its 20th largest holding. Inscription Capital LLC’s holdings in Chevron were worth $7,515,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in CVX. BlackRock Inc. acquired a new position in Chevron in the 2nd quarter valued at approximately $25,663,729,000. Bank of New York Mellon Corp purchased a new stake in Chevron in the 2nd quarter worth approximately $2,378,114,000. Legal & General Group Plc purchased a new stake in Chevron in the 2nd quarter worth approximately $1,462,412,000. Deutsche Bank AG purchased a new stake in Chevron in the 2nd quarter worth approximately $1,189,577,000. Finally, State Street Corp boosted its stake in shares of 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 valued at $28,016,651,000 after buying an additional 5,998,852 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Chevron

In other news, insider Andrew Walz sold 16,800 shares of the firm’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the transaction, the insider owned 14 shares in the company, valued at approximately $2,814.84. This trade represents a 99.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Wirth sold 317,100 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the transaction, the chief executive officer owned 26,308 shares in the company, valued at $5,273,701.68. This represents a 92.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 379,470 shares of company stock worth $77,216,415 in the last 90 days. 0.56% of the stock is owned by insiders.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s record cash flow and seven consecutive earnings beats underscore its financial strength. A separate report highlighted strong third-quarter refining performance, cost discipline, debt reduction and increased buybacks. Chevron Has Become Very Interesting Again Following the Midterms Why ExxonMobil and Chevron Reminded Investors to Keep it Simple
• Positive Sentiment: Record natural-gas output above 9 Bcf/d in the third quarter, led by Australia and the Eastern Mediterranean, could strengthen Chevron’s position in the LNG market. Can Chevron’s Record Natural Gas Output Strengthen Its LNG Position?
• Positive Sentiment: Progress on an Iraq oilfield agreement, alongside pursuit of additional fields and exploration blocks, offers potential for upstream growth. Chevron Advances Iraq Oilfield Deal, Expands Growth Prospects
• Negative Sentiment: Midterm results triggered a broad oil-stock selloff as investors reacted to lower oil prices and expectations that inflation—and the energy-price surge—may ease. Lower crude prices can weigh on Chevron’s upstream earnings and cash flow. Oil Stocks Chevron, Marathon, and Exxon Mobil Take a Beating on Midterm Results
• Negative Sentiment: DZ Bank lowered its rating on CVX, adding a cautious analyst signal amid the sector weakness. Chevron Stock Rating Lowered by DZ Bank

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CVX shares. DZ Bank lowered shares of Chevron from a “buy” rating to a “hold” rating and set a $240.00 target price for the company. in a research note on Tuesday. BMO Capital Markets upped 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. Argus increased their price objective on Chevron from $206.00 to $211.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. Sanford C. Bernstein lifted their price objective on Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a research report on Monday, August 3rd. Finally, HSBC set a $90.00 price objective on Chevron in a research report on Friday, September 25th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $222.04.

Chevron Trading Down 1.9%

NYSE:CVX opened at $212.92 on Friday. The stock’s 50 day moving average price is $214.66 and its 200 day moving average price is $194.17. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $236.48. The company has a market capitalization of $420.68 billion, a P/E ratio of 15.58, a P/E/G ratio of 0.51 and a beta of 0.47. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25.

Chevron (NYSE:CVX) last issued 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 analyst estimates of $61.82 billion. Chevron had a net margin of 11.56% and a return on equity of 14.64%. The company’s revenue for the quarter was up 36.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.85 earnings per share. On average, research analysts forecast that Chevron Corporation will post 18.56 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Wednesday, November 18th will be paid a dividend of $1.78 per share. The ex-dividend date is Wednesday, November 18th. This represents a $7.12 annualized dividend and a dividend yield of 3.3%. Chevron’s dividend payout ratio is 52.08%.

About Chevron

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.