Hamilton Capital LLC Sells 4,545 Shares of Chevron Corporation $CVX

Hamilton Capital LLC lessened its holdings in shares of Chevron Corporation (NYSE:CVX) by 25.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,154 shares of the oil and gas company’s stock after selling 4,545 shares during the period. Chevron makes up 0.2% of Hamilton Capital LLC’s holdings, making the stock its 26th biggest position. Hamilton Capital LLC’s holdings in Chevron were worth $2,686,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CVX. Midwest Capital Advisors LLC acquired a new stake in Chevron during the 1st quarter worth about $25,000. Phillip James Consulting Co. acquired a new position in shares of Chevron in the 4th quarter valued at about $26,000. Basso Capital Management L.P. purchased a new stake in shares of Chevron in the fourth quarter worth about $27,000. Main Street Group LTD purchased a new stake in shares of Chevron in the first quarter worth about $28,000. Finally, Kilter Group LLC acquired a new stake in Chevron during the second quarter worth about $28,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Higher oil prices are the primary catalyst. Crude oil moved above $92.60 amid concerns that Middle East tensions could disrupt supply, supporting expectations for stronger upstream cash flow and profits at Chevron. UBS also raised its price target to $235. Why Is Chevron Stock Surging on Thursday?
• Positive Sentiment: Chevron’s Hess Midstream restructuring could improve Bakken economics. The company is transferring its Hess Midstream interests and DJ Basin assets in exchange for revised contracts, a $200 million cash payment and an expected roughly 50% reduction in Bakken midstream costs. The transaction is also expected to eliminate or simplify about $3.7 billion of associated debt, potentially improving returns and reducing balance-sheet complexity. Chevron’s Portfolio Reshaping Strategy to Unlock Stronger Returns
• Positive Sentiment: Market commentary highlighted Chevron’s cash generation, shareholder returns and portfolio optimization, while Zacks upgraded the stock from “hold” to “strong buy.” Chevron highlighted as Zacks Bull of the Day
• Neutral Sentiment: Storm-related Gulf of Mexico shutdowns could tighten fuel markets and support prices, but they also temporarily reduce Chevron’s production and create operational risk. Chevron shut in four operated facilities while keeping five others producing normally as Tropical Storm Isaias approached. Chevron Shuts In Four Gulf Facilities as Hurricane Isaias Nears
• Negative Sentiment: The Hess Midstream transaction is expected to produce a $3 billion–$4 billion closing loss, creating a near-term earnings and valuation headwind even though management expects longer-term cost benefits. Chevron Is Offloading Hess Midstream and Taking a $3 Billion to $4 Billion Hit

Insider Activity at Chevron

In related news, Director John B. Hess sold 710,665 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the completion of the transaction, the director owned 363,711 shares in the company, valued at $70,596,305.10. This represents a 66.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael K. Wirth sold 317,100 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at $5,273,701.68. This represents a 92.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 1,152,582 shares of company stock valued at $225,853,661. 0.56% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Wolfe Research upgraded Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a research report on Thursday, July 2nd. Piper Sandler lifted their target price on shares of Chevron from $207.00 to $243.00 and gave the company an “overweight” rating in a report on Thursday, September 3rd. Mizuho set a $224.00 target price on shares of Chevron in a research note on Monday, August 3rd. Raymond James Financial lowered their price target on shares of Chevron from $230.00 to $225.00 and set an “outperform” rating on the stock in a report on Tuesday, July 21st. Finally, UBS Group raised their price target on shares of Chevron from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and a consensus target price of $210.24.

Chevron Price Performance

Shares of Chevron stock traded up $6.41 on Thursday, reaching $211.56. The company’s stock had a trading volume of 7,620,438 shares, compared to its average volume of 10,502,368. The company has a market capitalization of $418.00 billion, a P/E ratio of 20.28, a PEG ratio of 0.58 and a beta of 0.53. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $217.78. The stock has a 50-day moving average price of $203.83 and a 200-day moving average price of $192.87. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last announced its earnings results 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 return on equity of 11.09% and a net margin of 9.57%.The firm had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same quarter last year, the firm posted $1.77 EPS. The business’s revenue was up 57.4% on a year-over-year basis. Analysts expect that Chevron Corporation will post 17.47 EPS for the current year.

Chevron Dividend Announcement

The business also recently disclosed 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. This represents a $7.12 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Wednesday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 68.26%.

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.