Wagner Wealth Management Corp Purchases 3,332 Shares of Chevron Corporation $CVX

Wagner Wealth Management Corp acquired a new stake in Chevron Corporation (NYSE:CVX) during the third quarter, HoldingsChannel reports. The fund acquired 3,332 shares of the oil and gas company’s stock, valued at approximately $680,000.

Several other institutional investors also recently bought and sold shares of CVX. State Street Corp lifted its stake in shares of Chevron by 3.9% in the 2nd quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock worth $28,016,651,000 after acquiring an additional 5,998,852 shares during the period. BlackRock Inc. acquired a new position in shares of Chevron during the second quarter worth about $25,663,729,000. Bank of America Corp DE increased its stake in shares of Chevron by 5.1% during the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock worth $5,716,694,000 after acquiring an additional 1,334,976 shares during the period. Bank of New York Mellon Corp purchased a new position in Chevron during the second quarter worth about $2,378,114,000. Finally, Amundi raised its holdings in Chevron by 14.1% during the second quarter. Amundi now owns 13,900,271 shares of the oil and gas company’s stock worth $2,304,109,000 after purchasing an additional 1,714,835 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Bank of America raised its Chevron price target to $252 from $227, signaling greater confidence in the company’s earnings and cash-flow outlook. Chevron price target raised to $252 from $227 at BofA
• Positive Sentiment: Chevron is reportedly selling older Gulf of Mexico assets to sharpen its focus on higher-priority U.S. Gulf operations. Asset sales could streamline the portfolio, improve capital efficiency and support cash flow, although proceeds and transaction terms remain important. Chevron to sharpen US Gulf focus with sale of older assets
• Positive Sentiment: Elevated oil prices, with Brent crude pushed above $110 by Iran-related supply concerns, have helped Chevron and other integrated oil companies reach 52-week highs by improving the potential value of production and cash generation. Chevron, ExxonMobil Stocks Hit 52-Week Highs
• Positive Sentiment: Investors are watching Chevron’s Venezuela investment for potential production growth toward roughly 600,000 barrels per day. If achieved, the project could add substantial revenue, while relatively low production costs may support long-term profitability. Chevron Is Pouring Billions Into Venezuela
• Neutral Sentiment: Chevron’s production update and upcoming earnings are drawing attention because investors will assess whether higher oil prices and recent operational changes are translating into stronger results. Why Is Chevron in Focus?
• Negative Sentiment: Director R. Pate sold 43,100 Chevron shares for approximately $9.8 million across two transactions. The trades were made under a pre-arranged Rule 10b5-1 plan, reducing their significance as a discretionary bearish signal, but the large reduction in ownership could still weigh modestly on sentiment. Chevron insider trading filing

Analysts Set New Price Targets

A number of research firms have recently weighed in on CVX. UBS Group boosted their price target on Chevron from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, October 8th. Sanford C. Bernstein boosted their price objective on shares of Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a research report on Monday, August 3rd. Wall Street Zen upgraded shares of Chevron from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Jefferies Financial Group raised their target price on shares of Chevron from $216.00 to $233.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. Finally, Mizuho set a $234.00 target price on shares of Chevron in a research note on Monday, October 12th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Chevron has an average rating of “Moderate Buy” and an average target price of $213.96.

Insiders Place Their Bets

In related news, insider Andrew Walz sold 16,800 shares of the stock in a transaction dated 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 completion of the transaction, the insider owned 14 shares of the company’s stock, valued at approximately $2,814.84. This represents a 99.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider R. Pate sold 40,700 shares of the stock in a transaction on Tuesday, October 20th. The shares were 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 $1,992,480.15. This trade represents a 82.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,195,682 shares of company stock valued at $235,619,780 in the last three months. 0.56% of the stock is owned by insiders.

Chevron Trading Up 0.5%

CVX stock opened at $226.81 on Thursday. The company has a market cap of $448.13 billion, a price-to-earnings ratio of 21.75, a PEG ratio of 0.62 and a beta of 0.53. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The business has a fifty day simple moving average of $209.37 and a 200-day simple moving average of $193.91. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $228.48.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, beating the consensus estimate of $5.55 by $0.51. The business had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%. The company’s revenue was up 57.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.77 EPS. On average, equities research analysts expect that Chevron Corporation will post 17.71 EPS for the current year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were given a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Wednesday, August 19th. Chevron’s payout ratio is presently 68.26%.

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.