Generali Asset Management SPA SGR lifted its stake in Chevron Corporation (NYSE:CVX – Free Report) by 5.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,378 shares of the oil and gas company’s stock after buying an additional 2,442 shares during the period. Generali Asset Management SPA SGR’s holdings in Chevron were worth $10,288,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of CVX. BlackRock Inc. acquired a new position in Chevron in the second quarter valued at $25,663,729,000. Bank of New York Mellon Corp acquired a new stake in shares of Chevron during the second quarter worth about $2,378,114,000. Legal & General Group Plc purchased a new stake in shares of Chevron in the 2nd quarter valued at about $1,462,412,000. Deutsche Bank AG purchased a new stake in shares of Chevron in the 2nd quarter valued at about $1,189,577,000. Finally, State Street Corp lifted its holdings 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 valued at $28,016,651,000 after purchasing an additional 5,998,852 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.
Chevron Price Performance
Shares of NYSE:CVX opened at $231.32 on Friday. The company has a 50-day simple moving average of $212.56 and a 200-day simple moving average of $192.70. Chevron Corporation has a one year low of $146.49 and a one year high of $234.08. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The stock has a market capitalization of $457.03 billion, a price-to-earnings ratio of 22.18, a PEG ratio of 0.54 and a beta of 0.53.
Chevron (NYSE:CVX – Get Free Report) last announced its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the prior year, the firm earned $1.77 earnings per share. The business’s quarterly revenue was up 57.4% compared to the same quarter last year. On average, analysts predict that Chevron Corporation will post 18.20 EPS for the current year.
Chevron News Summary
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Higher oil and natural-gas prices could support a strong quarterly performance. Analysts expect approximately $4.83 in adjusted EPS and $61.65 billion in revenue, while other previews suggest Chevron may beat estimates. Oil Stocks in Spotlight Friday: Chevron, ExxonMobil, BP Could Show Impact of Higher Gas Prices
- Positive Sentiment: Investors will focus on whether the oil-price surge translated into free cash flow and shareholder returns. Chevron’s strong production, Hess integration benefits and improved cash generation are supporting the bullish case. Chevron Hit a Record High. Friday’s Report Has to Show Where the Oil-Spike Cash Went
- Positive Sentiment: TotalEnergies is acquiring a 25% interest in 26 Chevron-operated offshore exploration leases in the U.S. Gulf. The partnership helps share exploration costs while expanding Chevron’s offshore portfolio. TotalEnergies Expands US Exploration Footprint With 26 Offshore Leases
- Neutral Sentiment: Options activity indicates potential for a post-earnings rally, but the stock is already near a record high, raising the bar for a positive surprise. Investors will also assess dividend sustainability and the outlook for oil prices. Ahead of Chevron Earnings, Here’s What Barchart Data Says Comes Next for CVX Stock
- Negative Sentiment: Chevron canceled plans for executives to attend the ADIPEC conference in the United Arab Emirates because of security concerns. The decision is unlikely to materially affect earnings but highlights continuing geopolitical risks to operations and travel. Exxon, Chevron cancel ADIPEC executive trips, sources say
Insider Buying and Selling
In other Chevron news, insider Andrew Walz sold 16,800 shares of the company’s stock in a transaction that occurred on 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 directly owned 14 shares of the company’s stock, valued at $2,814.84. This represents a 99.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Hess sold 710,665 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $194.10, for a total value of $137,940,076.50. Following the sale, the director directly owned 363,711 shares of the company’s stock, valued at approximately $70,596,305.10. This represents a 66.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 1,195,682 shares of company stock worth $235,619,780. Insiders own 0.56% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on CVX. William Blair initiated coverage on Chevron in a research report on Wednesday. They issued an “outperform” rating for the company. Piper Sandler lifted their price target on Chevron from $207.00 to $243.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. Royal Bank Of Canada boosted their price objective on Chevron from $220.00 to $230.00 and gave the company an “outperform” rating in a research note on Thursday, September 24th. The Goldman Sachs Group reissued a “buy” rating and issued a $241.00 price objective on shares of Chevron in a report on Tuesday, October 20th. Finally, BMO Capital Markets raised their target price on shares of Chevron from $210.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Chevron has an average rating of “Moderate Buy” and a consensus price target of $213.96.
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.
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