Chevron Corporation $CVX Position Decreased by Monte Financial Group LLC

Monte Financial Group LLC reduced its stake in shares of Chevron Corporation (NYSE:CVX) by 10.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 35,102 shares of the oil and gas company’s stock after selling 3,908 shares during the quarter. Chevron comprises 2.4% of Monte Financial Group LLC’s investment portfolio, making the stock its 11th biggest position. Monte Financial Group LLC’s holdings in Chevron were worth $7,168,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in CVX. Blue Capital Inc. acquired a new position in shares of Chevron during the 2nd quarter valued at about $786,000. OneAscent Wealth Management LLC purchased a new stake in shares of Chevron in the second quarter valued at about $973,000. Global Retirement Partners LLC acquired a new stake in Chevron during the second quarter worth about $14,276,000. Greg Jennings LLC acquired a new stake in Chevron during the third quarter worth about $1,314,000. Finally, Ferguson Wellman Capital Management Inc. increased its position in Chevron by 0.6% during the third quarter. Ferguson Wellman Capital Management Inc. now owns 911,718 shares of the oil and gas company’s stock worth $186,182,000 after purchasing an additional 5,787 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Michael Wirth sold 317,100 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $200.46, for a total value of $63,565,866.00. Following the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $5,273,701.68. This represents a 92.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider R. Pate sold 40,700 shares of the 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 directly owned 8,791 shares of the company’s stock, valued at $1,992,480.15. The trade was a 82.24% decrease in their position. 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. In the last three months, insiders have sold 379,470 shares of company stock valued at $77,216,415. Company insiders own 0.56% of the company’s stock.

Chevron Stock Performance

NYSE CVX opened at $212.92 on Friday. The stock has a market cap of $420.68 billion, a PE ratio of 15.58, a P/E/G ratio of 0.51 and a beta of 0.47. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $236.48. The stock has a fifty day simple moving average of $214.66 and a 200-day simple moving average of $194.17.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) 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 14.64%. The firm had revenue of $65.24 billion for the quarter, compared to analyst estimates of $61.82 billion. During the same period in the previous year, the firm earned $1.85 EPS. Chevron’s revenue was up 36.3% on a year-over-year basis. Equities analysts anticipate that Chevron Corporation will post 18.56 earnings per share for the current year.

Chevron Announces Dividend

The business 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 $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, November 18th. Chevron’s payout ratio is 52.08%.

Trending Headlines about Chevron

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CVX shares. Wall Street Zen raised shares of Chevron from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Sanford C. Bernstein increased their price target on shares of Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a research note on Monday, August 3rd. The Goldman Sachs Group restated a “buy” rating and set a $241.00 price target on shares of Chevron in a report on Tuesday, October 20th. Mizuho set a $234.00 price target on shares of Chevron in a report on Monday, October 12th. Finally, Barclays lifted their price target on shares of Chevron from $208.00 to $244.00 and gave the company an “equal weight” rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and a consensus target price of $222.04.

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.