Allworth Financial LP Decreases Holdings in Chevron Corporation $CVX

Allworth Financial LP decreased its holdings in Chevron Corporation (NYSE:CVX) by 14.7% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 367,543 shares of the oil and gas company’s stock after selling 63,089 shares during the period. Allworth Financial LP’s holdings in Chevron were worth $60,924,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CVX. Blue Capital Inc. purchased a new position in shares of Chevron during the second quarter valued at approximately $786,000. OneAscent Wealth Management LLC purchased a new position in shares of Chevron during the second quarter valued at about $973,000. Global Retirement Partners LLC bought a new position in Chevron in the second quarter worth about $14,276,000. Janney Montgomery Scott LLC lifted its holdings in Chevron by 6.8% in the first quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company’s stock worth $258,853,000 after buying an additional 79,439 shares during the period. Finally, Galaxy Digital Inc. bought a new stake in Chevron during the 1st quarter valued at approximately $2,028,000. Institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

CVX has been the subject of several research reports. Dbs Bank raised Chevron to a “moderate buy” rating in a research report on Thursday, August 6th. Wall Street Zen upgraded Chevron from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Wells Fargo & Company upped their price target on Chevron from $226.00 to $230.00 and gave the stock an “overweight” rating in a research note on Thursday, September 3rd. Mizuho set a $224.00 price objective on Chevron in a research report on Monday, August 3rd. Finally, Weiss Ratings upgraded shares of Chevron from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Twenty equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Chevron has an average rating of “Moderate Buy” and an average target price of $211.35.

Chevron Stock Performance

NYSE:CVX traded up $1.49 during mid-day trading on Tuesday, reaching $210.09. The company’s stock had a trading volume of 7,699,366 shares, compared to its average volume of 10,633,124. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71. The firm’s fifty day moving average price is $191.90 and its two-hundred day moving average price is $190.01. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The stock has a market cap of $415.08 billion, a P/E ratio of 20.14, a PEG ratio of 0.61 and a beta of 0.50.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, beating analysts’ consensus estimates of $5.55 by $0.51. The company had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The firm’s revenue for the quarter was up 57.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.77 earnings per share. On average, equities analysts forecast that Chevron Corporation will post 16.51 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be given a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 68.26%.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron plans to double the number of oil rigs it operates in Venezuela as part of a five-year growth strategy. The expansion is intended to lift production in the country toward approximately 600,000 barrels per day, adding potentially significant upstream growth. Chevron to double oil rigs in Venezuela as part of growth plan
• Positive Sentiment: The company’s planned investment of more than $7 billion over five years, including additional acreage in Venezuela’s Carabobo region, gives CVX a new production-growth avenue. Strong cash flow and expected Hess-related synergies could provide financial flexibility for the program. Chevron doubles down on Venezuela with a $7 billion oil bet
• Positive Sentiment: At the Barclays Energy-Power Conference, management highlighted the Venezuela expansion and broader production-growth plans. Analysts and market commentary continue to point to elevated energy prices, solid earnings and Chevron’s integrated business model as support for the shares. Chevron Barclays conference transcript
• Neutral Sentiment: Chevron’s stock has risen sharply and is close to a record high. BMO remains constructive on the company, but investors must determine whether oil prices, earnings growth and operational improvements can justify further gains at current levels. Chevron’s record run isn’t over yet, BMO says
• Negative Sentiment: The Venezuela strategy carries execution, political and sanctions-related risks. The large capital commitment also raises the stakes if production targets are delayed or oil prices weaken, while the recent rally leaves less room for disappointing results. Chevron stock is near a record high

Insider Transactions at Chevron

In related news, insider R. Pate sold 2,470 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total value of $506,621.70. Following the transaction, the insider owned 10,794 shares of the company’s stock, valued at approximately $2,213,957.34. This trade represents a 18.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Michael K. 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 transaction of $63,565,866.00. Following the sale, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at approximately $5,273,701.68. This represents a 92.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 1,152,582 shares of company stock valued at $225,853,661. 0.56% of the stock is owned by company insiders.

Chevron Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.