Chevron Corporation $CVX Shares Sold by Pullen Investment Management LLC

Pullen Investment Management LLC reduced its holdings in shares of Chevron Corporation (NYSE:CVX) by 51.5% during the third quarter, Holdings Channel reports. The fund owned 11,064 shares of the oil and gas company’s stock after selling 11,728 shares during the period. Pullen Investment Management LLC’s holdings in Chevron were worth $2,259,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Midwest Capital Advisors LLC purchased a new stake in shares of Chevron in the 1st quarter valued at $25,000. Main Street Group LTD purchased a new stake in Chevron during the 1st quarter valued at about $28,000. Kilter Group LLC bought a new position in Chevron during the 2nd quarter worth approximately $28,000. Principia Wealth Advisory LLC grew its position in Chevron by 49.6% during the 2nd quarter. Principia Wealth Advisory LLC now owns 181 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 60 shares during the last quarter. Finally, Strategic Wealth Advisors LLC bought a new position in Chevron during the 2nd quarter worth approximately $33,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron reported a “high-quality” natural-gas discovery offshore Egypt. The find could expand the company’s Egyptian resource base and support future production growth, although commercial development details are not yet available. Chevron makes high-quality gas discovery offshore Egypt
• Positive Sentiment: Chevron Australia agreed to supply South32 with 55 petajoules of natural gas over five years beginning in 2028. The long-term contract provides additional visibility for Chevron’s Australian gas business and supports demand from Worsley Alumina operations. Chevron Australian natural gas agreement
• Positive Sentiment: Chevron outlined a proposed $13.8 billion investment through 2035 to expand its Vaca Muerta operations in Argentina, with a goal of tripling oil production from its assets there. The plan offers a long-term production-growth opportunity, though it also requires substantial capital and carries regional execution risk. Chevron Vaca Muerta expansion
• Positive Sentiment: Exchange-traded funds recorded approximately $50.5 million in net buying of CVX on October 23, indicating continued institutional or passive-investment demand. Chevron ETF buying
• Neutral Sentiment: Analysts expect a sharp year-over-year rebound in third-quarter earnings, supported by stronger energy prices. However, the anticipated improvement may already be reflected in CVX’s valuation following its recent rally. Chevron expected earnings rebound
• Negative Sentiment: Investor commentary suggests that, despite attractive dividends and buybacks, CVX may offer less near-term upside after Brent crude rose above $115 and the shares approached their 12-month high. This backdrop can encourage investors to wait for earnings or lock in gains. Chevron dividend and buyback commentary
• Negative Sentiment: The principal near-term risk is the October 30 earnings report: elevated expectations leave less room for an earnings miss, cautious guidance, or weaker production and refining results to be received positively.

Insiders Place Their Bets

In related news, CEO Michael Wirth sold 317,100 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew Walz sold 16,800 shares of the firm’s stock in a transaction on 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 sale, the insider directly owned 14 shares of the company’s stock, valued at $2,814.84. The trade was a 99.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,195,682 shares of company stock valued at $235,619,780 over the last three months. 0.56% of the stock is currently owned by corporate insiders.

Chevron Price Performance

Shares of NYSE:CVX opened at $228.18 on Wednesday. The stock’s 50-day moving average is $211.59 and its 200 day moving average is $192.01. The company has a market cap of $450.84 billion, a PE ratio of 21.88 and a beta of 0.53. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $234.08.

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, topping the consensus estimate of $5.55 by $0.51. The business had revenue of $67.20 billion during the quarter, compared to analysts’ expectations of $62.72 billion. The company’s quarterly revenue was up 57.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.77 EPS. Analysts expect that Chevron Corporation will post 18.20 EPS for the current fiscal year.

Analysts Set New Price Targets

CVX has been the subject of several recent research reports. Dbs Bank upgraded Chevron to a “moderate buy” rating in a research report on Thursday, August 6th. Wall Street Zen upgraded shares of Chevron from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. JPMorgan Chase & Co. lifted their target price on shares of Chevron from $190.00 to $222.00 and gave the stock an “overweight” rating in a research note on Monday, August 3rd. Morgan Stanley lifted their target price on shares of Chevron from $218.00 to $226.00 and gave the stock an “overweight” rating in a research note on Thursday, October 15th. Finally, Wells Fargo & Company upped their price target on shares of Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a report on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average 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.