Chevron Corporation $CVX Shares Sold by Legacy Financial Independent Advisors LLC

Legacy Financial Independent Advisors LLC cut its stake in shares of Chevron Corporation (NYSE:CVX) by 75.2% in the third quarter, Holdings Channel reports. The firm owned 3,678 shares of the oil and gas company’s stock after selling 11,172 shares during the quarter. Legacy Financial Independent Advisors LLC’s holdings in Chevron were worth $751,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of CVX. Blue Capital Inc. acquired a new position in Chevron in the second quarter valued at about $786,000. OneAscent Wealth Management LLC acquired a new stake in shares of Chevron during the second quarter worth about $973,000. Global Retirement Partners LLC acquired a new position in shares of Chevron in the 2nd quarter valued at approximately $14,276,000. Greg Jennings LLC acquired a new position in shares of Chevron in the 3rd quarter valued at approximately $1,314,000. Finally, Ferguson Wellman Capital Management Inc. increased its stake in Chevron by 0.6% during the 3rd 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 in the last quarter. Institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Raymond James Financial dropped their target price on shares of Chevron from $230.00 to $225.00 and set an “outperform” rating on the stock in a report on Tuesday, July 21st. Bank of America raised their price objective on shares of Chevron from $210.00 to $227.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. DZ Bank cut shares of Chevron from a “buy” rating to a “hold” rating and set a $240.00 price objective on the stock. in a research report on Tuesday. Dbs Bank raised shares of Chevron to a “moderate buy” rating in a research note on Thursday, August 6th. Finally, Zacks Research raised shares of Chevron from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $222.04.

Chevron News Roundup

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

Chevron Stock Performance

Shares of CVX opened at $212.92 on Friday. The stock has a market capitalization of $420.68 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 0.51 and a beta of 0.47. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $236.48. The firm has a fifty day simple moving average of $214.66 and a 200 day simple moving average of $194.17. 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 (NYSE:CVX) last issued its quarterly earnings results 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 business earned $1.85 EPS. The company’s revenue was up 36.3% compared to the same quarter last year. Research analysts forecast that Chevron Corporation will post 18.56 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Investors 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 yield of 3.3%. The ex-dividend date is Wednesday, November 18th. Chevron’s dividend payout ratio is 52.08%.

Insider Activity at Chevron

In other Chevron news, insider R. Pate sold 40,700 shares of Chevron 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 completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Wirth sold 317,100 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer owned 26,308 shares in the company, 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 379,470 shares of company stock worth $77,216,415. Company insiders own 0.56% of the company’s stock.

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.