Chevron Corporation $CVX Stock Holdings Cut by Machina Capital S.A.S.

Machina Capital S.A.S. lessened its holdings in Chevron Corporation (NYSE:CVX) by 11.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 42,026 shares of the oil and gas company’s stock after selling 5,351 shares during the period. Chevron accounts for about 1.1% of Machina Capital S.A.S.’s investment portfolio, making the stock its 5th biggest holding. Machina Capital S.A.S.’s holdings in Chevron were worth $8,582,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CVX. State Street Corp lifted its stake in shares of Chevron by 3.9% in the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock worth $28,016,651,000 after buying an additional 5,998,852 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Chevron in the 2nd quarter worth approximately $25,663,729,000. Bank of America Corp DE boosted its stake in Chevron by 5.1% during the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock worth $5,716,694,000 after buying an additional 1,334,976 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Chevron during the 2nd quarter valued at about $2,378,114,000. Finally, Amundi boosted its holdings in Chevron by 14.1% during the second quarter. Amundi now owns 13,900,271 shares of the oil and gas company’s stock valued at $2,304,109,000 after purchasing an additional 1,714,835 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on CVX. Jefferies Financial Group lifted their price objective on Chevron from $216.00 to $233.00 and gave the company a “buy” rating in a report on Monday, August 17th. Royal Bank Of Canada upped their price target on shares of Chevron from $220.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, September 24th. Morgan Stanley increased their price objective on Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a research report on Monday, November 2nd. UBS Group raised their target price on shares of Chevron from $235.00 to $265.00 and gave the company a “buy” rating in a research note on Monday, November 2nd. Finally, Dbs Bank raised Chevron to a “moderate buy” rating in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and an average price target of $221.88.

Chevron Stock Up 0.9%

CVX stock opened at $213.21 on Thursday. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $236.48. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.34 and a quick ratio of 1.07. The business has a 50-day moving average of $215.23 and a 200-day moving average of $195.08. The stock has a market capitalization of $419.05 billion, a P/E ratio of 15.60, a P/E/G ratio of 0.49 and a beta of 0.47.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.87 by $0.41. Chevron had a net margin of 11.56% and a return on equity of 14.49%. The company had revenue of $65.24 billion for the quarter, compared to the consensus estimate of $61.82 billion. During the same period last year, the company earned $1.85 earnings per share. The firm’s revenue was up 36.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Chevron Corporation will post 18.64 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders 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 (DPR) is currently 52.08%.

Insider Activity at Chevron

In related news, CEO Michael Wirth sold 317,100 shares of the business’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 transaction, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $5,273,701.68. The trade was a 92.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R. Pate sold 40,700 shares of the business’s stock in a transaction dated 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 owned 8,791 shares in the company, valued at $1,992,480.15. This represents a 82.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 379,470 shares of company stock valued at $77,216,415. 0.56% of the stock is owned by corporate insiders.

Latest Chevron News

Investors following CVX have been watching these news items:

• Neutral Sentiment: Dividend coverage highlights Chevron’s long record of annual increases—39 consecutive years—and its reaffirmed payout. That history may appeal to income investors, though comparisons with other dividend stocks do not by themselves indicate near-term earnings or share-price direction. Exxon vs. Chevron: Which Oil Dividend Wins the Next Decade?
• Negative Sentiment: Oil futures fell to their lowest level since August after comments that the Iran conflict was effectively over. Lower crude prices can weigh on energy-sector earnings expectations, although the report notes there was no confirmed deal and Iran denied talks. Oil Prices Just Fell to Their Lowest Since August
• Negative Sentiment: Chevron’s plans to expand Venezuelan production offer potential growth, but the article flags political and investment uncertainty; ExxonMobil’s caution underscores the risks of committing capital in the country. Chevron Is Doubling Venezuela Production. ExxonMobil Says It’s Not in a Rush.

Chevron 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.