Chevron Corporation $CVX Stock: SVB Wealth LLC Trims Position

SVB Wealth LLC trimmed its holdings in Chevron Corporation (NYSE:CVX) by 8.3% during the third quarter, Holdings Channel reports. The institutional investor owned 45,010 shares of the oil and gas company’s stock after selling 4,069 shares during the period. SVB Wealth LLC’s holdings in Chevron were worth $9,192,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Main Street Group LTD acquired a new position in shares of Chevron during the 1st quarter valued at about $28,000. Kilter Group LLC purchased a new position in shares of Chevron during the 2nd quarter worth about $28,000. Principia Wealth Advisory LLC boosted its position in shares of Chevron by 49.6% in the second 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. Strategic Wealth Advisors LLC acquired a new stake in shares of Chevron in the second quarter worth approximately $33,000. Finally, Burk Holdings LLC acquired a new stake in shares of Chevron in the second quarter worth approximately $42,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Key Headlines Impacting Chevron

These are some of the CVX headlines that stood out recently:

• Positive Sentiment: Chevron’s third-quarter adjusted profit nearly tripled to $10.4 billion. Strong refining margins lifted downstream earnings 333%, and refineries ran at 98% capacity, helping offset a 2.6% decline in production. Coverage also cited record U.S. refinery throughput, strong cash flow and rising estimates. Article: Chevron’s Production Fell. Its Profit Nearly Tripled.
• Positive Sentiment: Chevron plans to restart its Ralston biodiesel facility in Iowa, supported by a feedstock supply agreement with Landus Cooperative. The move could add to its renewable-fuels activity, though the articles provided no financial contribution estimates. Article: Chevron to Restart Ralston Biodiesel Facility in Iowa
• Neutral Sentiment: Chevron has emphasized the importance of maintaining financial strength amid volatile oil prices. Uncertainty about the oil-market outlook could affect results, although the company’s integrated business and strong refining performance offer some diversification. Article: What Exxon, Chevron and Shell Said About Where Oil Goes Next

Chevron Stock Performance

Chevron stock opened at $216.64 on Friday. The stock’s 50-day moving average is $215.33 and its 200-day moving average is $195.33. The company has a market cap of $425.78 billion, a price-to-earnings ratio of 15.85, a price-to-earnings-growth ratio of 0.50 and a beta of 0.47. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.34 and a quick ratio of 1.07. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $236.48.

Chevron (NYSE:CVX) last issued its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.87 by $0.41. Chevron had a return on equity of 14.49% and a net margin of 11.56%. The business had revenue of $65.24 billion during the quarter, compared to analysts’ expectations of $61.82 billion. During the same quarter in the previous year, the business earned $1.85 EPS. The company’s revenue for the quarter was up 36.3% on a year-over-year basis. Equities analysts anticipate that Chevron Corporation will post 18.64 earnings per share for the current year.

Chevron Announces Dividend

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 issued a $1.78 dividend. The ex-dividend date is Wednesday, November 18th. This represents a $7.12 annualized dividend and a yield of 3.3%. Chevron’s dividend payout ratio (DPR) is presently 52.08%.

Insider Activity at Chevron

In other Chevron news, Vice Chairman Mark Nelson sold 112,000 shares of Chevron stock in a transaction that occurred on Tuesday, November 10th. The shares were sold at an average price of $210.48, for a total transaction of $23,573,760.00. Following the transaction, the insider directly owned 11,647 shares of the company’s stock, valued at $2,451,460.56. The trade was a 90.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Andrew Walz sold 16,800 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the sale, the insider owned 14 shares of the company’s stock, valued at approximately $2,814.84. This represents a 99.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 174,370 shares of company stock worth $37,224,309. Company insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CVX. Morgan Stanley boosted their target price on shares of Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a report on Monday, November 2nd. JPMorgan Chase & Co. increased their price target 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. Dbs Bank upgraded shares of Chevron to a “moderate buy” rating in a report on Thursday, August 6th. Weiss Ratings cut shares of Chevron from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, November 2nd. Finally, Sanford C. Bernstein lowered their price objective on shares of Chevron from $248.00 to $233.00 and set a “market perform” rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Chevron currently has a consensus rating of “Moderate Buy” and a consensus price target of $222.81.

About Chevron

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.