Apeiron RIA LLC Trims Position in Chevron Corporation $CVX

Apeiron RIA LLC lowered its holdings in shares of Chevron Corporation (NYSE:CVX) by 67.5% in the 3rd quarter, Holdings Channel.com reports. The fund owned 2,539 shares of the oil and gas company’s stock after selling 5,282 shares during the period. Apeiron RIA LLC’s holdings in Chevron were worth $526,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. BlackRock Inc. bought a new position in Chevron during the 2nd quarter worth $25,663,729,000. Bank of New York Mellon Corp bought a new position in shares of Chevron during the second quarter worth about $2,378,114,000. Legal & General Group Plc acquired a new position in shares of Chevron in the second quarter worth approximately $1,462,412,000. Berkshire Hathaway Inc boosted its holdings in Chevron by 6.6% in the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock valued at $19,837,131,000 after acquiring an additional 8,091,570 shares during the last quarter. Finally, Deutsche Bank AG acquired a new stake in Chevron during the 2nd quarter valued at approximately $1,189,577,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insiders Place Their Bets

In other news, Director John Hess sold 100,000 shares of Chevron stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $194.26, for a total value of $19,426,000.00. Following the transaction, the director directly owned 178,045 shares in the company, valued at approximately $34,587,021.70. The trade was a 35.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael Wirth sold 317,100 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $200.46, for a total value of $63,565,866.00. Following the transaction, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at $5,273,701.68. This represents a 92.34% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 1,152,582 shares of company stock valued at $225,853,661. 0.56% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. The Goldman Sachs Group dropped their price target on shares of Chevron from $240.00 to $228.00 and set a “buy” rating on the stock in a research report on Tuesday, September 22nd. Argus upped their price target on shares of Chevron from $206.00 to $211.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. Zacks Research raised Chevron from a “hold” rating to a “strong-buy” rating in a research report on Monday. Bank of America raised their target price on Chevron from $210.00 to $227.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Finally, Jefferies Financial Group boosted their price target on Chevron from $216.00 to $233.00 and gave the company a “buy” rating in a research note on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $210.24.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Bakken restructuring could improve returns: Chevron is transferring its Hess Midstream interests and DJ Basin midstream assets in exchange for revised Bakken agreements. The deal is expected to cut Chevron’s Bakken midstream costs by roughly 50%, remove associated debt exposure and extend contracts through 2045. Analysts say the changes could strengthen cash flow and return on capital, despite an estimated $3 billion-$4 billion closing loss. Chevron’s Portfolio Reshaping Strategy to Unlock Stronger Returns
• Positive Sentiment: Bullish analyst sentiment: Zacks upgraded Chevron to “Strong Buy” and highlighted the company as its Bull of the Day, citing cash generation, rising estimates and shareholder returns. A separate outlook places a potential price target near $225. Chevron highlighted as Zacks Bull of the Day
• Positive Sentiment: Tight fuel markets support oil prices: Chevron CEO Mike Wirth said global oil and fuel inventories have become dangerously thin, particularly ahead of winter. The supply concerns and ongoing geopolitical volatility may support crude prices and energy-sector earnings. Chevron CEO issues warning on depleting oil reserves
• Neutral Sentiment: Gulf operations curtailed by storm: Chevron has shut in four operated Gulf of Mexico facilities and moved some personnel ashore, while five other facilities reportedly continue producing. Industrywide, roughly 512,000 barrels per day of Gulf output had been temporarily shut in. The disruption could support fuel prices, but it also reduces Chevron’s near-term production. Chevron Shuts In Four Gulf Facilities as Hurricane Isaias Nears
• Negative Sentiment: Transaction charge and execution risk: The Hess Midstream restructuring involves a substantial upfront accounting loss, while lower drilling activity in the Bakken could reduce throughput. Investors will weigh the near-term hit against the expected long-term cost savings. Chevron Is Offloading Hess Midstream and Taking a $3 Billion to $4 Billion Hit
• Negative Sentiment: Diesel export-policy uncertainty: Wirth warned that a U.S. diesel export ban would remove supply from global markets and worsen the energy crisis. Although the comments support Chevron’s position, any new restrictions could disrupt refining markets and increase policy risk. Chevron CEO warns against diesel export ban

Chevron Stock Performance

Shares of Chevron stock traded up $6.23 on Thursday, reaching $211.38. The stock had a trading volume of 3,621,403 shares, compared to its average volume of 10,479,264. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The business’s 50-day moving average price is $203.83 and its two-hundred day moving average price is $192.87. The stock has a market cap of $417.64 billion, a P/E ratio of 20.24, a price-to-earnings-growth ratio of 0.58 and a beta of 0.53. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $217.78.

Chevron (NYSE:CVX) last posted its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.55 by $0.51. The business had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. Chevron’s revenue was up 57.4% compared to the same quarter last year. During the same period last year, the business posted $1.77 EPS. On average, sell-side analysts forecast that Chevron Corporation will post 17.47 EPS for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were given a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Wednesday, August 19th. Chevron’s dividend payout ratio (DPR) is currently 68.26%.

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.