Chevron Corporation $CVX Stock Holdings Lowered by Monte Financial Group LLC

Monte Financial Group LLC decreased its position in shares of Chevron Corporation (NYSE:CVX) by 10.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,102 shares of the oil and gas company’s stock after selling 3,908 shares during the period. Chevron makes up about 2.4% of Monte Financial Group LLC’s investment portfolio, making the stock its 11th largest position. Monte Financial Group LLC’s holdings in Chevron were worth $7,168,000 at the end of the most recent reporting period.

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

Trending Headlines about Chevron

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

Analysts Set New Price Targets

Several research analysts recently issued reports on CVX shares. HSBC set a $90.00 target price on Chevron in a research report on Friday, September 25th. Raymond James Financial decreased their target price on shares of Chevron from $230.00 to $225.00 and set an “outperform” rating for the company in a research report on Tuesday, July 21st. Zacks Research upgraded shares of Chevron from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 5th. Dbs Bank upgraded Chevron to a “moderate buy” rating in a research report on Thursday, August 6th. Finally, BNP Paribas Exane reduced their price objective on shares of Chevron from $230.00 to $224.00 and set an “outperform” rating for the company in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and a consensus price target of $222.04.

Chevron Trading Down 1.9%

Shares of Chevron stock opened at $212.92 on Friday. 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 Corporation has a twelve month low of $146.49 and a twelve month high of $236.48. The firm has a market capitalization of $420.68 billion, a PE ratio of 15.58, a P/E/G ratio of 0.51 and a beta of 0.47. The firm’s 50-day moving average price is $214.66 and its 200 day moving average price is $194.17.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, topping the consensus estimate of $4.87 by $0.41. Chevron had a return on equity of 14.64% and a net margin of 11.56%. The company had revenue of $65.24 billion during the quarter, compared to analyst estimates of $61.82 billion. During the same period in the previous year, the business earned $1.85 EPS. Chevron’s quarterly revenue was up 36.3% on a year-over-year basis. On average, sell-side analysts predict that Chevron Corporation will post 18.56 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Wednesday, November 18th will be paid a $1.78 dividend. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.3%. Chevron’s payout ratio is currently 52.08%.

Insider Transactions at Chevron

In related news, 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 completion of the sale, the insider directly owned 14 shares in the company, valued at approximately $2,814.84. The trade was a 99.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Wirth sold 317,100 shares of the stock in a transaction on Friday, August 14th. The shares were sold at an average price of $200.46, for a total value of $63,565,866.00. Following the completion of the transaction, the chief executive officer directly owned 26,308 shares of the company’s stock, 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. Insiders have sold 379,470 shares of company stock valued at $77,216,415 over the last ninety days. 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.