Chevron Corporation $CVX Stock: Legacy Financial Independent Advisors LLC Cuts Stake

Legacy Financial Independent Advisors LLC decreased its stake in Chevron Corporation (NYSE:CVX) by 75.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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.

Other large investors have also recently bought and sold shares of the company. Main Street Group LTD bought a new position in shares of Chevron during the first quarter valued at $28,000. Kilter Group LLC acquired a new stake in shares of Chevron during the second quarter worth approximately $28,000. Principia Wealth Advisory LLC increased its holdings in shares of Chevron by 49.6% during the second quarter. Principia Wealth Advisory LLC now owns 181 shares of the oil and gas company’s stock worth $30,000 after buying an additional 60 shares in the last quarter. Financial Connections Group Inc. raised its stake in shares of Chevron by 129.3% in the first quarter. Financial Connections Group Inc. now owns 211 shares of the oil and gas company’s stock valued at $43,000 after acquiring an additional 119 shares during the last quarter. Finally, Legacy Wealth Managment LLC ID raised its stake in shares of Chevron by 81.8% in the first quarter. Legacy Wealth Managment LLC ID now owns 220 shares of the oil and gas company’s stock valued at $46,000 after acquiring an additional 99 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron News Summary

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 Trading Down 1.9%

Shares of NYSE CVX opened at $212.92 on Friday. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $236.48. The company has a 50-day moving average of $214.66 and a two-hundred day moving average of $194.17. The company has a market cap 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 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 released its quarterly earnings results on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, beating the consensus estimate of $4.87 by $0.41. The business had revenue of $65.24 billion for the quarter, compared to analysts’ expectations of $61.82 billion. Chevron had a net margin of 11.56% and a return on equity of 14.64%. Chevron’s revenue was up 36.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.85 earnings per share. As a group, equities analysts expect that Chevron Corporation will post 18.56 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

Wall Street Analysts Forecast Growth

CVX has been the topic of several recent analyst reports. William Blair started coverage on Chevron in a report on Wednesday, October 28th. They issued an “outperform” rating on the stock. Wells Fargo & Company raised their price target on Chevron from $230.00 to $268.00 and gave the company an “overweight” rating in a report on Monday. Royal Bank Of Canada lifted their price objective on Chevron from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, September 24th. Sanford C. Bernstein boosted their price objective on Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. Finally, DZ Bank cut Chevron from a “buy” rating to a “hold” rating and set a $240.00 target price on the stock. in a report on Tuesday. 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 issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $222.04.

Insiders Place Their Bets

In other news, CEO Michael K. Wirth sold 317,100 shares of Chevron stock in a transaction on 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 completion of the sale, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at approximately $5,273,701.68. This trade represents a 92.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew Walz sold 16,800 shares of the business’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $201.06, for a total value of $3,377,808.00. Following the sale, the insider owned 14 shares of the company’s stock, valued at approximately $2,814.84. The trade was a 99.92% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 379,470 shares of company stock valued at $77,216,415. 0.56% of the stock is currently owned by corporate insiders.

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.