Chevron Corporation $CVX Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp lowered its position in shares of Chevron Corporation (NYSE:CVX) by 1.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,573,234 shares of the oil and gas company’s stock after selling 18,907 shares during the period. Fifth Third Bancorp owned about 0.08% of Chevron worth $321,270,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. State Street Corp raised its position in Chevron by 3.9% in the 2nd quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock valued at $28,016,651,000 after purchasing an additional 5,998,852 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of Chevron in the second quarter valued at about $25,663,729,000. Bank of America Corp DE boosted its stake in shares of 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 during the period. Bank of New York Mellon Corp purchased a new position in shares of Chevron during the second quarter worth about $2,378,114,000. Finally, Amundi raised its stake in Chevron by 14.1% during the 2nd quarter. Amundi now owns 13,900,271 shares of the oil and gas company’s stock valued at $2,304,109,000 after acquiring an additional 1,714,835 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CVX shares. Mizuho set a $234.00 price target on Chevron in a report on Monday, October 12th. Raymond James Financial decreased their price target on Chevron from $230.00 to $225.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 21st. Bank of America boosted their target price on shares of Chevron from $210.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. TD Cowen raised their price objective on shares of Chevron from $215.00 to $225.00 and gave the company a “hold” rating in a research note on Monday, October 12th. Finally, Wells Fargo & Company increased their target price on shares of Chevron from $230.00 to $268.00 and gave the company an “overweight” rating in a report on Monday, November 2nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $221.88.

Insider Activity

In other Chevron news, insider R. Pate sold 40,700 shares of Chevron stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total value of $9,224,655.00. Following the completion of the sale, the insider directly owned 8,791 shares of the company’s stock, valued at approximately $1,992,480.15. The trade was a 82.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Andrew Walz sold 16,800 shares of the 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 transaction, the insider directly owned 14 shares in the company, valued at approximately $2,814.84. This represents a 99.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 379,470 shares of company stock valued at $77,216,415 over the last 90 days. Insiders own 0.56% of the company’s stock.

Chevron Trading Up 0.9%

Shares of Chevron stock opened at $213.21 on Thursday. The business has a 50 day moving average price of $215.23 and a 200 day moving average price of $195.08. The company 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. 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 1 year low of $146.49 and a 1 year high of $236.48.

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

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Investors 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 annualized dividend and a yield of 3.3%. Chevron’s payout ratio is presently 52.08%.

More Chevron News

Here’s some of the latest news about CVX:

• Positive Sentiment: Chevron’s recent third-quarter results reportedly strengthened the earnings outlook, and the company reaffirmed its quarterly dividend. One valuation analysis argues the shares could be substantially undervalued, though that estimate depends on the model’s assumptions. Chevron Could Be 76% Below Fair Value As Q3 Earnings Reset Valuation
• Positive Sentiment: A 25% stake in Chevron’s Namibia offshore license is being sold to QatarEnergy. Sharing exploration costs while retaining control could limit Chevron’s financial exposure and preserve potential upside from a discovery. Chevron Expands Namibia Ties With QatarEnergy Offshore Stake Deal
• Positive Sentiment: Chevron plans to invest $13.8 billion in Argentina’s Vaca Muerta shale region and aims to triple output there by 2035. Applying Permian expertise could support long-term production growth, if the company can manage high costs and pipeline constraints. Can Chevron’s $13.8B Vaca Muerta Bet Fuel Long-Term Growth?

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.