Chevron Corporation $CVX Stock Sold by SVB Wealth LLC

SVB Wealth LLC cut its stake in Chevron Corporation (NYSE:CVX) by 8.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. 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 reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Chevron in the 2nd quarter worth approximately $25,663,729,000. Bank of New York Mellon Corp purchased a new position in Chevron in the 2nd quarter valued at approximately $2,378,114,000. Legal & General Group Plc purchased a new position in Chevron in the 2nd quarter valued at approximately $1,462,412,000. Deutsche Bank AG purchased a new position in Chevron in the 2nd quarter valued at approximately $1,189,577,000. Finally, State Street Corp raised its holdings in Chevron by 3.9% during 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 last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Chevron

In related news, insider R. Pate sold 40,700 shares of the company’s stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the transaction, the insider owned 8,791 shares of the company’s stock, valued at approximately $1,992,480.15. This represents a 82.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Vice Chairman Mark A. Nelson sold 112,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $210.48, for a total transaction of $23,573,760.00. Following the sale, the insider owned 11,647 shares in the company, valued at approximately $2,451,460.56. This trade represents a 90.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 174,370 shares of company stock worth $37,224,309 over the last ninety days. 0.56% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on CVX shares. Wells Fargo & Company boosted their target price on Chevron from $230.00 to $268.00 and gave the stock an “overweight” rating in a research report on Monday, November 2nd. JPMorgan Chase & Co. raised their price target on Chevron from $190.00 to $222.00 and gave the company an “overweight” rating in a research report on Monday, August 3rd. Barclays raised their price target on Chevron from $208.00 to $244.00 and gave the company an “equal weight” rating in a research report on Monday, November 2nd. Mizuho set a $234.00 price target on Chevron in a research note on Monday, October 12th. Finally, William Blair started coverage on shares of Chevron in a research report on Wednesday, October 28th. They issued an “outperform” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $222.81.

More Chevron News

These are some of the CVX news items that stood out recently:

• 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
• Negative Sentiment: Sanford C. Bernstein cut its price target to $233 from $248 and maintained a “market perform” rating, signaling less upside in its updated view. Article: Bernstein Lowers Chevron Price Target
• Negative Sentiment: Vice Chairman Mark Nelson sold 112,000 shares for about $23.6 million, reducing his direct holdings by 90.6%. Insider sales can draw investor attention, though the transaction alone does not establish the seller’s motivation. SEC Form 4 filing

Chevron Stock Up 1.6%

CVX opened at $216.64 on Friday. The firm has a market cap of $425.78 billion, a P/E ratio of 15.85, a PEG ratio of 0.50 and a beta of 0.47. The business’s fifty day simple moving average is $215.33 and its 200 day simple moving average is $195.33. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $236.48. The company has a quick ratio of 1.07, a current ratio of 1.34 and a debt-to-equity ratio of 0.16.

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

Chevron Announces Dividend

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 issued a dividend of $1.78 per share. The ex-dividend date 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 52.08%.

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.