Sowell Financial Services LLC lowered its holdings in Chevron Corporation (NYSE:CVX – Free Report) by 4.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 70,210 shares of the oil and gas company’s stock after selling 3,012 shares during the quarter. Sowell Financial Services LLC’s holdings in Chevron were worth $14,338,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. City State Bank raised its position in shares of Chevron by 2.7% during the third quarter. City State Bank now owns 6,512 shares of the oil and gas company’s stock valued at $1,330,000 after buying an additional 172 shares during the last quarter. Atticus Wealth Management LLC lifted its stake in shares of Chevron by 44.5% in the third quarter. Atticus Wealth Management LLC now owns 6,936 shares of the oil and gas company’s stock valued at $1,416,000 after buying an additional 2,137 shares during the period. Quadrant Capital Group LLC lifted its stake in shares of Chevron by 1.7% in the third quarter. Quadrant Capital Group LLC now owns 48,187 shares of the oil and gas company’s stock valued at $10,492,000 after buying an additional 784 shares during the period. Bell Bank grew its position in Chevron by 0.5% during the third quarter. Bell Bank now owns 84,647 shares of the oil and gas company’s stock worth $17,286,000 after buying an additional 380 shares in the last quarter. Finally, Newman Dignan & Sheerar Inc. grew its position in Chevron by 1.2% during the third quarter. Newman Dignan & Sheerar Inc. now owns 15,681 shares of the oil and gas company’s stock worth $3,202,000 after buying an additional 192 shares in the last quarter. 72.42% of the stock is owned by institutional investors.
Chevron News Summary
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Chevron is considering a sale of approximately $1 billion in mature U.S. Gulf of Mexico oil and gas assets. Divesting older properties could streamline operations, unlock cash and redirect capital toward newer offshore projects and long-term production growth. Chevron Eyes $1B Gulf Asset Sale to Focus on Growth Projects
- Positive Sentiment: Bank of America raised its Chevron price target to $252 from $227, adding support to investor confidence in the company’s earnings and cash-flow potential. Chevron price target raised at BofA
- Positive Sentiment: Analysts highlight CVX as a potential beneficiary of the oil rally, citing production growth, disciplined capital spending, diversified operations and a dividend supported by recurring cash flow. Oil Prices Climb: Energy Stocks Poised to Benefit
- Neutral Sentiment: Chevron’s leadership changes, including a new chief financial officer, and upcoming production and earnings updates give investors additional information to assess execution and whether higher commodity prices are translating into stronger results. Chevron’s new CFO among four executive changes
- Negative Sentiment: Director R. Pate sold 43,100 shares worth roughly $9.8 million. The transactions were made under a pre-arranged Rule 10b5-1 plan, reducing their value as a bearish signal, but the substantial reduction in ownership may weigh modestly on sentiment. Chevron insider trading filing
Insider Buying and Selling at Chevron
Analysts Set New Price Targets
Several equities analysts recently issued reports on the company. Morgan Stanley boosted their price target on Chevron from $218.00 to $226.00 and gave the company an “overweight” rating in a research note on Thursday, October 15th. Wells Fargo & Company raised their price objective on Chevron from $226.00 to $230.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. Argus lifted their price objective on Chevron from $206.00 to $211.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. Mizuho set a $234.00 price objective on Chevron in a report on Monday, October 12th. Finally, Raymond James Financial lowered their price objective on Chevron from $230.00 to $225.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $213.96.
Check Out Our Latest Stock Analysis on CVX
Chevron Trading Down 0.1%
Shares of CVX stock opened at $226.65 on Friday. The firm has a fifty day moving average of $209.95 and a 200-day moving average of $194.11. The stock has a market cap of $447.80 billion, a price-to-earnings ratio of 21.73, a P/E/G ratio of 0.54 and a beta of 0.53. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $229.04. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25.
Chevron (NYSE:CVX – Get Free Report) last issued its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, beating the consensus estimate 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%. The firm’s revenue was up 57.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.77 EPS. On average, equities research analysts forecast that Chevron Corporation will post 18.12 earnings per share for the current fiscal year.
Chevron Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were given a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Wednesday, August 19th. Chevron’s dividend payout ratio is 68.26%.
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.
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