Chevron Corporation $CVX Stock Bought by Parallel Advisors LLC

Parallel Advisors LLC lifted its stake in shares of Chevron Corporation (NYSE:CVX) by 8.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 120,882 shares of the oil and gas company’s stock after acquiring an additional 9,090 shares during the quarter. Parallel Advisors LLC’s holdings in Chevron were worth $24,685,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. bought a new position in Chevron during the 2nd quarter worth approximately $25,663,729,000. Bank of New York Mellon Corp bought a new stake in shares of Chevron in the 2nd quarter valued at $2,378,114,000. Legal & General Group Plc bought a new stake in shares of Chevron in the 2nd quarter valued at $1,462,412,000. Deutsche Bank AG acquired a new stake in shares of Chevron during the second quarter worth $1,189,577,000. Finally, State Street Corp increased its position in shares of 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 buying an additional 5,998,852 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was upgraded by Freedom Broker from “sell” to “hold,” with a $218 price target. The change signals less bearishness, though the target implies only modest upside from the cited share price. Freedom Broker rating
• Positive Sentiment: Natural-gas production topped 9 billion cubic feet per day in the third quarter, supported by operations in Australia and the Eastern Mediterranean. Record output could strengthen Chevron’s position in the liquefied natural gas market, despite operational disruptions. Zacks article on gas production
• Positive Sentiment: Recent coverage points to record cash flow and a run of earnings beats as reasons to consider CVX for the long term. Chevron’s latest reported quarter also exceeded analyst expectations for earnings and revenue, supporting the fundamental case. 247WallSt analysis
• Neutral Sentiment: An executive reported selling 24,439 shares in an option exercise-and-sale transaction. The report alone does not establish a change in the company’s outlook. Insider transaction report
• Negative Sentiment: Coverage says a post-election political shift sent oil prices lower, dragging energy stocks, including Chevron. A separate analyst downgrade also contributed to reported share-price pressure, highlighting sensitivity to oil-market expectations and cautious ratings. Report on analyst downgrade

Insiders Place Their Bets

In other news, CEO Michael K. Wirth sold 317,100 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the transaction, the chief executive officer owned 26,308 shares in the company, valued at approximately $5,273,701.68. This represents a 92.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew Walz sold 16,800 shares of the stock in a transaction dated 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 transaction, the insider directly owned 14 shares in the company, valued at $2,814.84. This trade represents a 99.92% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 379,470 shares of company stock worth $77,216,415. 0.56% of the stock is currently owned by company insiders.

Chevron Trading Down 0.1%

Shares of Chevron stock traded down $0.27 on Friday, reaching $212.66. 8,080,978 shares of the company’s stock were exchanged, compared to its average volume of 7,613,494. The company has a market capitalization of $420.17 billion, a P/E ratio of 15.56, a price-to-earnings-growth ratio of 0.54 and a beta of 0.47. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $236.48. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The firm’s 50-day moving average is $214.91 and its two-hundred day moving average is $194.40.

Chevron (NYSE:CVX) last released its quarterly earnings data 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. Chevron had a net margin of 11.56% and a return on equity of 14.64%. The company had revenue of $65.24 billion during the quarter, compared to analyst estimates of $61.82 billion. During the same quarter in the previous year, the business posted $1.85 EPS. Chevron’s revenue for the quarter was up 36.3% compared to the same quarter last year. Sell-side analysts predict that Chevron Corporation will post 18.56 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Wall Street Analyst Weigh In

CVX has been the subject of a number of analyst reports. Argus lifted their target price on shares of Chevron from $206.00 to $211.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. Raymond James Financial cut their price target on shares of Chevron from $230.00 to $225.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 21st. William Blair started coverage on Chevron in a report on Wednesday, October 28th. They set an “outperform” rating for the company. Jefferies Financial Group lifted their price objective on Chevron from $216.00 to $233.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. Finally, UBS Group boosted their price objective on Chevron from $235.00 to $265.00 and gave the company a “buy” rating in a research note on Monday, November 2nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Chevron presently has an average rating of “Moderate Buy” and an average target price of $221.88.

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.