Chevron Corporation $CVX Shares Bought by Farther Finance Advisors LLC

Farther Finance Advisors LLC lifted its stake in shares of Chevron Corporation (NYSE:CVX) by 11.6% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 165,398 shares of the oil and gas company’s stock after acquiring an additional 17,179 shares during the period. Farther Finance Advisors LLC’s holdings in Chevron were worth $34,286,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. State Street Corp boosted its position 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 period. BlackRock Inc. bought a new position in shares of Chevron in the second quarter valued at approximately $25,663,729,000. Berkshire Hathaway Inc lifted its stake in shares of Chevron by 6.6% in the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock worth $19,837,131,000 after buying an additional 8,091,570 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Chevron by 5.1% in 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 last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Chevron by 1.5% during the 4th quarter. Invesco Ltd. now owns 17,119,575 shares of the oil and gas company’s stock worth $2,609,194,000 after buying an additional 254,323 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Higher oil prices are the primary catalyst. Crude oil moved above $92.60 amid concerns that Middle East tensions could disrupt supply, supporting expectations for stronger upstream cash flow and profits at Chevron. UBS also raised its price target to $235. Why Is Chevron Stock Surging on Thursday?
• Positive Sentiment: Chevron’s Hess Midstream restructuring could improve Bakken economics. The company is transferring its Hess Midstream interests and DJ Basin assets in exchange for revised contracts, a $200 million cash payment and an expected roughly 50% reduction in Bakken midstream costs. The transaction is also expected to eliminate or simplify about $3.7 billion of associated debt, potentially improving returns and reducing balance-sheet complexity. Chevron’s Portfolio Reshaping Strategy to Unlock Stronger Returns
• Positive Sentiment: Market commentary highlighted Chevron’s cash generation, shareholder returns and portfolio optimization, while Zacks upgraded the stock from “hold” to “strong buy.” Chevron highlighted as Zacks Bull of the Day
• Neutral Sentiment: Storm-related Gulf of Mexico shutdowns could tighten fuel markets and support prices, but they also temporarily reduce Chevron’s production and create operational risk. Chevron shut in four operated facilities while keeping five others producing normally as Tropical Storm Isaias approached. Chevron Shuts In Four Gulf Facilities as Hurricane Isaias Nears
• Negative Sentiment: The Hess Midstream transaction is expected to produce a $3 billion–$4 billion closing loss, creating a near-term earnings and valuation headwind even though management expects longer-term cost benefits. Chevron Is Offloading Hess Midstream and Taking a $3 Billion to $4 Billion Hit

Insider Activity

In other Chevron news, Director John Hess sold 710,665 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $194.10, for a total value of $137,940,076.50. Following the transaction, the director directly owned 363,711 shares in the company, valued at $70,596,305.10. The trade was a 66.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Andrew Walz sold 16,800 shares of the company’s 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 sale, the insider directly owned 14 shares in the company, valued at $2,814.84. This represents a 99.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 1,152,582 shares of company stock valued at $225,853,661. Company insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Wolfe Research upgraded shares of Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 target price on the stock in a report on Thursday, July 2nd. Argus raised their price target on Chevron from $206.00 to $211.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. Morgan Stanley boosted their price objective on Chevron from $210.00 to $218.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. Barclays decreased their target price on Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a research note on Monday, August 17th. Finally, Jefferies Financial Group lifted their price target on Chevron from $216.00 to $233.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $210.24.

Chevron Price Performance

NYSE CVX traded up $6.41 on Thursday, reaching $211.56. The company’s stock had a trading volume of 7,620,438 shares, compared to its average volume of 10,502,368. The firm has a market cap of $418.00 billion, a PE ratio of 20.28, a price-to-earnings-growth ratio of 0.58 and a beta of 0.53. The business has a 50-day moving average price of $203.83 and a 200 day moving average price of $192.87. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $217.78. 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 issued its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. The business had revenue of $67.20 billion during the quarter, compared to analysts’ expectations of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.Chevron’s quarterly revenue was up 57.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.77 EPS. Sell-side analysts expect that Chevron Corporation will post 17.47 EPS for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Wednesday, August 19th. Chevron’s dividend payout ratio (DPR) is currently 68.26%.

About Chevron

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.