Chevron Corporation $CVX Stock: Sowell Financial Services LLC Lowers Holdings

Sowell Financial Services LLC trimmed its position in Chevron Corporation (NYSE:CVX) by 4.1% in the third quarter, according to its most recent filing with the SEC. The fund owned 70,210 shares of the oil and gas company’s stock after selling 3,012 shares during the period. Sowell Financial Services LLC’s holdings in Chevron were worth $14,338,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. State Street Corp increased its holdings in Chevron by 3.9% in the second 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 period. BlackRock Inc. bought a new position in Chevron during the 2nd quarter worth $25,663,729,000. Bank of America Corp DE raised its position in Chevron by 5.1% during the 1st 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 purchasing an additional 1,334,976 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Chevron during the 2nd quarter worth $2,378,114,000. Finally, Amundi lifted its holdings in Chevron by 14.1% during the 2nd quarter. Amundi now owns 13,900,271 shares of the oil and gas company’s stock worth $2,304,109,000 after buying an additional 1,714,835 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Higher oil prices and potential earnings beat: Crude prices have strengthened Chevron’s earnings outlook, with analysts expecting the company to outperform third-quarter estimates when it reports on October 30. Investors will focus on production growth, cash flow, dividends and buybacks. 3 Energy Stocks Poised to Outshine Earnings Estimates in Q3
• Positive Sentiment: Production and Hess synergies are supporting cash flow: Ariel Investments highlighted Chevron’s strong production, benefits from its Hess acquisition and improving cash generation as reasons for the stock’s gains. The comments reinforce the view that Chevron’s scale and integration efforts can improve shareholder returns. Chevron Corporation Gains on Strong Production, Hess Synergies, and Higher Cash Flow
• Positive Sentiment: Expansion of offshore and international opportunities: TotalEnergies agreed to acquire a 25% interest in 26 Chevron-operated U.S. offshore exploration leases, while Chevron will take a 75% operated interest in two adjacent leases. Chevron also reportedly made a high-quality offshore gas discovery in Egypt and is positioned to participate in a 2027 Indian LPG supply tender. These developments could expand its long-term production portfolio. TotalEnergies Enters Chevron-Operated Offshore Exploration Blocks
• Neutral Sentiment: Long-term gas contract adds revenue visibility: Chevron Australia will supply South32 with 55 petajoules of natural gas over five years beginning in 2028, supporting a more predictable future revenue stream, though the financial benefit is several years away. Chevron’s Australian Business Signs Long-Term Natural Gas Deal
• Negative Sentiment: Valuation and oil-price risk are rising: After a roughly 145% five-year advance and a strong recent run, valuation analyses question whether Chevron’s current market value assumes persistently high oil prices. A disappointment in crude prices or earnings could therefore trigger profit-taking. Chevron Earnings Preview

Analyst Upgrades and Downgrades

A number of research firms have commented on CVX. Jefferies Financial Group upped their price target on Chevron from $216.00 to $233.00 and gave the company a “buy” rating in a research report on Monday, August 17th. Sanford C. Bernstein increased their price target on Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a research note on Monday, August 3rd. Barclays lowered their price objective on Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a research report on Monday, August 17th. Weiss Ratings raised Chevron from a “buy (b)” rating to a “buy (b+)” rating in a research note on Friday, October 16th. Finally, BMO Capital Markets upped their target price on Chevron from $210.00 to $235.00 and gave the company an “outperform” rating in a report on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $213.96.

Chevron Price Performance

Shares of NYSE CVX opened at $228.88 on Thursday. The company has a market capitalization of $452.22 billion, a PE ratio of 21.94, a P/E/G ratio of 0.55 and a beta of 0.53. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $234.08. The firm has a fifty day simple moving average of $212.05 and a 200 day simple moving average of $192.35.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating analysts’ consensus estimates of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business had revenue of $67.20 billion for the quarter, compared to analysts’ expectations of $62.72 billion. During the same quarter in the prior year, the firm posted $1.77 earnings per share. The business’s quarterly revenue was up 57.4% compared to the same quarter last year. On average, sell-side analysts forecast that Chevron Corporation will post 18.20 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Michael Wirth sold 317,100 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $200.46, for a total value of $63,565,866.00. Following the transaction, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at $5,273,701.68. The trade was a 92.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider R. Pate sold 40,700 shares of the company’s stock in a transaction dated 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 sale, the insider owned 8,791 shares in the company, valued at approximately $1,992,480.15. The trade was a 82.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,195,682 shares of company stock valued at $235,619,780 over the last 90 days. 0.56% of the stock is owned by company insiders.

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.