Motley Fool Asset Management LLC decreased its position in Chevron Corporation (NYSE:CVX – Free Report) by 6.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 139,190 shares of the oil and gas company’s stock after selling 10,156 shares during the quarter. Chevron accounts for 1.1% of Motley Fool Asset Management LLC’s portfolio, making the stock its 19th largest position. Motley Fool Asset Management LLC’s holdings in Chevron were worth $28,424,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Chevron during the second 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 worth approximately $2,378,114,000. Legal & General Group Plc purchased a new stake in shares of Chevron in the 2nd quarter valued at $1,462,412,000. Deutsche Bank AG purchased a new stake in shares of Chevron in the 2nd quarter valued at $1,189,577,000. Finally, State Street Corp boosted its stake in shares of Chevron by 3.9% in the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.
Key Headlines Impacting Chevron
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Higher oil and natural-gas prices could support a strong quarterly performance. Analysts expect approximately $4.83 in adjusted EPS and $61.65 billion in revenue, while other previews suggest Chevron may beat estimates. Oil Stocks in Spotlight Friday: Chevron, ExxonMobil, BP Could Show Impact of Higher Gas Prices
- Positive Sentiment: Investors will focus on whether the oil-price surge translated into free cash flow and shareholder returns. Chevron’s strong production, Hess integration benefits and improved cash generation are supporting the bullish case. Chevron Hit a Record High. Friday’s Report Has to Show Where the Oil-Spike Cash Went
- Positive Sentiment: TotalEnergies is acquiring a 25% interest in 26 Chevron-operated offshore exploration leases in the U.S. Gulf. The partnership helps share exploration costs while expanding Chevron’s offshore portfolio. TotalEnergies Expands US Exploration Footprint With 26 Offshore Leases
- Neutral Sentiment: Options activity indicates potential for a post-earnings rally, but the stock is already near a record high, raising the bar for a positive surprise. Investors will also assess dividend sustainability and the outlook for oil prices. Ahead of Chevron Earnings, Here’s What Barchart Data Says Comes Next for CVX Stock
- Negative Sentiment: Chevron canceled plans for executives to attend the ADIPEC conference in the United Arab Emirates because of security concerns. The decision is unlikely to materially affect earnings but highlights continuing geopolitical risks to operations and travel. Exxon, Chevron cancel ADIPEC executive trips, sources say
Analysts Set New Price Targets
Several equities analysts recently commented on the stock. William Blair started coverage on shares of Chevron in a report on Wednesday. They set an “outperform” rating on the stock. Zacks Research raised shares of Chevron from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. Morgan Stanley upped their price target on shares of Chevron from $218.00 to $226.00 and gave the company an “overweight” rating in a research report on Thursday, October 15th. Weiss Ratings raised Chevron from a “buy (b)” rating to a “buy (b+)” rating in a research note on Friday, October 16th. Finally, Argus raised their price objective on Chevron from $206.00 to $211.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $213.96.
Read Our Latest Stock Report on CVX
Chevron Stock Performance
Chevron stock opened at $231.32 on Friday. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The firm has a market cap of $457.03 billion, a P/E ratio of 22.18, a P/E/G ratio of 0.54 and a beta of 0.53. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $234.08. The firm has a 50-day moving average of $212.56 and a 200-day moving average of $192.70.
Chevron (NYSE:CVX – Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.55 by $0.51. The company had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%. Chevron’s revenue was up 57.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.77 EPS. Sell-side analysts expect that Chevron Corporation will post 18.20 EPS for the current year.
Insiders Place Their Bets
In other news, Director John Hess sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the transaction, the director directly owned 178,045 shares of the company’s stock, valued at approximately $34,587,021.70. The trade was a 35.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value 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 position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,195,682 shares of company stock valued at $235,619,780 in the last 90 days. 0.56% of the stock is owned by corporate insiders.
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.
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