Chevron Corporation $CVX Stock Acquired by Eurizon Capital SGR S.p.A.

Eurizon Capital SGR S.p.A. boosted its stake in shares of Chevron Corporation (NYSE:CVX) by 69.0% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 812,021 shares of the oil and gas company’s stock after buying an additional 331,621 shares during the period. Eurizon Capital SGR S.p.A.’s holdings in Chevron were worth $165,902,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. State Street Corp boosted its holdings in shares of 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 buying an additional 5,998,852 shares during the period. BlackRock Inc. bought a new stake in shares of Chevron during the second quarter worth $25,663,729,000. Bank of America Corp DE increased its position in shares of Chevron by 5.1% during 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 acquiring an additional 1,334,976 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Chevron during the second quarter worth $2,378,114,000. Finally, Amundi raised its holdings in shares of Chevron by 14.1% during the second quarter. Amundi now owns 13,900,271 shares of the oil and gas company’s stock worth $2,304,109,000 after acquiring an additional 1,714,835 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Chevron

In other news, insider R. Pate sold 40,700 shares of the firm’s stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the completion of the sale, the insider owned 8,791 shares in the company, valued at approximately $1,992,480.15. This trade represents a 82.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Vice Chairman Mark Nelson sold 112,000 shares of the business’s stock in a transaction on Tuesday, November 10th. The shares were sold at an average price of $210.48, for a total value of $23,573,760.00. Following the completion of the sale, the insider owned 11,647 shares of the company’s stock, valued at $2,451,460.56. This trade represents a 90.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 174,370 shares of company stock worth $37,224,309. 0.56% of the stock is owned by company insiders.

Latest Chevron News

Investors following CVX have been watching these news items:

• Positive Sentiment: Chevron’s third-quarter adjusted profit nearly tripled to $10.4 billion. Strong refining margins lifted downstream earnings 333%, and refineries ran at 98% capacity, helping offset a 2.6% decline in production. Coverage also cited record U.S. refinery throughput, strong cash flow and rising estimates. Article: Chevron’s Production Fell. Its Profit Nearly Tripled.
• Positive Sentiment: Chevron plans to restart its Ralston biodiesel facility in Iowa, supported by a feedstock supply agreement with Landus Cooperative. The move could add to its renewable-fuels activity, though the articles provided no financial contribution estimates. Article: Chevron to Restart Ralston Biodiesel Facility in Iowa
• Neutral Sentiment: Chevron has emphasized the importance of maintaining financial strength amid volatile oil prices. Uncertainty about the oil-market outlook could affect results, although the company’s integrated business and strong refining performance offer some diversification. Article: What Exxon, Chevron and Shell Said About Where Oil Goes Next

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CVX shares. Barclays boosted their price objective on shares of Chevron from $208.00 to $244.00 and gave the company an “equal weight” rating in a research report on Monday, November 2nd. Dbs Bank raised shares of Chevron to a “moderate buy” rating in a research note on Thursday, August 6th. UBS Group increased their target price on Chevron from $235.00 to $265.00 and gave the stock a “buy” rating in a report on Monday, November 2nd. Mizuho set a $234.00 price target on Chevron in a research note on Monday, October 12th. Finally, Piper Sandler lifted their price target on Chevron from $207.00 to $243.00 and gave the company an “overweight” rating in a research note on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and an average target price of $222.81.

Chevron Trading Up 1.6%

NYSE:CVX opened at $216.64 on Friday. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $236.48. The company has a quick ratio of 1.07, a current ratio of 1.34 and a debt-to-equity ratio of 0.16. The business has a 50 day moving average price of $215.33 and a two-hundred day moving average price of $195.33. The company has a market cap of $425.78 billion, a P/E ratio of 15.85, a price-to-earnings-growth ratio of 0.50 and a beta of 0.47.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.87 by $0.41. The company had revenue of $65.24 billion during the quarter, compared to analysts’ expectations of $61.82 billion. Chevron had a net margin of 11.56% and a return on equity of 14.49%. The business’s quarterly revenue was up 36.3% on a year-over-year basis. During the same period last year, the business earned $1.85 EPS. As a group, analysts expect that Chevron Corporation will post 18.64 EPS for the current fiscal year.

Chevron Dividend Announcement

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

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.