Chevron Corporation $CVX Holdings Raised by Waverly Advisors LLC

Waverly Advisors LLC grew its stake in shares of Chevron Corporation (NYSE:CVX) by 20.5% during the 2nd quarter, HoldingsChannel reports. The fund owned 177,024 shares of the oil and gas company’s stock after acquiring an additional 30,172 shares during the period. Waverly Advisors LLC’s holdings in Chevron were worth $29,343,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. First PREMIER Bank raised its stake in shares of Chevron by 0.8% during the 2nd quarter. First PREMIER Bank now owns 6,450 shares of the oil and gas company’s stock worth $1,070,000 after purchasing an additional 50 shares in the last quarter. Vanguard Capital Wealth Advisors raised its holdings in shares of Chevron by 1.8% during the 2nd quarter. Vanguard Capital Wealth Advisors now owns 2,818 shares of the oil and gas company’s stock valued at $467,000 after purchasing an additional 50 shares in the last quarter. Cornerstone Advisory LLC lifted its stake in shares of Chevron by 0.9% in the 1st quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company’s stock valued at $1,164,000 after purchasing an additional 52 shares during the last quarter. Compton Financial Group LLC lifted its position in shares of Chevron by 1.9% in the first quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company’s stock worth $609,000 after buying an additional 56 shares during the last quarter. Finally, Quantum Portfolio Management LLC increased its holdings in shares of Chevron by 2.7% during the 1st quarter. Quantum Portfolio Management LLC now owns 2,101 shares of the oil and gas company’s stock valued at $435,000 after acquiring an additional 56 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron plans to double the number of oil rigs it operates in Venezuela as part of a five-year growth strategy. The expansion is intended to lift production in the country toward approximately 600,000 barrels per day, adding potentially significant upstream growth. Chevron to double oil rigs in Venezuela as part of growth plan
• Positive Sentiment: The company’s planned investment of more than $7 billion over five years, including additional acreage in Venezuela’s Carabobo region, gives CVX a new production-growth avenue. Strong cash flow and expected Hess-related synergies could provide financial flexibility for the program. Chevron doubles down on Venezuela with a $7 billion oil bet
• Positive Sentiment: At the Barclays Energy-Power Conference, management highlighted the Venezuela expansion and broader production-growth plans. Analysts and market commentary continue to point to elevated energy prices, solid earnings and Chevron’s integrated business model as support for the shares. Chevron Barclays conference transcript
• Neutral Sentiment: Chevron’s stock has risen sharply and is close to a record high. BMO remains constructive on the company, but investors must determine whether oil prices, earnings growth and operational improvements can justify further gains at current levels. Chevron’s record run isn’t over yet, BMO says
• Negative Sentiment: The Venezuela strategy carries execution, political and sanctions-related risks. The large capital commitment also raises the stakes if production targets are delayed or oil prices weaken, while the recent rally leaves less room for disappointing results. Chevron stock is near a record high

Analysts Set New Price Targets

CVX has been the topic of a number of research reports. Morgan Stanley boosted their target price on shares of Chevron from $210.00 to $218.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. TD Cowen boosted their price target on Chevron from $200.00 to $205.00 and gave the company a “hold” rating in a research note on Wednesday, August 5th. Mizuho set a $224.00 price target on Chevron in a report on Monday, August 3rd. Wall Street Zen upgraded Chevron from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Finally, Piper Sandler lifted their price objective on Chevron from $207.00 to $243.00 and gave the stock an “overweight” rating in a report on Thursday, September 3rd. Twenty equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $211.35.

Insider Activity

In related news, insider Andrew Walz sold 16,800 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the transaction, the insider owned 14 shares in the company, valued at approximately $2,814.84. This represents a 99.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John B. Hess sold 710,665 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.10, for a total value of $137,940,076.50. Following the transaction, the director owned 363,711 shares in the company, valued at approximately $70,596,305.10. This trade represents a 66.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,152,582 shares of company stock valued at $225,853,661 in the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Chevron Trading Up 0.7%

Shares of Chevron stock traded up $1.49 during trading on Tuesday, hitting $210.09. 7,699,366 shares of the company were exchanged, compared to its average volume of 10,633,124. The firm has a market capitalization of $415.08 billion, a P/E ratio of 20.14, a price-to-earnings-growth ratio of 0.61 and a beta of 0.50. The firm’s fifty day moving average price is $192.79 and its 200 day moving average price is $190.20. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71.

Chevron (NYSE:CVX) last released 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. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm had revenue of $67.20 billion during the quarter, compared to analysts’ expectations of $62.72 billion. During the same quarter in the prior year, the company earned $1.77 EPS. The company’s revenue was up 57.4% on a year-over-year basis. As a group, sell-side analysts expect that Chevron Corporation will post 16.51 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.4%. Chevron’s dividend payout ratio is currently 68.26%.

Chevron Company Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.