Chevron Corporation $CVX Stock: Calamos Advisors LLC Grows Position

Calamos Advisors LLC boosted its position in shares of Chevron Corporation (NYSE:CVX) by 1.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 566,279 shares of the oil and gas company’s stock after buying an additional 10,573 shares during the period. Calamos Advisors LLC’s holdings in Chevron were worth $115,640,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CVX. Burke & Herbert Bank & Trust Co. grew its position in Chevron by 0.5% during the 3rd quarter. Burke & Herbert Bank & Trust Co. now owns 21,753 shares of the oil and gas company’s stock worth $4,442,000 after purchasing an additional 100 shares during the last quarter. Alta Advisers Ltd boosted its stake in shares of Chevron by 84.6% during the third quarter. Alta Advisers Ltd now owns 13,966 shares of the oil and gas company’s stock worth $2,852,000 after buying an additional 6,402 shares during the period. Pine Haven Investment Counsel Inc acquired a new stake in shares of Chevron during the third quarter worth about $218,000. Westside Investment Management Inc. grew its holdings in shares of Chevron by 3.0% during the third quarter. Westside Investment Management Inc. now owns 3,338 shares of the oil and gas company’s stock worth $682,000 after buying an additional 97 shares during the last quarter. Finally, Principle Wealth Partners LLC increased its position in Chevron by 2.3% in the 3rd quarter. Principle Wealth Partners LLC now owns 52,930 shares of the oil and gas company’s stock valued at $10,809,000 after acquiring an additional 1,179 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of CVX stock traded down $0.27 during trading hours on Friday, reaching $212.66. 8,080,978 shares of the company’s stock were exchanged, compared to its average volume of 7,613,494. The company has a market cap of $420.17 billion, a P/E ratio of 15.56, a price-to-earnings-growth ratio of 0.54 and a beta of 0.47. The company’s 50 day moving average is $214.91 and its two-hundred day moving average is $194.40. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $236.48. 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 (NYSE:CVX) last issued its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 14.64%. The firm’s quarterly revenue was up 36.3% compared to the same quarter last year. During the same period last year, the company posted $1.85 earnings per share. Equities research analysts anticipate that Chevron Corporation will post 18.56 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Insider Transactions at Chevron

In related news, CEO Michael K. Wirth sold 317,100 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the completion of the sale, the chief executive officer owned 26,308 shares of the company’s stock, valued at approximately $5,273,701.68. This represents a 92.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew Walz sold 16,800 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the completion of the transaction, the insider owned 14 shares in the company, valued at $2,814.84. The trade was a 99.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 379,470 shares of company stock worth $77,216,415 in the last ninety days. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on CVX. Zacks Research upgraded Chevron from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. Weiss Ratings cut Chevron from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday. BMO Capital Markets increased their price target on Chevron from $210.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday, September 3rd. HSBC set a $90.00 price objective on shares of Chevron in a research report on Friday, September 25th. Finally, BNP Paribas Exane dropped their price objective on shares of Chevron from $230.00 to $224.00 and set an “outperform” rating on the stock in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $221.88.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was upgraded by Freedom Broker from “sell” to “hold,” with a $218 price target. The change signals less bearishness, though the target implies only modest upside from the cited share price. Freedom Broker rating
• Positive Sentiment: Natural-gas production topped 9 billion cubic feet per day in the third quarter, supported by operations in Australia and the Eastern Mediterranean. Record output could strengthen Chevron’s position in the liquefied natural gas market, despite operational disruptions. Zacks article on gas production
• Positive Sentiment: Recent coverage points to record cash flow and a run of earnings beats as reasons to consider CVX for the long term. Chevron’s latest reported quarter also exceeded analyst expectations for earnings and revenue, supporting the fundamental case. 247WallSt analysis
• Neutral Sentiment: An executive reported selling 24,439 shares in an option exercise-and-sale transaction. The report alone does not establish a change in the company’s outlook. Insider transaction report
• Negative Sentiment: Coverage says a post-election political shift sent oil prices lower, dragging energy stocks, including Chevron. A separate analyst downgrade also contributed to reported share-price pressure, highlighting sensitivity to oil-market expectations and cautious ratings. Report on analyst downgrade

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.