39,850 Chevron Corporation $CVX Shares Sold by Gradient Investments LLC

Gradient Investments LLC lowered its stake in Chevron Corporation (NYSE:CVX) by 12.3% in the 3rd quarter, Holdings Channel reports. The firm owned 285,053 shares of the oil and gas company’s stock after selling 39,850 shares during the quarter. Chevron accounts for approximately 0.8% of Gradient Investments LLC’s portfolio, making the stock its 29th largest position. Gradient Investments LLC’s holdings in Chevron were worth $58,211,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of CVX. State Street Corp raised its holdings in Chevron by 3.9% during 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 buying an additional 5,998,852 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Chevron during the 2nd quarter valued at $25,663,729,000. Berkshire Hathaway Inc increased its position in Chevron by 6.6% during the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock valued at $19,837,131,000 after buying an additional 8,091,570 shares in the last quarter. Bank of America Corp DE raised its holdings in Chevron by 5.1% in 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 buying an additional 1,334,976 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Chevron by 1.5% during the 4th quarter. Invesco Ltd. now owns 17,119,575 shares of the oil and gas company’s stock valued at $2,609,194,000 after acquiring an additional 254,323 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Bakken restructuring could improve returns: Chevron is transferring its Hess Midstream interests and DJ Basin midstream assets in exchange for revised Bakken agreements. The deal is expected to cut Chevron’s Bakken midstream costs by roughly 50%, remove associated debt exposure and extend contracts through 2045. Analysts say the changes could strengthen cash flow and return on capital, despite an estimated $3 billion-$4 billion closing loss. Chevron’s Portfolio Reshaping Strategy to Unlock Stronger Returns
• Positive Sentiment: Bullish analyst sentiment: Zacks upgraded Chevron to “Strong Buy” and highlighted the company as its Bull of the Day, citing cash generation, rising estimates and shareholder returns. A separate outlook places a potential price target near $225. Chevron highlighted as Zacks Bull of the Day
• Positive Sentiment: Tight fuel markets support oil prices: Chevron CEO Mike Wirth said global oil and fuel inventories have become dangerously thin, particularly ahead of winter. The supply concerns and ongoing geopolitical volatility may support crude prices and energy-sector earnings. Chevron CEO issues warning on depleting oil reserves
• Neutral Sentiment: Gulf operations curtailed by storm: Chevron has shut in four operated Gulf of Mexico facilities and moved some personnel ashore, while five other facilities reportedly continue producing. Industrywide, roughly 512,000 barrels per day of Gulf output had been temporarily shut in. The disruption could support fuel prices, but it also reduces Chevron’s near-term production. Chevron Shuts In Four Gulf Facilities as Hurricane Isaias Nears
• Negative Sentiment: Transaction charge and execution risk: The Hess Midstream restructuring involves a substantial upfront accounting loss, while lower drilling activity in the Bakken could reduce throughput. Investors will weigh the near-term hit against the expected long-term cost savings. Chevron Is Offloading Hess Midstream and Taking a $3 Billion to $4 Billion Hit
• Negative Sentiment: Diesel export-policy uncertainty: Wirth warned that a U.S. diesel export ban would remove supply from global markets and worsen the energy crisis. Although the comments support Chevron’s position, any new restrictions could disrupt refining markets and increase policy risk. Chevron CEO warns against diesel export ban

Chevron Stock Up 3.1%

Shares of Chevron stock traded up $6.27 during trading on Thursday, reaching $211.42. The company’s stock had a trading volume of 3,825,712 shares, compared to its average volume of 10,480,227. The company has a market cap of $417.72 billion, a price-to-earnings ratio of 20.25, a P/E/G ratio of 0.58 and a beta of 0.53. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $217.78. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The company has a 50-day simple moving average of $203.83 and a two-hundred day simple moving average of $192.87.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, beating the consensus estimate of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the previous year, the business earned $1.77 EPS. The company’s quarterly revenue was up 57.4% compared to the same quarter last year. As a group, equities analysts forecast that Chevron Corporation will post 17.47 earnings per share for the current year.

Chevron Dividend Announcement

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

Wall Street Analyst Weigh In

CVX has been the topic of a number of research reports. Wells Fargo & Company raised their price objective on shares of Chevron from $226.00 to $230.00 and gave the stock an “overweight” rating in a report on Thursday, September 3rd. JPMorgan Chase & Co. lifted their target price on Chevron from $190.00 to $222.00 and gave the stock an “overweight” rating in a report on Monday, August 3rd. HSBC set a $90.00 price target on shares of Chevron in a report on Friday, September 25th. Royal Bank Of Canada lifted their price objective on shares of Chevron from $220.00 to $230.00 and gave the stock an “outperform” rating in a research note on Thursday, September 24th. Finally, Wall Street Zen upgraded Chevron from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $210.24.

Insider Activity at Chevron

In related news, Director John Hess sold 710,665 shares of Chevron stock in a transaction dated 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 sale, the director directly owned 363,711 shares in the company, valued at approximately $70,596,305.10. The trade was a 66.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider R. Pate sold 2,470 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total transaction of $506,621.70. Following the sale, the insider directly owned 10,794 shares of the company’s stock, valued at $2,213,957.34. The trade was a 18.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 1,152,582 shares of company stock valued at $225,853,661. 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.