Mirae Asset Global Investments Co. Ltd. Purchases New Position in Chevron Corporation $CVX

Mirae Asset Global Investments Co. Ltd. acquired a new stake in Chevron Corporation (NYSE:CVX) in the 3rd quarter, HoldingsChannel.com reports. The fund acquired 1,351,660 shares of the oil and gas company’s stock, valued at approximately $276,022,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. ARQ Wealth Advisors LLC lifted its holdings in shares of Chevron by 4.8% during the third quarter. ARQ Wealth Advisors LLC now owns 2,069 shares of the oil and gas company’s stock worth $423,000 after purchasing an additional 94 shares during the period. Stevens Capital Partners grew its position in shares of Chevron by 35.3% in the 3rd quarter. Stevens Capital Partners now owns 2,359 shares of the oil and gas company’s stock valued at $482,000 after buying an additional 615 shares during the last quarter. Profund Advisors LLC increased its stake in shares of Chevron by 2.2% in the third quarter. Profund Advisors LLC now owns 74,110 shares of the oil and gas company’s stock valued at $15,134,000 after buying an additional 1,564 shares during the period. Vise Technologies Inc. increased its stake in shares of Chevron by 21.2% in the third quarter. Vise Technologies Inc. now owns 198,391 shares of the oil and gas company’s stock valued at $40,513,000 after buying an additional 34,701 shares during the period. Finally, Investment Partners LTD. lifted its stake in shares of Chevron by 97.0% in the third quarter. Investment Partners LTD. now owns 14,275 shares of the oil and gas company’s stock worth $2,915,000 after acquiring an additional 7,030 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Quarterly earnings exceeded expectations. Chevron reported adjusted earnings of $5.28 per share, above the roughly $4.87-$4.89 analyst consensus, while revenue reached $65.24 billion versus estimates of $61.82 billion. Adjusted earnings of approximately $10.4 billion nearly tripled from a year earlier. Chevron tops Q3 expectations on higher downstream profit
• Positive Sentiment: Refining was the standout business. Downstream earnings climbed to nearly $4.9 billion from about $1.1 billion a year earlier as refinery outages and conflicts involving Iran and Russia reduced fuel supplies and lifted margins. Chevron beats earnings expectations as refining profits soar
• Positive Sentiment: Cash generation and the balance sheet improved. Chevron generated roughly $12 billion of free cash flow and $16 billion of operating cash flow, while reducing net debt by about $7.8 billion. This supports dividends, potential buybacks and future investment. Chevron’s profit nearly tripled from a year ago
• Neutral Sentiment: Analyst sentiment has become more constructive. One valuation estimate increased from $227.71 to $232.50, with higher oil-price assumptions, strong refining results and possible Venezuela-related upside supporting revised targets. However, the stock’s rally has reduced its dividend yield for new investors. Chevron stock fair value edges higher
• Negative Sentiment: Investors face risks beyond the strong quarter. Chevron warned that downtime could reduce fourth-quarter production by approximately 225,000 barrels of oil equivalent per day. In addition, refining profits may normalize if geopolitical disruptions ease, while the stock’s elevated valuation and lingering questions about buybacks could limit further upside. Chevron says downtime could hit Q4 output

Chevron Stock Up 0.0%

Shares of NYSE:CVX opened at $235.62 on Monday. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $236.48. The business’s 50 day simple moving average is $213.16 and its two-hundred day simple moving average is $193.07. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The firm has a market cap of $465.53 billion, a P/E ratio of 17.24, a PEG ratio of 0.56 and a beta of 0.47.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, topping analysts’ consensus estimates of $4.87 by $0.41. Chevron had a return on equity of 14.64% and a net margin of 11.56%. The firm had revenue of $65.24 billion during the quarter, compared to analyst estimates of $61.82 billion. During the same period in the previous year, the company posted $1.85 EPS. The company’s revenue for the quarter was up 36.3% on a year-over-year basis. As a group, research analysts forecast that Chevron Corporation will post 18.15 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 18th will be given a dividend of $1.78 per share. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $7.12 annualized dividend and a dividend yield of 3.0%. Chevron’s dividend payout ratio (DPR) is currently 68.26%.

Insiders Place Their Bets

In other news, CEO Michael Wirth sold 317,100 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $200.46, for a total value of $63,565,866.00. Following the transaction, the chief executive officer owned 26,308 shares in the company, valued at $5,273,701.68. The trade was a 92.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Andrew Walz sold 16,800 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $201.06, for a total value 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 385,017 shares of company stock valued at $78,253,704 in the last 90 days. 0.56% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CVX has been the subject of a number of recent analyst reports. Wells Fargo & Company reissued an “overweight” rating on shares of Chevron in a research report on Monday. William Blair started coverage on shares of Chevron in a research note on Wednesday. They issued an “outperform” rating on the stock. Raymond James Financial decreased their price objective on shares of Chevron from $230.00 to $225.00 and set an “outperform” rating for the company in a research report on Tuesday, July 21st. Zacks Research raised Chevron from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 5th. Finally, Piper Sandler boosted their price objective 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-two have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $213.96.

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.