Jefferies Financial Group Inc. Sells 125,691 Shares of Chevron Corporation $CVX

Jefferies Financial Group Inc. trimmed its stake in shares of Chevron Corporation (NYSE:CVX) by 81.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,935 shares of the oil and gas company’s stock after selling 125,691 shares during the period. Jefferies Financial Group Inc.’s holdings in Chevron were worth $5,909,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. State Street Corp raised its stake 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 position in shares of Chevron during the 2nd quarter valued at $25,663,729,000. Bank of America Corp DE lifted its holdings in shares of Chevron by 5.1% during the 1st quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock valued at $5,716,694,000 after buying an additional 1,334,976 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Chevron in the 2nd quarter worth $2,378,114,000. Finally, Amundi boosted its stake in shares of Chevron by 14.1% in the 2nd quarter. Amundi now owns 13,900,271 shares of the oil and gas company’s stock worth $2,304,109,000 after buying an additional 1,714,835 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

NYSE CVX opened at $216.64 on Friday. The business’s fifty day moving average is $215.33 and its 200 day moving average is $195.33. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $236.48. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.07 and a current ratio of 1.34. The company has a market capitalization of $425.78 billion, a PE 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 EPS for the quarter, topping analysts’ consensus estimates of $4.87 by $0.41. Chevron had a return on equity of 14.49% and a net margin of 11.56%. The business had revenue of $65.24 billion during the quarter, compared to analysts’ expectations of $61.82 billion. During the same quarter in the prior year, the business posted $1.85 earnings per share. The business’s quarterly revenue was up 36.3% on a year-over-year basis. Sell-side analysts predict that Chevron Corporation will post 18.64 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Wednesday, November 18th will be paid 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 dividend yield of 3.3%. Chevron’s payout ratio is 52.08%.

Insider Activity at Chevron

In related news, 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 transaction of $3,377,808.00. Following the completion of the transaction, the insider directly owned 14 shares in the company, valued at approximately $2,814.84. The trade was a 99.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider R. Pate sold 40,700 shares of the stock in a transaction that occurred on Tuesday, October 20th. The stock was 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 directly owned 8,791 shares of the company’s stock, valued at $1,992,480.15. This represents a 82.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 174,370 shares of company stock worth $37,224,309. 0.56% of the stock is owned by company insiders.

Key Stories Impacting Chevron

These are some of the CVX stories that stood out recently:

• 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.
• 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
• Negative Sentiment: Sanford C. Bernstein cut its price target to $233 from $248 and maintained a “market perform” rating, signaling less upside in its updated view. Article: Bernstein Lowers Chevron Price Target

Analyst Upgrades and Downgrades

Several brokerages recently commented on CVX. Morgan Stanley lifted their price objective on Chevron from $226.00 to $230.00 and gave the stock an “overweight” rating in a report on Monday, November 2nd. JPMorgan Chase & Co. increased their target price on Chevron from $190.00 to $222.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. Jefferies Financial Group upped their price target on shares of Chevron from $216.00 to $233.00 and gave the company a “buy” rating in a research report on Monday, August 17th. Wells Fargo & Company increased their price objective on shares of Chevron from $230.00 to $268.00 and gave the stock an “overweight” rating in a research note on Monday, November 2nd. Finally, Dbs Bank raised shares of Chevron to a “moderate buy” rating in a report on Thursday, August 6th. 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 company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $222.81.

Chevron Company 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.