Worth Asset Management LLC Boosts Position in Chevron Corporation $CVX

Worth Asset Management LLC boosted its position in shares of Chevron Corporation (NYSE:CVX) by 358.3% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 7,626 shares of the oil and gas company’s stock after buying an additional 5,962 shares during the quarter. Worth Asset Management LLC’s holdings in Chevron were worth $1,557,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Blue Capital Inc. acquired a new position in shares of Chevron in the 2nd quarter valued at $786,000. OneAscent Wealth Management LLC acquired a new stake in shares of Chevron during the second quarter worth $973,000. Global Retirement Partners LLC acquired a new stake in shares of Chevron during the second quarter worth $14,276,000. Ferguson Wellman Capital Management Inc. increased its holdings in Chevron by 0.6% in the third quarter. Ferguson Wellman Capital Management Inc. now owns 911,718 shares of the oil and gas company’s stock valued at $186,182,000 after purchasing an additional 5,787 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in Chevron by 6.8% in the first quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company’s stock valued at $258,853,000 after buying an additional 79,439 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Analyst upgrade supports sentiment. Zacks Research upgraded Chevron to “Strong Buy,” adding to recent favorable momentum ratings and potentially improving investor confidence. Chevron upgraded to Strong Buy at Zacks Research
• Positive Sentiment: Bakken restructuring should improve returns. Chevron agreed to divest its Hess Midstream stake and certain DJ Basin midstream interests while restructuring its Bakken contracts. The revised arrangements are expected to reduce Bakken transportation and processing costs by approximately 50%; Chevron will also receive a reported $200 million payment. Lower costs could support future earnings and return on capital. Chevron Bakken restructuring announcement
• Positive Sentiment: Oil-market conditions remain favorable. Chevron CEO Mike Wirth said oil and fuel supply buffers are thinning amid the prolonged Middle East conflict. Higher oil prices and tighter inventories could support Chevron’s upstream profitability, while energy ETFs are benefiting from the same backdrop. Oil and fuel supply buffers Reuters article
• Positive Sentiment: Exploration portfolio is expanding. Chevron increased its position in Namibia’s PEL 90 ahead of the Nabba-1X exploration well, signaling confidence in the acreage’s potential, although exploration outcomes remain uncertain. Chevron Namibia exploration update
• Neutral Sentiment: Diesel export-ban debate creates mixed implications. Wirth called a potential U.S. diesel export ban “unwise,” warning it could remove supply from global markets and worsen the energy crisis. Tighter supply might lift fuel prices and margins, but policy uncertainty and potential market disruption could weigh on sentiment. Chevron CEO diesel export warning
• Neutral Sentiment: Leadership changes add a succession focus. CFO Eimear Bonner is moving to lead Chevron’s core oil, products and gas operations, while Jeff Gustavson is expected to become CFO in January. The moves provide internal succession depth but may increase near-term attention on CEO succession.
• Negative Sentiment: Gulf storm preparations introduce operational risk. Chevron evacuated non-essential personnel from some Gulf of Mexico platforms as a tropical storm approached, raising the possibility of temporary production disruptions or additional weather-related costs. Chevron Gulf of Mexico storm preparations

Wall Street Analyst Weigh In

CVX has been the topic of a number of analyst reports. Barclays cut their price target on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating on the stock in a research report on Monday, August 17th. Zacks Research upgraded Chevron from a “hold” rating to a “strong-buy” rating in a research report on Monday. The Goldman Sachs Group cut their target price on shares of Chevron from $240.00 to $228.00 and set a “buy” rating on the stock in a research report on Tuesday, September 22nd. Wall Street Zen upgraded shares of Chevron from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Finally, HSBC set a $90.00 price objective on shares of Chevron in a report on Friday, September 25th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and an average target price of $210.87.

Insider Activity

In related news, CEO Michael Wirth sold 317,100 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at $5,273,701.68. This trade represents a 92.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew Walz sold 16,800 shares of the business’s stock in a transaction dated 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 transaction, the insider owned 14 shares in the company, valued at approximately $2,814.84. This trade represents a 99.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 1,152,582 shares of company stock worth $225,853,661. Company insiders own 0.56% of the company’s stock.

Chevron Stock Down 1.1%

Shares of Chevron stock traded down $2.35 on Wednesday, hitting $205.23. The company had a trading volume of 2,775,874 shares, compared to its average volume of 10,500,969. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $217.78. 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 stock has a 50 day moving average of $203.56 and a 200-day moving average of $192.84. The stock has a market capitalization of $405.49 billion, a price-to-earnings ratio of 19.68, a P/E/G ratio of 0.57 and a beta of 0.53.

Chevron (NYSE:CVX) last announced its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) 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 company had revenue of $67.20 billion for the quarter, compared to analysts’ expectations of $62.72 billion. During the same quarter in the previous year, the firm earned $1.77 earnings per share. Chevron’s quarterly revenue was up 57.4% on a year-over-year basis. As a group, sell-side analysts forecast that Chevron Corporation will post 17.47 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were issued a $1.78 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.5%. Chevron’s dividend payout ratio is currently 68.26%.

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.