Hamilton Capital LLC Reduces Position in Chevron Corporation $CVX

Hamilton Capital LLC reduced its position in shares of Chevron Corporation (NYSE:CVX) by 25.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,154 shares of the oil and gas company’s stock after selling 4,545 shares during the quarter. Chevron comprises about 0.2% of Hamilton Capital LLC’s portfolio, making the stock its 26th biggest position. Hamilton Capital LLC’s holdings in Chevron were worth $2,686,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in CVX. Blue Capital Inc. bought a new stake in shares of Chevron in the 2nd quarter valued at about $786,000. OneAscent Wealth Management LLC purchased a new position in Chevron during the second quarter valued at approximately $973,000. Global Retirement Partners LLC purchased a new position in Chevron during the second quarter valued at approximately $14,276,000. Ferguson Wellman Capital Management Inc. raised its stake 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 worth $186,182,000 after buying an additional 5,787 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in Chevron by 6.8% during the first quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company’s stock worth $258,853,000 after buying an additional 79,439 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Chevron

In other Chevron news, insider R. Pate sold 2,470 shares of the business’s stock in a transaction dated 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 owned 10,794 shares in the company, valued at approximately $2,213,957.34. The trade was a 18.62% 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, CEO Michael K. Wirth sold 317,100 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $200.46, for a total value of $63,565,866.00. Following the completion of the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at $5,273,701.68. This represents a 92.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 1,152,582 shares of company stock worth $225,853,661. Insiders own 0.56% of the company’s stock.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Higher oil prices are the primary catalyst. Crude oil moved above $92.60 amid concerns that Middle East tensions could disrupt supply, supporting expectations for stronger upstream cash flow and profits at Chevron. UBS also raised its price target to $235. Why Is Chevron Stock Surging on Thursday?
• Positive Sentiment: Chevron’s Hess Midstream restructuring could improve Bakken economics. The company is transferring its Hess Midstream interests and DJ Basin assets in exchange for revised contracts, a $200 million cash payment and an expected roughly 50% reduction in Bakken midstream costs. The transaction is also expected to eliminate or simplify about $3.7 billion of associated debt, potentially improving returns and reducing balance-sheet complexity. Chevron’s Portfolio Reshaping Strategy to Unlock Stronger Returns
• Positive Sentiment: Market commentary highlighted Chevron’s cash generation, shareholder returns and portfolio optimization, while Zacks upgraded the stock from “hold” to “strong buy.” Chevron highlighted as Zacks Bull of the Day
• Neutral Sentiment: Storm-related Gulf of Mexico shutdowns could tighten fuel markets and support prices, but they also temporarily reduce Chevron’s production and create operational risk. Chevron shut in four operated facilities while keeping five others producing normally as Tropical Storm Isaias approached. Chevron Shuts In Four Gulf Facilities as Hurricane Isaias Nears
• Negative Sentiment: The Hess Midstream transaction is expected to produce a $3 billion–$4 billion closing loss, creating a near-term earnings and valuation headwind even though management expects longer-term cost benefits. Chevron Is Offloading Hess Midstream and Taking a $3 Billion to $4 Billion Hit

Chevron Stock Performance

CVX stock traded up $6.41 during trading on Thursday, reaching $211.56. The company had a trading volume of 7,620,438 shares, compared to its average volume of 10,502,368. The company has a market cap of $418.00 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 0.58 and a beta of 0.53. Chevron Corporation has a twelve month low of $146.49 and a twelve month 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 firm has a 50-day simple moving average of $203.83 and a 200-day simple moving average of $192.87.

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

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were given a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Wednesday, August 19th. Chevron’s dividend payout ratio is presently 68.26%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. UBS Group increased their target price on Chevron from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday. BMO Capital Markets upped their price objective on Chevron from $210.00 to $235.00 and gave the stock an “outperform” rating in a research note on Thursday, September 3rd. Dbs Bank raised Chevron to a “moderate buy” rating in a research report on Thursday, August 6th. Wells Fargo & Company lifted their target price on Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a research note on Thursday, September 3rd. Finally, Zacks Research raised shares of Chevron from a “hold” rating to a “strong-buy” rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Chevron has a consensus rating of “Moderate Buy” and an average target price of $210.24.

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.