Prosperitas Financial LLC Buys 2,263 Shares of Chevron Corporation $CVX

Prosperitas Financial LLC lifted its position in Chevron Corporation (NYSE:CVX) by 6.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 36,105 shares of the oil and gas company’s stock after purchasing an additional 2,263 shares during the period. Chevron comprises approximately 2.3% of Prosperitas Financial LLC’s portfolio, making the stock its 15th biggest holding. Prosperitas Financial LLC’s holdings in Chevron were worth $7,373,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CVX. State Street Corp lifted its stake in Chevron by 3.9% in the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock worth $28,016,651,000 after acquiring an additional 5,998,852 shares during the period. BlackRock Inc. bought a new position in shares of Chevron during the second quarter valued at approximately $25,663,729,000. Bank of America Corp DE increased its position in 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 in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Chevron in the 2nd quarter worth about $2,378,114,000. Finally, Amundi grew its holdings in shares of Chevron by 14.1% during the second quarter. Amundi now owns 13,900,271 shares of the oil and gas company’s stock valued at $2,304,109,000 after buying an additional 1,714,835 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Key Stories 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

Analyst Upgrades and Downgrades

CVX has been the subject of several research analyst reports. Jefferies Financial Group lifted their price objective on Chevron from $216.00 to $233.00 and gave the stock a “buy” rating in a report on Monday, August 17th. Royal Bank Of Canada upped their price target on Chevron from $220.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, September 24th. Mizuho set a $234.00 target price on shares of Chevron in a research note on Monday, October 12th. Bank of America increased their price objective on shares of Chevron from $210.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $241.00 price objective on shares of Chevron in a report on Tuesday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $213.96.

Insider Buying and Selling at Chevron

In other Chevron news, insider Andrew Walz sold 16,800 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were 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 of the company’s stock, valued at approximately $2,814.84. This trade represents a 99.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Wirth sold 317,100 shares of Chevron stock in a transaction that occurred on 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 in the company, valued at approximately $5,273,701.68. The trade was a 92.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,195,682 shares of company stock valued at $235,619,780 in the last 90 days. Insiders own 0.56% of the company’s stock.

Chevron Trading Up 1.8%

CVX opened at $235.62 on Friday. 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’s 50 day moving average price is $213.16 and its 200-day moving average price is $193.07. Chevron Corporation has a one year low of $146.49 and a one year high of $236.48. The stock has a market cap of $465.53 billion, a price-to-earnings ratio of 17.24, a P/E/G ratio of 0.56 and a beta of 0.53.

Chevron (NYSE:CVX) last released its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.87 by $0.41. The business had revenue of $65.24 billion during the quarter, compared to the consensus estimate of $61.82 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%. The business’s revenue for the quarter was up 36.3% compared to the same quarter last year. During the same period last year, the company earned $1.85 earnings per share. On average, equities analysts forecast that Chevron Corporation will post 18.15 EPS for the current year.

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.