Chevron Corporation $CVX Holdings Reduced by R Squared Ltd

R Squared Ltd lessened its holdings in shares of Chevron Corporation (NYSE:CVX) by 38.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,092 shares of the oil and gas company’s stock after selling 4,460 shares during the period. Chevron accounts for about 0.8% of R Squared Ltd’s investment portfolio, making the stock its 14th biggest holding. R Squared Ltd’s holdings in Chevron were worth $1,448,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CVX. Blue Capital Inc. bought a new position in shares of Chevron in the second quarter valued at approximately $786,000. OneAscent Wealth Management LLC acquired a new position in shares of Chevron during the second quarter valued at approximately $973,000. Global Retirement Partners LLC bought a new stake in Chevron during the second quarter worth approximately $14,276,000. Greg Jennings LLC bought a new stake in Chevron during the third quarter worth approximately $1,314,000. Finally, Ferguson Wellman Capital Management Inc. raised its holdings in Chevron by 0.6% during 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 purchasing an additional 5,787 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Key Chevron News

These are some of the CVX news items 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: Vice Chairman Mark Nelson sold 112,000 shares for about $23.6 million, reducing his direct holdings by 90.6%. Insider sales can draw investor attention, though the transaction alone does not establish the seller’s motivation. SEC Form 4 filing

Wall Street Analyst Weigh In

CVX has been the subject of a number of research analyst reports. Argus upped their target price on Chevron from $206.00 to $211.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. lifted their price target on Chevron from $190.00 to $222.00 and gave the company an “overweight” rating in a research report on Monday, August 3rd. BMO Capital Markets lifted their price target on Chevron from $210.00 to $235.00 and gave the company an “outperform” rating in a research report on Thursday, September 3rd. HSBC set a $90.00 price objective on Chevron in a research note on Friday, September 25th. Finally, UBS Group upped their price objective on Chevron from $235.00 to $265.00 and gave the company a “buy” rating in a report on Monday, November 2nd. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and a consensus target price of $222.81.

Chevron Stock Performance

NYSE:CVX opened at $216.64 on Friday. The company has a 50-day moving average of $215.33 and a 200-day moving average of $195.33. The firm has a market cap of $425.78 billion, a price-to-earnings ratio of 15.85, a price-to-earnings-growth ratio of 0.50 and a beta of 0.47. The company has a current ratio of 1.34, a quick ratio of 1.07 and a debt-to-equity ratio of 0.16. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $236.48.

Chevron (NYSE:CVX) last released its 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 net margin of 11.56% and a return on equity of 14.49%. The business had revenue of $65.24 billion for the quarter, compared to the consensus estimate of $61.82 billion. During the same period in the previous year, the firm earned $1.85 EPS. The business’s revenue for the quarter was up 36.3% on a year-over-year basis. Analysts forecast that Chevron Corporation will post 18.64 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Wednesday, November 18th will be issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Wednesday, November 18th. Chevron’s dividend payout ratio (DPR) is presently 52.08%.

Insiders Place Their Bets

In other news, Vice Chairman Mark A. Nelson sold 112,000 shares of the stock in a transaction on Tuesday, November 10th. The stock was sold at an average price of $210.48, for a total transaction of $23,573,760.00. Following the completion of the sale, the insider owned 11,647 shares in the company, valued at approximately $2,451,460.56. This represents a 90.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R. Pate sold 40,700 shares of the stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total value of $9,224,655.00. Following the sale, the insider owned 8,791 shares of the company’s stock, valued at $1,992,480.15. This trade represents a 82.24% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 174,370 shares of company stock worth $37,224,309. 0.56% of the stock is owned by insiders.

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.