Veracity Capital LLC boosted its holdings in Chevron Corporation (NYSE:CVX – Free Report) by 40.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,766 shares of the oil and gas company’s stock after purchasing an additional 2,832 shares during the period. Veracity Capital LLC’s holdings in Chevron were worth $1,994,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in CVX. Midwest Capital Advisors LLC purchased a new position in shares of Chevron in the first quarter worth about $25,000. Main Street Group LTD bought a new position in Chevron during the 1st quarter worth approximately $28,000. Phillip James Consulting Co. bought a new position in Chevron during the 4th quarter worth approximately $26,000. Kilter Group LLC bought a new position in Chevron during the 2nd quarter worth approximately $28,000. Finally, Basso Capital Management L.P. purchased a new position in Chevron in the 4th quarter worth approximately $27,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In related news, insider Andrew Walz sold 16,800 shares of Chevron stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $201.06, for a total value of $3,377,808.00. Following the completion of the sale, the insider directly owned 14 shares in the company, valued at approximately $2,814.84. This trade represents a 99.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Hess sold 100,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the transaction, the director owned 178,045 shares in the company, valued at $34,587,021.70. This represents a 35.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 1,152,582 shares of company stock valued at $225,853,661. 0.56% of the stock is currently owned by corporate insiders.
Chevron Stock Up 3.2%
Chevron (NYSE:CVX – Get Free Report) last released its quarterly earnings data 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. The business had revenue of $67.20 billion for the quarter, compared to analysts’ expectations of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm’s quarterly revenue was up 57.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.77 EPS. As a group, equities analysts forecast that Chevron Corporation will post 17.47 earnings per share for the current fiscal year.
Chevron Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis 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%.
Chevron News Summary
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Higher oil prices are lifting energy stocks. Oil prices surged as markets reacted to renewed Iran-related tensions, increasing the potential value of Chevron’s production and supporting investor interest in major oil companies. Stock Market Today: Nasdaq Slumps On War Worries; Oil Surges As Chevron Gains
- Positive Sentiment: Chevron’s Hess Midstream restructuring could materially reduce costs. The company is transferring its Hess Midstream interests and certain DJ Basin assets while renegotiating Bakken agreements. Chevron expects approximately 50% lower Bakken midstream costs, potentially improving earnings, free cash flow and return on capital. Chevron to Divest its Ownership Interests in Hess Midstream and DJ Basin Crude Midstream Assets
- Positive Sentiment: Analysts and commentators remain bullish. Zacks upgraded Chevron to “Strong Buy,” while other coverage highlights the company’s cash generation, dividend appeal and potential for improved Bakken economics. Chevron’s Portfolio Reshaping Strategy to Unlock Stronger Returns
- Neutral Sentiment: Gulf of Mexico production is being curtailed ahead of Tropical Storm Isaias. Chevron shut in four operated facilities and evacuated some nonessential personnel. The disruption could temporarily reduce production, but tighter Gulf supply may support crude and fuel prices. Chevron Shuts In Four Gulf Facilities as Hurricane Isaias Nears
- Negative Sentiment: The Hess Midstream transaction includes a sizable near-term accounting hit. Reports estimate Chevron may absorb a $3 billion–$4 billion loss when the deal closes, although management expects longer-term cost savings and a simpler portfolio. Chevron Is Offloading Hess Midstream and Taking a $3 Billion to $4 Billion Hit
- Negative Sentiment: Chevron CEO Mike Wirth warned against a U.S. diesel-export ban. He said restricting exports could remove supply from global markets and worsen fuel shortages, highlighting policy risk for refiners and producers. Chevron CEO Warns Against Unwise Diesel Export Ban
Analysts Set New Price Targets
Several analysts have weighed in on CVX shares. Dbs Bank upgraded Chevron to a “moderate buy” rating in a research report on Thursday, August 6th. Raymond James Financial decreased their target price on shares of Chevron from $230.00 to $225.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 21st. JPMorgan Chase & Co. upped their price target on shares of Chevron from $190.00 to $222.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. Zacks Research raised shares of Chevron from a “hold” rating to a “strong-buy” rating in a research report on Monday. Finally, Jefferies Financial Group raised their price target on shares of Chevron from $216.00 to $233.00 and gave the stock a “buy” rating in a report on Monday, August 17th. One investment 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 given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.
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