Chevron Corporation $CVX Stock Sold by Convergence Financial LLC

Convergence Financial LLC cut its holdings in Chevron Corporation (NYSE:CVX) by 45.5% during the third quarter, Holdings Channel.com reports. The fund owned 5,385 shares of the oil and gas company’s stock after selling 4,496 shares during the period. Convergence Financial LLC’s holdings in Chevron were worth $1,100,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Petersen Hastings Wealth Advisors Inc. acquired a new position in shares of Chevron during the 3rd quarter worth about $304,000. AMI Investment Management Inc. acquired a new stake in shares of Chevron in the 3rd quarter valued at approximately $218,000. Sigma Investment Counselors Inc. raised its position in shares of Chevron by 6.6% in the 3rd quarter. Sigma Investment Counselors Inc. now owns 5,107 shares of the oil and gas company’s stock valued at $1,043,000 after acquiring an additional 318 shares during the period. William Mack & Associates Inc. raised its position in shares of Chevron by 4.1% in the 3rd quarter. William Mack & Associates Inc. now owns 1,853 shares of the oil and gas company’s stock valued at $378,000 after acquiring an additional 73 shares during the period. Finally, Victory Financial Group LLC boosted its stake in Chevron by 23.7% during the 3rd quarter. Victory Financial Group LLC now owns 7,561 shares of the oil and gas company’s stock worth $1,544,000 after acquiring an additional 1,448 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Higher oil and natural-gas prices could support a strong quarterly performance. Analysts expect approximately $4.83 in adjusted EPS and $61.65 billion in revenue, while other previews suggest Chevron may beat estimates. Oil Stocks in Spotlight Friday: Chevron, ExxonMobil, BP Could Show Impact of Higher Gas Prices
• Positive Sentiment: Investors will focus on whether the oil-price surge translated into free cash flow and shareholder returns. Chevron’s strong production, Hess integration benefits and improved cash generation are supporting the bullish case. Chevron Hit a Record High. Friday’s Report Has to Show Where the Oil-Spike Cash Went
• Positive Sentiment: TotalEnergies is acquiring a 25% interest in 26 Chevron-operated offshore exploration leases in the U.S. Gulf. The partnership helps share exploration costs while expanding Chevron’s offshore portfolio. TotalEnergies Expands US Exploration Footprint With 26 Offshore Leases
• Neutral Sentiment: Options activity indicates potential for a post-earnings rally, but the stock is already near a record high, raising the bar for a positive surprise. Investors will also assess dividend sustainability and the outlook for oil prices. Ahead of Chevron Earnings, Here’s What Barchart Data Says Comes Next for CVX Stock
• Negative Sentiment: Chevron canceled plans for executives to attend the ADIPEC conference in the United Arab Emirates because of security concerns. The decision is unlikely to materially affect earnings but highlights continuing geopolitical risks to operations and travel. Exxon, Chevron cancel ADIPEC executive trips, sources say

Insider Buying and Selling at Chevron

In other news, CEO Michael Wirth sold 317,100 shares of the business’s stock in a transaction on 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 sale, the chief executive officer owned 26,308 shares of the company’s stock, valued at $5,273,701.68. The trade was a 92.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Andrew Walz sold 16,800 shares of the stock in a transaction on 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 of the company’s stock, valued at $2,814.84. The trade was a 99.92% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 1,195,682 shares of company stock worth $235,619,780. Company insiders own 0.56% of the company’s stock.

Chevron Trading Up 0.9%

NYSE CVX opened at $231.32 on Friday. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $234.08. 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 $212.56 and its two-hundred day moving average price is $192.70. The stock has a market capitalization of $457.03 billion, a price-to-earnings ratio of 22.18, a PEG ratio of 0.54 and a beta of 0.53.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company had revenue of $67.20 billion during the quarter, compared to analysts’ expectations of $62.72 billion. During the same period last year, the business earned $1.77 EPS. The business’s quarterly revenue was up 57.4% on a year-over-year basis. As a group, analysts anticipate that Chevron Corporation will post 18.20 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CVX has been the topic of several recent analyst reports. Sanford C. Bernstein lifted their price objective on shares of Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. JPMorgan Chase & Co. upped their target price on shares of Chevron from $190.00 to $222.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. Argus increased their target price on shares of Chevron from $206.00 to $211.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. BMO Capital Markets lifted their price target on shares of Chevron from $210.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday, September 3rd. Finally, HSBC set a $90.00 price target on shares of Chevron in a research report on Friday, September 25th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $213.96.

Chevron 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.