Chevron Corporation $CVX Position Reduced by Fisher Asset Management LLC

Fisher Asset Management LLC decreased its position in Chevron Corporation (NYSE:CVX) by 0.3% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 16,601,210 shares of the oil and gas company’s stock after selling 56,655 shares during the period. Chevron comprises 1.0% of Fisher Asset Management LLC’s portfolio, making the stock its 29th biggest position. Fisher Asset Management LLC’s holdings in Chevron were worth $3,390,133,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. State Street Corp raised its holdings in shares of 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 valued at $28,016,651,000 after purchasing an additional 5,998,852 shares during the last quarter. BlackRock Inc. acquired a new position in Chevron during the second quarter worth $25,663,729,000. Bank of America Corp DE boosted its holdings in Chevron by 5.1% during the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock worth $5,716,694,000 after purchasing an additional 1,334,976 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Chevron in the second quarter valued at $2,378,114,000. Finally, Amundi increased its stake in Chevron by 14.1% in the 2nd 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. Institutional investors and hedge funds own 72.42% of the company’s stock.

More Chevron News

Here’s some of the latest news about CVX:

• 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: Sanford C. Bernstein cut its price target to $233 from $248 and maintained a “market perform” rating, signaling less upside in its updated view. Article: Bernstein Lowers Chevron Price Target

Wall Street Analyst Weigh In

Several brokerages have commented on CVX. Royal Bank Of Canada boosted their price target on shares of Chevron from $220.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, September 24th. BMO Capital Markets increased their price objective on shares of Chevron from $210.00 to $235.00 and gave the stock an “outperform” rating in a research note on Thursday, September 3rd. Wall Street Zen upgraded Chevron from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $241.00 target price on shares of Chevron in a research report on Tuesday, October 20th. Finally, Weiss Ratings lowered Chevron from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, November 2nd. One research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $222.81.

Insiders Place Their Bets

In related news, Vice Chairman Mark A. Nelson sold 112,000 shares of the business’s 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 sale, the insider owned 11,647 shares in the company, valued at $2,451,460.56. The trade was a 90.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Andrew Walz sold 16,800 shares of the company’s 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 transaction, the insider directly owned 14 shares of the company’s stock, valued at approximately $2,814.84. The trade was a 99.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 174,370 shares of company stock valued at $37,224,309. 0.56% of the stock is currently owned by insiders.

Chevron Trading Up 1.6%

Shares of CVX stock opened at $216.64 on Friday. The company has a market capitalization of $425.78 billion, a PE ratio of 15.85, a price-to-earnings-growth ratio of 0.50 and a beta of 0.47. The firm has a 50 day moving average price of $215.33 and a two-hundred day moving average price of $195.33. The company has a quick ratio of 1.07, a current ratio of 1.34 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $236.48.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $65.24 billion during the quarter, compared to the consensus estimate of $61.82 billion. During the same quarter in the previous year, the firm posted $1.85 EPS. The business’s revenue for the quarter was up 36.3% compared to the same quarter last year. As a group, analysts predict that Chevron Corporation will post 18.64 earnings per share for the current year.

Chevron Announces Dividend

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

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.