Cambria Investment Management L.P. cut its stake in Chevron Corporation (NYSE:CVX – Free Report) by 95.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,170 shares of the oil and gas company’s stock after selling 65,105 shares during the quarter. Cambria Investment Management L.P.’s holdings in Chevron were worth $492,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of CVX. Vanguard Group Inc. grew its holdings in shares of Chevron by 17.9% in the third quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company’s stock valued at $28,540,753,000 after purchasing an additional 27,961,463 shares during the period. Norges Bank purchased a new position in Chevron during the second quarter worth about $2,721,477,000. State Street Corp boosted its holdings in Chevron by 9.1% in the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock valued at $23,698,184,000 after purchasing an additional 12,789,399 shares during the last quarter. Primecap Management Co. CA acquired a new position in Chevron in the 3rd quarter valued at about $988,083,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Chevron by 27.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company’s stock valued at $3,047,900,000 after buying an additional 4,279,918 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.
Insider Activity
In related news, CEO Michael K. Wirth sold 320,700 shares of Chevron stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $162.99, for a total value of $52,270,893.00. Following the completion of the transaction, the chief executive officer owned 14,450 shares in the company, valued at $2,355,205.50. The trade was a 95.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R. Hewitt Pate sold 58,000 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $188.65, for a total transaction of $10,941,700.00. Following the transaction, the insider owned 8,558 shares of the company’s stock, valued at $1,614,466.70. This trade represents a 87.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,099,397 shares of company stock worth $196,196,468 over the last three months. Insiders own 0.21% of the company’s stock.
Chevron Trading Up 0.1%
Chevron (NYSE:CVX – Get Free Report) last posted its quarterly earnings results on Friday, January 30th. The oil and gas company reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.08. The company had revenue of $45.79 billion for the quarter, compared to analyst estimates of $48.18 billion. Chevron had a return on equity of 7.89% and a net margin of 6.51%.Chevron’s revenue for the quarter was down 10.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.06 EPS. Sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.
Chevron Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, March 10th. Investors of record on Tuesday, February 17th were issued a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 3.5%. This is a positive change from Chevron’s previous quarterly dividend of $1.71. The ex-dividend date of this dividend was Tuesday, February 17th. Chevron’s dividend payout ratio is 106.91%.
Analyst Ratings Changes
A number of brokerages have recently issued reports on CVX. Piper Sandler raised their price target on shares of Chevron from $179.00 to $242.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Freedom Capital lowered Chevron from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 6th. Jefferies Financial Group raised their target price on Chevron from $174.00 to $189.00 and gave the stock a “buy” rating in a research note on Wednesday, January 14th. Barclays lifted their target price on Chevron from $172.00 to $180.00 and gave the company an “equal weight” rating in a research report on Monday, March 16th. Finally, Wells Fargo & Company upped their price target on Chevron from $196.00 to $204.00 and gave the company an “overweight” rating in a research note on Monday, February 2nd. Fourteen analysts have rated the stock with a Buy rating, six have given a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $184.77.
Get Our Latest Report on Chevron
Key Stories Impacting Chevron
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Chevron’s market capitalization topped $400 billion for the first time as the crude rally lifted energy peers and investor appetite for large integrated oil names. Chevron (CVX) Stock Breaks Into Elite $400B Club Amid Oil Price Rally
- Positive Sentiment: HSBC upgraded CVX from Hold to Buy and set a $215 target, signaling analyst conviction that the stock has further upside as oil stays elevated. HSBC upgrade to Buy
- Positive Sentiment: Major business press notes Chevron’s rise into the top-20 U.S. companies by market value, reinforcing momentum and institutional interest in the name. Chevron Jumps Into Top 20 Most Valuable U.S. Companies
- Positive Sentiment: Analyst/market commentaries and YTD performance write-ups highlight strong gains (CVX up materially this year) driven by geopolitical support for oil prices and Chevron’s growth projects—these narratives help attract momentum flows. Why the Market Dipped But Chevron (CVX) Gained Today
- Positive Sentiment: Mizuho and other broker notes (coverage upgrades / bullish price forecasts) and inclusion in “best energy stocks” pieces amplify buy-side interest and argue for continued upside if commodity strength persists. Mizuho Forecasts Strong Price Appreciation for Chevron (NYSE:CVX) Stock
- Neutral Sentiment: Comparative analyst pieces (e.g., Zacks on Chevron vs. Suncor) note Chevron’s diversification and Guyana growth but weigh that against peer cost actions—useful context but not an immediate catalyst. Chevron vs. Suncor: Which Energy Stock Wins at 52-Week Highs?
- Neutral Sentiment: Chevron Technology Ventures led a small strategic investment in robotics firm KEWAZO—positioning for operational efficiencies but not a near-term earnings driver. Chevron Technology Ventures Invests in KEWAZO
Chevron Profile
Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.
Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.
Further Reading
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