Modera Wealth Management LLC significantly increased its holdings in Chevron Corporation (NYSE: CVX) by 18.9% during the third quarter, according to its latest 13F filing with the SEC. The firm now owns 36,832 shares of the oil and gas company, valued at $7,521,000. Other institutional investors also made notable adjustments to their Chevron stakes, including State Street Corp, BlackRock Inc., Bank of America Corp DE, Amundi, and Bank of New York Mellon Corp, reflecting broad interest in the company.
Chevron's CEO Michael Wirth and insider Andrew Walz both sold substantial portions of their shares in recent transactions. Wirth sold 317,100 shares at an average price of $200.46, totaling $63,565,866, while Walz sold 16,800 shares at $201.06, amounting to $3,377,808. These sales represent significant reductions in their holdings, with Wirth's position decreasing by 92.34% and Walz's by 99.92%. Overall, insiders have sold 1,195,682 shares valued at $235,619,780 in the last quarter.
Chevron reported strong third-quarter earnings, exceeding expectations with adjusted earnings of $5.28 per share and revenue of $65.24 billion. The company's downstream earnings nearly quadrupled year-over-year due to refinery outages and geopolitical disruptions, while free cash flow reached $12 billion. However, Chevron cautioned that production downtime could impact fourth-quarter output, and refining profits may normalize if geopolitical tensions ease.
Analysts have raised their price targets for Chevron, with an average rating of "Moderate Buy" and a target price of $213.96. The stock opened at $235.62 on Friday, with a 52-week range of $146.49 to $236.48. Chevron's market cap stands at $465.53 billion, and it maintains a strong balance sheet with a debt-to-equity ratio of 0.19.