Ferguson Wellman Boosts Chevron Stake Amid Rising Oil Prices
Ferguson Wellman Capital Management Inc. has increased its stake in Chevron Corporation (NYSE: CVX) by 0.6% during the third quarter, according to its latest SEC filing. The firm now holds 911,718 shares of the oil and gas giant, worth approximately $186,182,000. Chevron accounts for about 2.2% of Ferguson Wellman’s holdings, making it the 10th largest position in the portfolio.
Several other institutional investors have also adjusted their positions in Chevron. CapWealth Advisors LLC raised its stake by 3.9%, while Adelphi Trust Co. increased its holdings by 5.0%. Heartwood Wealth Advisors LLC and Miller Global Investments LLC also boosted their stakes by 3.2% and 9.3%, respectively. Polaris Financial Partners initiated a new position worth around $143,000.
Chevron’s stock has seen positive sentiment due to rising crude prices, which are expected to enhance its upstream earnings and cash flow. Analysts suggest the company could reach new highs if the oil rally continues. However, there are risks associated with Chevron’s investments in geopolitically challenging regions like Venezuela and the war-torn Middle East, which could pose operational and regulatory challenges.
Analysts have been bullish on Chevron, with Wells Fargo & Company raising its price target to $230.00 and maintaining an "overweight" rating. Wolfe Research upgraded the stock to "outperform" with a $210.00 target, while Argus increased its target to $211.00. Royal Bank of Canada and UBS Group also raised their price targets, contributing to a consensus "Moderate Buy" rating and an average target price of $210.87.