Annex Advisory Buys 8,589 Chevron Shares Worth $31.9M; Director Sells $41.5M
Annex Advisory Services increased its Chevron stake by 4.4%, acquiring 8,589 shares to hold 205,705 shares valued at $31.94M after Q3. Director John B. Hess sold 275,000 shares at $150.75 each on Nov 20, reducing his direct holding by 19.6% to 1,128,045 shares.
1. Annex Advisory Boosts Chevron Stake
Annex Advisory Services LLC increased its holdings in Chevron Corporation by 4.4% during the third quarter, acquiring an additional 8,589 shares to bring its total to 205,705 shares. As of the latest Form 13F filing with the SEC, the fund’s position in the integrated energy company was valued at $31.94 million. This strategic accumulation underscores Annex’s confidence in Chevron’s diversified upstream, midstream and downstream operations amid ongoing market volatility.
2. Mixed Institutional Activity Reflects Varied Sentiment
Several smaller institutional investors adjusted their positions in Chevron during the second quarter. Quaker Wealth Management LLC nearly tripled its stake, adding 439 shares for a total of 217 shares, while Vermillion & White Wealth Management Group LLC grew its holding by 86.1% to 255 shares. IMG Wealth Management Inc. increased its position by 52.3% to 265 shares, and newcomer GFG Capital LLC initiated a stake valued at $42,000. LFA Lugano Financial Advisors SA also more than doubled its exposure, adding 160 shares to reach 310 shares. Institutional investors and hedge funds collectively own 72.42% of Chevron’s outstanding stock.
3. Significant Insider Disposition by Director Hess
On November 20th, Chevron director John B. Hess sold 275,000 shares in a single transaction for proceeds totaling $41.46 million. Following the sale, Hess’s direct ownership fell by 19.6% to 1,128,045 shares, which are valued at approximately $170.05 million. The insider transaction was disclosed in a Form 4 filing with the SEC, reducing internal ownership to 0.20% of the company’s total shares.
4. Analyst Ratings and Recent Financial Results
A consensus of analysts has maintained a generally positive outlook on Chevron, with one Strong Buy, eleven Buy, eight Hold and three Sell ratings, resulting in an average rating of Hold and an average target price of $166.00. Mizuho, UBS and Raymond James have reaffirmed Outperform or Buy ratings, while Piper Sandler and Raymond James adjusted their targets modestly lower. Chevron’s third-quarter earnings exceeded consensus estimates, reporting $1.85 earnings per share on $48.17 billion in revenue. Net margin stood at 6.57% and return on equity at 8.74%, with revenue down 1.9% year-over-year. The company declared a quarterly dividend of $1.71 per share, reflecting a 96.2% payout ratio and a 4.5% annualized yield.