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CEO Mike Wirth anticipates a 9% to 10% growth in Chevron's Permian Basin output by 2025, with capital expenditures projected at $15 billion, down from $16.4 billion in 2024, potentially boosting cash flow and profits. Chevron's robust capital-return program includes a $75 billion share repurchase initiative and a 38th consecutive annual dividend increase.
Life Planning Partners Inc and several other firms acquired new stakes in Chevron, with institutional investors owning 72.42% of the stock. Chevron's price target was lowered by UBS Group to $194, while analysts maintain a "Moderate Buy" rating with a consensus target of $174.60. The company recently increased its quarterly dividend to $1.71 per share, reflecting a yield of 4.58%.
Darwin Wealth Management LLC and RPg Family Wealth Advisory LLC recently acquired new stakes in Chevron, valued at approximately $30,000 and $31,000, respectively. Institutional investors hold 72.42% of Chevron's stock, which has a "Moderate Buy" rating from analysts, despite recent price target adjustments. CEO Michael K. Wirth sold a significant number of shares, reducing his ownership by nearly 97%.
Rational Advisors LLC, Legacy Investment Solutions LLC, Darwin Wealth Management LLC, and RPg Family Wealth Advisory LLC all acquired new stakes in Chevron during the third quarter, with investments ranging from $29,000 to $31,000. Anfield Capital Management LLC increased its position by 118%, now holding shares worth $34,000. Institutional investors own 72.42% of Chevron, which has a "Moderate Buy" rating and a consensus target price of $175.63, despite recent revenue declines. CEO Michael K. Wirth sold a significant portion of his shares, reducing his stake by 97.47%.
Mike Wirth, CEO of Chevron, once celebrated for surpassing Exxon Mobil in market value, now faces significant challenges as Exxon reclaims its title with nearly double Chevron's market value. Amid a contentious arbitration battle and growing doubts about his leadership, Wirth is on a mission to revitalize confidence in Chevron's portfolio, declaring, “This is the comeback.”
Chevron Corp. has signaled potential job cuts in the US as part of a $3 billion cost-cutting initiative aimed at achieving structural savings through asset sales, new technology, and workflow changes. The company recently launched a $1 billion innovation hub in Bengaluru, India, which is actively hiring for engineering and digital services roles.
Stocks closed on a sour note as traders anticipate earnings reports from Chevron and Exxon Mobil, with both CEOs scheduled to appear on CNBC. General Motors saw a 13% rise in the last month, while Ford and Stellantis faced declines. Apple reported strong iPhone sales but saw a slight drop in stock after hours, despite a 22.7% year-to-date increase. Financials outperformed in October, while health care and consumer durables struggled.
The S&P 500 ended a three-day losing streak, buoyed by Tesla's nearly 22% surge, now just 4% from its July high. Energy stocks remain in focus, with Chevron's CEO highlighting the sector's critical role in the economy amid inflation concerns. Tapestry rose 14% post-bell, while Capri plummeted 47%. Upcoming restaurant reports from Starbucks and McDonald's are anticipated after recent declines.
Chevron CEO Mike Wirth emphasized the need for a "consistent and coherent energy policy" to support economic stability and investment in energy. He highlighted the importance of affordable energy in managing inflation and noted that the U.S. must commit to diverse energy sources, including renewables and natural gas, to meet growing electricity demand. Wirth also pointed out that oil plays a crucial role beyond fuel, contributing to the production of petrochemicals essential for various industries, including electric vehicle manufacturing.
Mike Wirth
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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