VeraBank N.A. Trims Position in Chevron Co. (NYSE:CVX)

VeraBank N.A. trimmed its holdings in Chevron Co. (NYSE:CVXFree Report) by 0.4% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 21,699 shares of the oil and gas company’s stock after selling 78 shares during the period. Chevron accounts for approximately 1.1% of VeraBank N.A.’s portfolio, making the stock its 21st largest position. VeraBank N.A.’s holdings in Chevron were worth $3,423,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Renaissance Investment Group LLC raised its holdings in Chevron by 12.7% during the fourth quarter. Renaissance Investment Group LLC now owns 6,187 shares of the oil and gas company’s stock worth $923,000 after purchasing an additional 697 shares in the last quarter. Camelot Portfolios LLC purchased a new position in Chevron in the fourth quarter valued at about $254,000. Kapstone Financial Advisors LLC increased its holdings in Chevron by 5.3% in the fourth quarter. Kapstone Financial Advisors LLC now owns 4,216 shares of the oil and gas company’s stock valued at $626,000 after buying an additional 211 shares in the last quarter. Eagle Capital Management LLC increased its holdings in Chevron by 0.5% in the first quarter. Eagle Capital Management LLC now owns 34,455 shares of the oil and gas company’s stock valued at $5,435,000 after buying an additional 163 shares in the last quarter. Finally, Lane & Associates LLC purchased a new position in Chevron in the first quarter valued at about $345,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Chevron

In other Chevron news, Director Enrique Hernandez, Jr. sold 2,549 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $165.24, for a total transaction of $421,196.76. Following the completion of the transaction, the director now directly owns 27,725 shares of the company’s stock, valued at approximately $4,581,279. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Enrique Hernandez, Jr. sold 2,549 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $165.24, for a total value of $421,196.76. Following the sale, the director now directly owns 27,725 shares in the company, valued at approximately $4,581,279. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jeff B. Gustavson sold 3,750 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total transaction of $600,862.50. Following the completion of the sale, the vice president now owns 477 shares in the company, valued at $76,429.71. The disclosure for this sale can be found here. Insiders sold 16,746 shares of company stock valued at $2,727,971 in the last ninety days. Company insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

CVX has been the subject of a number of research analyst reports. Scotiabank raised shares of Chevron from a “sector perform” rating to a “sector outperform” rating and increased their target price for the company from $170.00 to $195.00 in a report on Thursday, April 11th. Barclays started coverage on shares of Chevron in a report on Wednesday, April 10th. They issued an “overweight” rating and a $203.00 target price for the company. TD Cowen increased their price target on shares of Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a research report on Monday, April 29th. Mizuho increased their price target on shares of Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Finally, Piper Sandler increased their price target on shares of Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research report on Thursday, April 18th. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $186.95.

Get Our Latest Research Report on CVX

Chevron Stock Performance

Shares of NYSE CVX traded up $2.15 during midday trading on Wednesday, hitting $155.13. The company’s stock had a trading volume of 5,413,672 shares, compared to its average volume of 7,941,126. Chevron Co. has a 1-year low of $139.62 and a 1-year high of $171.70. The firm’s fifty day moving average price is $157.96 and its 200-day moving average price is $155.03. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 1.23. The firm has a market cap of $285.90 billion, a P/E ratio of 14.27, a P/E/G ratio of 2.34 and a beta of 1.10.

Chevron (NYSE:CVXGet Free Report) last posted its earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.84 by $0.09. The firm had revenue of $48.72 billion during the quarter, compared to analyst estimates of $48.42 billion. Chevron had a net margin of 10.21% and a return on equity of 14.40%. Chevron’s revenue was down 4.1% on a year-over-year basis. During the same period in the previous year, the business posted $3.55 EPS. On average, sell-side analysts forecast that Chevron Co. will post 13.18 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 17th were paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date of this dividend was Thursday, May 16th. Chevron’s payout ratio is 59.98%.

Chevron Profile

(Free Report)

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.

Further Reading

Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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