Central Pacific Bank Trust Division Increases Stake in Chevron Co. (NYSE:CVX)

Central Pacific Bank Trust Division lifted its stake in Chevron Co. (NYSE:CVX) by 11.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,008 shares of the oil and gas company’s stock after buying an additional 1,521 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Chevron were worth $2,174,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new position in Chevron in the 3rd quarter worth approximately $29,000. Rational Advisors LLC purchased a new position in shares of Chevron in the third quarter worth $29,000. Darwin Wealth Management LLC bought a new position in shares of Chevron during the third quarter worth $30,000. RPg Family Wealth Advisory LLC purchased a new position in Chevron during the third quarter valued at $31,000. Finally, Cyrus J. Lawrence LLC increased its holdings in Chevron by 66.7% in the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on CVX shares. Wells Fargo & Company raised their price objective on Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a research report on Monday, December 9th. Bank of America started coverage on Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective on the stock. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and increased their target price for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Truist Financial boosted their price target on shares of Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Finally, Royal Bank of Canada lifted their price objective on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $175.19.

Chevron Stock Up 1.2 %

Chevron stock traded up $1.72 during mid-day trading on Friday, reaching $148.43. 3,102,465 shares of the company were exchanged, compared to its average volume of 5,083,043. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The business has a fifty day moving average of $153.73 and a 200 day moving average of $151.27. The firm has a market cap of $266.74 billion, a P/E ratio of 16.31, a PEG ratio of 2.93 and a beta of 1.10. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.04. The business had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The business’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period in the previous year, the company earned $3.05 earnings per share. Research analysts anticipate that Chevron Co. will post 10.5 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were issued a $1.63 dividend. The ex-dividend date was Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.39%. Chevron’s dividend payout ratio is currently 71.65%.

Insider Transactions at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.20% of the company’s stock.

Chevron Company Profile

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.