1ST Source Bank Decreases Holdings in Chevron Co. (CVX)
1ST Source Bank trimmed its holdings in Chevron Co. (NYSE:CVX) by 4.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,918 shares of the oil and gas company’s stock after selling 2,841 shares during the quarter. Chevron comprises approximately 0.6% of 1ST Source Bank’s portfolio, making the stock its 21st largest holding. 1ST Source Bank’s holdings in Chevron were worth $7,955,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in CVX. Dimensional Fund Advisors LP increased its holdings in shares of Chevron by 4.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 13,026,526 shares of the oil and gas company’s stock worth $1,485,545,000 after buying an additional 549,931 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in shares of Chevron by 3.3% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 8,728,794 shares of the oil and gas company’s stock worth $995,432,000 after buying an additional 275,289 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Chevron by 0.4% in the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,624,550 shares of the oil and gas company’s stock valued at $869,505,000 after purchasing an additional 31,022 shares during the last quarter. Boston Partners increased its holdings in Chevron by 2.4% in the 1st quarter. Boston Partners now owns 7,482,304 shares of the oil and gas company’s stock valued at $853,282,000 after purchasing an additional 175,360 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Chevron by 10.3% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,391,206 shares of the oil and gas company’s stock valued at $808,040,000 after purchasing an additional 594,253 shares during the last quarter. 64.82% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently weighed in on CVX. Redburn Partners downgraded shares of Chevron from a “buy” rating to a “neutral” rating and dropped their target price for the company from $130.00 to $115.00 in a report on Wednesday, October 3rd. Goldman Sachs Group upgraded shares of Chevron from a “buy” rating to a “conviction-buy” rating in a report on Tuesday, October 2nd. Zacks Investment Research upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $137.00 target price for the company in a report on Monday, October 1st. Royal Bank of Canada set a $150.00 target price on shares of Chevron and gave the company a “hold” rating in a report on Thursday, September 20th. Finally, HSBC upgraded shares of Chevron from a “hold” rating to a “buy” rating in a report on Tuesday, September 11th. Nine analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $137.17.
NYSE:CVX opened at $117.47 on Friday. The firm has a market capitalization of $234.31 billion, a price-to-earnings ratio of 31.78, a price-to-earnings-growth ratio of 2.14 and a beta of 1.07. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.08 and a quick ratio of 0.87. Chevron Co. has a 52 week low of $108.02 and a 52 week high of $133.88.
Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, July 27th. The oil and gas company reported $1.78 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.09 by ($0.31). The business had revenue of $42.24 billion during the quarter, compared to analyst estimates of $46.62 billion. Chevron had a return on equity of 6.89% and a net margin of 7.87%. The business’s revenue was up 22.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.77 EPS. On average, sell-side analysts anticipate that Chevron Co. will post 8.17 earnings per share for the current fiscal year.
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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