Atlantic Union Bankshares Corp Trims Stock Holdings in Chevron Co. (NYSE:CVX)

Atlantic Union Bankshares Corp decreased its position in shares of Chevron Co. (NYSE:CVX) by 9.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 71,403 shares of the oil and gas company’s stock after selling 7,334 shares during the quarter. Chevron makes up 1.1% of Atlantic Union Bankshares Corp’s holdings, making the stock its 15th largest holding. Atlantic Union Bankshares Corp’s holdings in Chevron were worth $11,235,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Miracle Mile Advisors LLC raised its stake in shares of Chevron by 0.3% during the first quarter. Miracle Mile Advisors LLC now owns 19,980 shares of the oil and gas company’s stock valued at $3,260,000 after acquiring an additional 60 shares during the last quarter. First American Trust FSB grew its position in shares of Chevron by 1.4% in the 1st quarter. First American Trust FSB now owns 4,469 shares of the oil and gas company’s stock valued at $729,000 after buying an additional 61 shares during the last quarter. Zullo Investment Group Inc. lifted its stake in shares of Chevron by 1.7% in the fourth quarter. Zullo Investment Group Inc. now owns 3,740 shares of the oil and gas company’s stock worth $671,000 after acquiring an additional 63 shares during the period. Janiczek Wealth Management LLC raised its holdings in Chevron by 1.8% during the 1st quarter. Janiczek Wealth Management LLC now owns 3,474 shares of the oil and gas company’s stock worth $599,000 after purchasing an additional 63 shares during the last quarter. Finally, LWM Advisory Services LLC lifted its holdings in Chevron by 2.3% in the first quarter. LWM Advisory Services LLC now owns 2,803 shares of the oil and gas company’s stock valued at $460,000 after buying an additional 64 shares during the period. 68.87% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CVX shares. The Goldman Sachs Group raised Chevron from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $166.00 to $187.00 in a research report on Monday, July 31st. Royal Bank of Canada upgraded Chevron from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $165.00 to $180.00 in a report on Thursday, June 1st. Mizuho boosted their target price on shares of Chevron from $209.00 to $215.00 and gave the company a “buy” rating in a research report on Monday. Truist Financial raised their price target on shares of Chevron from $163.00 to $165.00 and gave the stock a “hold” rating in a report on Monday, July 31st. Finally, JPMorgan Chase & Co. raised Chevron from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $161.00 to $170.00 in a research report on Wednesday, May 31st. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $190.61.

Insider Activity at Chevron

In other news, VP Jeff B. Gustavson sold 3,750 shares of the firm’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $160.88, for a total value of $603,300.00. Following the completion of the transaction, the vice president now directly owns 1,718 shares of the company’s stock, valued at $276,391.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Jeff B. Gustavson sold 3,750 shares of the company’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $160.88, for a total value of $603,300.00. Following the transaction, the vice president now owns 1,718 shares of the company’s stock, valued at $276,391.84. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Pierre R. Breber sold 25,000 shares of the business’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $164.00, for a total value of $4,100,000.00. Following the transaction, the chief financial officer now owns 6,021 shares of the company’s stock, valued at $987,444. The disclosure for this sale can be found here. 0.18% of the stock is owned by company insiders.

Chevron Stock Performance

NYSE:CVX opened at $167.22 on Tuesday. Chevron Co. has a 1 year low of $140.46 and a 1 year high of $189.68. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.43 and a quick ratio of 1.13. The business has a fifty day simple moving average of $160.80 and a two-hundred day simple moving average of $160.15. The company has a market capitalization of $312.24 billion, a P/E ratio of 10.60, a P/E/G ratio of 0.88 and a beta of 1.18.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, July 28th. The oil and gas company reported $3.08 earnings per share for the quarter, topping the consensus estimate of $2.95 by $0.13. The company had revenue of $48.90 billion during the quarter, compared to analyst estimates of $48 billion. Chevron had a return on equity of 19.48% and a net margin of 13.54%. The firm’s revenue for the quarter was down 28.9% on a year-over-year basis. During the same quarter last year, the firm posted $5.82 EPS. On average, analysts expect that Chevron Co. will post 13.23 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Friday, August 18th were issued a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 3.61%. The ex-dividend date was Thursday, August 17th. Chevron’s dividend payout ratio (DPR) is presently 38.30%.

Chevron 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; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.