WASHINGTON TRUST Co Has $2.09 Million Position in Chevron Co. (NYSE:CVX)

WASHINGTON TRUST Co lifted its stake in shares of Chevron Co. (NYSE:CVX) by 11.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,993 shares of the oil and gas company’s stock after acquiring an additional 1,458 shares during the period. WASHINGTON TRUST Co’s holdings in Chevron were worth $2,087,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Cantor Fitzgerald Investment Advisor L.P grew its position in Chevron by 85.1% in the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock valued at $25,908,000 after purchasing an additional 73,141 shares in the last quarter. Axiom Financial Strategies LLC grew its position in Chevron by 25.2% in the first quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock valued at $1,155,000 after purchasing an additional 1,476 shares in the last quarter. GQG Partners LLC grew its position in Chevron by 4.7% in the first quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock valued at $6,598,000 after purchasing an additional 1,813 shares in the last quarter. Lumature Wealth Partners LLC grew its position in shares of Chevron by 43.5% in the 1st quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock valued at $950,000 after acquiring an additional 1,770 shares during the period. Finally, First Trust Advisors LP grew its position in shares of Chevron by 13.8% in the 1st quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock valued at $336,830,000 after acquiring an additional 250,840 shares during the period. Institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CVX shares. Royal Bank of Canada raised their target price on shares of Chevron from $185.00 to $190.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Jefferies Financial Group upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $184.00 target price for the company in a research note on Monday, January 8th. Piper Sandler dropped their price objective on shares of Chevron from $188.00 to $180.00 and set an “overweight” rating for the company in a research note on Thursday, March 14th. Mizuho lifted their price target on shares of Chevron from $195.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Finally, Scotiabank lowered shares of Chevron from a “sector outperform” rating to a “sector perform” rating and set a $170.00 price target on the stock. in a report on Tuesday, January 16th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $180.39.

Chevron Stock Up 1.1 %

Shares of Chevron stock traded up $1.67 during trading on Thursday, reaching $158.02. 3,529,237 shares of the company traded hands, compared to its average volume of 8,694,591. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.27 and a quick ratio of 1.01. Chevron Co. has a 1-year low of $139.62 and a 1-year high of $172.88. The company has a 50 day moving average price of $151.34 and a 200-day moving average price of $152.65. The firm has a market capitalization of $293.49 billion, a PE ratio of 13.86, a P/E/G ratio of 2.38 and a beta of 1.12.

Chevron (NYSE:CVX) last released its earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.19 by $0.26. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The company had revenue of $47.18 billion for the quarter, compared to the consensus estimate of $50.93 billion. During the same quarter in the previous year, the company earned $4.09 EPS. Chevron’s quarterly revenue was down 16.5% compared to the same quarter last year. As a group, equities research analysts expect that Chevron Co. will post 13.04 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were issued a $1.63 dividend. The ex-dividend date was Thursday, February 15th. This is a positive change from Chevron’s previous quarterly dividend of $1.51. This represents a $6.52 annualized dividend and a dividend yield of 4.13%. Chevron’s dividend payout ratio is currently 57.39%.

About Chevron

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.