Bank of New York Mellon Corp Sells 310,776 Shares of Chevron Corporation (NYSE:CVX)

Bank of New York Mellon Corp trimmed its position in Chevron Corporation (NYSE:CVX) by 1.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,185,911 shares of the oil and gas company’s stock after selling 310,776 shares during the period. Chevron accounts for 0.5% of Bank of New York Mellon Corp’s investment portfolio, making the stock its 28th biggest position. Bank of New York Mellon Corp owned about 0.92% of Chevron worth $2,707,741,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in shares of Chevron by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company’s stock worth $5,247,142,000 after acquiring an additional 392,916 shares during the last quarter. Norges Bank bought a new stake in Chevron during the fourth quarter worth about $3,017,750,000. Northern Trust Corp lifted its stake in Chevron by 7.3% during the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock worth $2,965,135,000 after purchasing an additional 1,394,091 shares during the last quarter. Franklin Resources Inc. lifted its stake in Chevron by 0.5% during the fourth quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company’s stock worth $2,502,850,000 after purchasing an additional 79,917 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in Chevron by 1.3% during the fourth quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company’s stock worth $2,421,564,000 after purchasing an additional 211,023 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of several recent research reports. Redburn Atlantic reissued a “sell” rating and issued a $124.00 price target (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Barclays lowered shares of Chevron from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $171.00 to $152.00 in a report on Wednesday, April 23rd. Hsbc Global Res lowered shares of Chevron from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 13th. UBS Group lowered their price objective on shares of Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Finally, Piper Sandler upped their price objective on shares of Chevron from $162.00 to $164.00 and gave the company an “overweight” rating in a research note on Wednesday. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $160.41.

Chevron Stock Up 0.2%

Shares of NYSE:CVX opened at $148.23 on Friday. The stock has a 50 day moving average price of $141.16 and a 200-day moving average price of $148.07. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. The firm has a market capitalization of $258.86 billion, a P/E ratio of 16.94, a P/E/G ratio of 2.51 and a beta of 0.83. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.03. The company had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. Chevron’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period last year, the business earned $2.93 EPS. As a group, equities research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.61%. The ex-dividend date was Monday, May 19th. Chevron’s dividend payout ratio is 78.17%.

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.