PNC Financial Services Group Inc. Sells 96,088 Shares of Chevron Corporation $CVX

PNC Financial Services Group Inc. lessened its holdings in Chevron Corporation (NYSE:CVX) by 2.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,756,368 shares of the oil and gas company’s stock after selling 96,088 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.22% of Chevron worth $537,874,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Kelleher Financial Advisors grew its holdings in Chevron by 32.8% during the 2nd quarter. Kelleher Financial Advisors now owns 1,620 shares of the oil and gas company’s stock worth $232,000 after acquiring an additional 400 shares during the period. Wealth Alliance LLC lifted its stake in Chevron by 3.0% in the second quarter. Wealth Alliance LLC now owns 22,830 shares of the oil and gas company’s stock valued at $3,269,000 after buying an additional 656 shares during the period. Bouchey Financial Group Ltd lifted its stake in Chevron by 192.2% in the second quarter. Bouchey Financial Group Ltd now owns 3,837 shares of the oil and gas company’s stock valued at $549,000 after buying an additional 2,524 shares during the period. KBC Group NV boosted its holdings in Chevron by 5.2% during the second quarter. KBC Group NV now owns 179,044 shares of the oil and gas company’s stock worth $25,637,000 after buying an additional 8,915 shares during the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new position in shares of Chevron during the 2nd quarter worth about $5,056,000. 72.42% of the stock is owned by institutional investors.

Chevron Price Performance

Shares of CVX opened at $156.05 on Wednesday. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The stock has a market capitalization of $269.65 billion, a P/E ratio of 20.08, a P/E/G ratio of 4.40 and a beta of 0.83. The company has a 50 day moving average of $155.33 and a 200-day moving average of $150.04.

Chevron (NYSE:CVX) last released its earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $48.17 billion during the quarter, compared to the consensus estimate of $46.99 billion. During the same quarter last year, the firm earned $2.48 earnings per share. The firm’s revenue for the quarter was down 1.9% compared to the same quarter last year. As a group, equities research analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th will be given a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $6.84 annualized dividend and a yield of 4.4%. Chevron’s dividend payout ratio is 96.20%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Melius Research began coverage on shares of Chevron in a research report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price target on the stock. TD Cowen increased their target price on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday, August 4th. Wall Street Zen raised shares of Chevron from a “sell” rating to a “hold” rating in a research report on Saturday. Evercore ISI restated an “outperform” rating and issued a $180.00 price objective on shares of Chevron in a research report on Thursday, July 31st. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Chevron in a research note on Friday, July 18th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Chevron presently has a consensus rating of “Hold” and an average target price of $165.45.

Insider Buying and Selling

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the business’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president owned 1,181 shares of the company’s stock, valued at $188,960. The trade was a 77.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the sale, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is owned by company insiders.

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.