Chevron Corporation $CVX Stock: Diversified Trust Co Trims Stake

Diversified Trust Co lowered its stake in Chevron Corporation (NYSE:CVX) by 3.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 67,212 shares of the oil and gas company’s stock after selling 2,552 shares during the quarter. Diversified Trust Co’s holdings in Chevron were worth $13,726,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CVX. State Street Corp increased its holdings in shares of Chevron by 3.9% in the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock worth $28,016,651,000 after purchasing an additional 5,998,852 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of Chevron in the second quarter worth about $25,663,729,000. Bank of America Corp DE lifted its position in shares of Chevron by 5.1% in the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock worth $5,716,694,000 after buying an additional 1,334,976 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Chevron during the second quarter valued at approximately $2,378,114,000. Finally, Amundi boosted its stake in Chevron by 14.1% during the second quarter. Amundi now owns 13,900,271 shares of the oil and gas company’s stock valued at $2,304,109,000 after buying an additional 1,714,835 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 1.5%

Shares of NYSE CVX opened at $219.56 on Friday. The firm’s 50-day moving average price is $215.49 and its 200-day moving average price is $195.58. The company has a current ratio of 1.34, a quick ratio of 1.07 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $431.52 billion, a price-to-earnings ratio of 15.16, a P/E/G ratio of 0.50 and a beta of 0.47. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $236.48.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, topping the consensus estimate of $4.87 by $0.41. The company had revenue of $65.24 billion during the quarter, compared to analyst estimates of $61.82 billion. Chevron had a return on equity of 14.49% and a net margin of 11.56%. The firm’s revenue was up 36.3% on a year-over-year basis. During the same quarter last year, the business posted $1.85 earnings per share. On average, equities research analysts anticipate that Chevron Corporation will post 18.64 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 18th will be given a dividend of $1.78 per share. The ex-dividend date is Wednesday, November 18th. This represents a $7.12 dividend on an annualized basis and a yield of 3.2%. Chevron’s dividend payout ratio is 52.08%.

Insider Buying and Selling

In other news, Vice Chairman Mark A. Nelson sold 112,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $210.48, for a total transaction of $23,573,760.00. Following the transaction, the insider owned 11,647 shares of the company’s stock, valued at approximately $2,451,460.56. The trade was a 90.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Thomas Booth sold 6,000 shares of the stock in a transaction on Wednesday, November 11th. The shares were sold at an average price of $212.14, for a total value of $1,272,840.00. Following the sale, the chief technology officer owned 6,000 shares in the company, valued at $1,272,840. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 180,370 shares of company stock valued at $38,497,149. 0.56% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on CVX shares. Freedom Broker raised Chevron from a “sell” rating to a “hold” rating and set a $218.00 price objective on the stock in a research note on Thursday, November 5th. Morgan Stanley upped their price objective on Chevron from $226.00 to $230.00 and gave the stock an “overweight” rating in a report on Monday, November 2nd. Royal Bank Of Canada increased their target price on Chevron from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, September 24th. Dbs Bank raised shares of Chevron to a “moderate buy” rating in a report on Thursday, August 6th. Finally, Wells Fargo & Company raised their target price on shares of Chevron from $230.00 to $268.00 and gave the company an “overweight” rating in a report on Monday, November 2nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $222.96.

Trending Headlines about Chevron

These are some of the CVX headlines that stood out recently:

• Positive Sentiment: Chevron declared a quarterly dividend of $1.78 per share, equivalent to $7.12 annually and a 3.3% yield, which may appeal to income-focused investors.
• Neutral Sentiment: Barclays raised its price target from $244 to $248 but kept an “equal weight” rating, while Sanford C. Bernstein lowered its target from $248 to $233 and maintained “market perform.” The differing updates indicate mixed analyst sentiment.
• Negative Sentiment: Vice Chairman Mark Nelson sold 112,000 shares, reducing his direct holdings by about 90.6%; CTO Thomas Booth also sold 6,000 shares, cutting his position by half. Insider sales can weigh on sentiment, though the filings do not explain the sellers’ reasons. SEC filing for Mark Nelson’s sale SEC filing for Thomas Booth’s sale

About Chevron

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives. The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.