Somerset Trust Co Boosts Holdings in Chevron Co. (NYSE:CVX)

Somerset Trust Co grew its position in shares of Chevron Co. (NYSE:CVX) by 3.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,236 shares of the oil and gas company’s stock after purchasing an additional 449 shares during the period. Somerset Trust Co’s holdings in Chevron were worth $2,246,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Loomis Sayles & Co. L P grew its position in Chevron by 10.3% during the 3rd quarter. Loomis Sayles & Co. L P now owns 2,381 shares of the oil and gas company’s stock worth $401,000 after acquiring an additional 223 shares during the last quarter. Interchange Capital Partners LLC increased its stake in shares of Chevron by 11.5% in the third quarter. Interchange Capital Partners LLC now owns 2,579 shares of the oil and gas company’s stock worth $435,000 after buying an additional 267 shares during the period. Rathbones Group PLC raised its holdings in Chevron by 16.1% during the 3rd quarter. Rathbones Group PLC now owns 268,401 shares of the oil and gas company’s stock valued at $45,258,000 after buying an additional 37,315 shares during the last quarter. V Square Quantitative Management LLC boosted its position in Chevron by 28.0% during the 3rd quarter. V Square Quantitative Management LLC now owns 5,344 shares of the oil and gas company’s stock valued at $901,000 after buying an additional 1,168 shares during the period. Finally, Provence Wealth Management Group grew its holdings in Chevron by 12.8% in the 3rd quarter. Provence Wealth Management Group now owns 3,987 shares of the oil and gas company’s stock worth $672,000 after acquiring an additional 452 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Insider Activity

In related news, Director Enrique Hernandez, Jr. sold 2,549 shares of Chevron stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $161.00, for a total transaction of $410,389.00. Following the sale, the director now owns 7,647 shares of the company’s stock, valued at approximately $1,231,167. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Enrique Hernandez, Jr. sold 2,549 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $161.00, for a total value of $410,389.00. Following the transaction, the director now owns 7,647 shares of the company’s stock, valued at $1,231,167. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Alana K. Knowles sold 2,800 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total transaction of $448,252.00. Following the transaction, the vice president now directly owns 276 shares of the company’s stock, valued at $44,184.84. The disclosure for this sale can be found here. Insiders have sold 19,546 shares of company stock worth $3,176,223 over the last ninety days. Corporate insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on CVX shares. Piper Sandler upped their price target on Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research report on Thursday, April 18th. Barclays began coverage on shares of Chevron in a report on Wednesday, April 10th. They issued an “overweight” rating and a $203.00 price objective on the stock. Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the company from $170.00 to $195.00 in a research note on Thursday, April 11th. Mizuho upped their target price on shares of Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Chevron in a research report on Monday, April 1st. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $186.95.

Chevron Trading Up 0.1 %

Shares of NYSE:CVX opened at $153.33 on Thursday. Chevron Co. has a 12-month low of $139.62 and a 12-month high of $171.70. The company has a market cap of $282.58 billion, a PE ratio of 14.11, a price-to-earnings-growth ratio of 2.28 and a beta of 1.12. The stock has a 50 day moving average of $159.43 and a 200 day moving average of $154.04. The company has a current ratio of 1.23, a quick ratio of 0.93 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.84 by $0.09. The business had revenue of $48.72 billion during the quarter, compared to analyst estimates of $48.42 billion. Chevron had a net margin of 10.21% and a return on equity of 14.40%. The company’s revenue was down 4.1% on a year-over-year basis. During the same period in the prior year, the business posted $3.55 earnings per share. As a group, equities research analysts expect that Chevron Co. will post 13.45 EPS for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 17th were issued a dividend of $1.63 per share. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $6.52 dividend on an annualized basis and a yield of 4.25%. Chevron’s dividend payout ratio is presently 59.98%.

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; 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.