Central Bank & Trust Co. Lowers Position in Chevron Co. (NYSE:CVX)

Central Bank & Trust Co. lessened its holdings in Chevron Co. (NYSE:CVX) by 1.3% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,570 shares of the oil and gas company’s stock after selling 84 shares during the period. Central Bank & Trust Co.’s holdings in Chevron were worth $1,036,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in CVX. Norges Bank bought a new position in Chevron in the fourth quarter valued at $2,902,007,000. Berkshire Hathaway Inc grew its stake in shares of Chevron by 14.4% during the fourth quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock valued at $18,808,081,000 after buying an additional 15,845,037 shares during the last quarter. Capital World Investors grew its stake in shares of Chevron by 43.5% during the fourth quarter. Capital World Investors now owns 15,513,887 shares of the oil and gas company’s stock valued at $2,314,070,000 after buying an additional 4,700,289 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Chevron by 73,888.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,602,805 shares of the oil and gas company’s stock valued at $686,554,000 after buying an additional 4,596,584 shares during the last quarter. Finally, International Assets Investment Management LLC grew its stake in shares of Chevron by 15,548.2% during the fourth quarter. International Assets Investment Management LLC now owns 3,202,411 shares of the oil and gas company’s stock valued at $4,776,720,000 after buying an additional 3,181,946 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CVX. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Chevron in a research note on Monday, April 1st. HSBC raised their price objective on Chevron from $175.00 to $178.00 and gave the company a “buy” rating in a research note on Tuesday, April 30th. TD Cowen raised their price objective on Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a research note on Monday, April 29th. Scotiabank raised 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. Finally, Barclays started coverage on shares of Chevron in a report on Wednesday, April 10th. They set an “overweight” rating and a $203.00 target price for the company. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $186.95.

Chevron Stock Performance

Shares of CVX opened at $155.28 on Monday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.23 and a quick ratio of 0.93. Chevron Co. has a one year low of $139.62 and a one year high of $171.70. The company has a 50-day simple moving average of $159.25 and a two-hundred day simple moving average of $154.30. The firm has a market capitalization of $286.18 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 2.33 and a beta of 1.12.

Chevron (NYSE:CVX) last released its earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.84 by $0.09. Chevron had a net margin of 10.21% and a return on equity of 14.40%. The firm had revenue of $48.72 billion during the quarter, compared to analyst estimates of $48.42 billion. During the same period last year, the business earned $3.55 earnings per share. The business’s revenue was down 4.1% on a year-over-year basis. On average, analysts anticipate that Chevron Co. will post 13.45 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 17th were issued a dividend of $1.63 per share. The ex-dividend date was Thursday, May 16th. This represents a $6.52 annualized dividend and a dividend yield of 4.20%. Chevron’s payout ratio is 59.98%.

Insider Activity

In other news, Director Enrique Hernandez, Jr. sold 2,549 shares of Chevron stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $165.24, for a total transaction of $421,196.76. Following the completion of the transaction, the director now directly owns 27,725 shares in the company, valued at $4,581,279. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Alana K. Knowles sold 2,800 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $165.00, for a total transaction of $462,000.00. Following the completion of the sale, the vice president now owns 276 shares of the company’s stock, valued at $45,540. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Enrique Hernandez, Jr. sold 2,549 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $165.24, for a total transaction of $421,196.76. Following the sale, the director now directly owns 27,725 shares of the company’s stock, valued at approximately $4,581,279. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,546 shares of company stock worth $3,176,223. Insiders own 0.20% of the company’s stock.

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.