Plimoth Trust Co. LLC Decreases Stock Holdings in Chevron Co. (NYSE:CVX)

Plimoth Trust Co. LLC lowered its stake in Chevron Co. (NYSE:CVX) by 8.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,394 shares of the oil and gas company’s stock after selling 3,834 shares during the quarter. Chevron makes up 1.7% of Plimoth Trust Co. LLC’s investment portfolio, making the stock its 11th largest position. Plimoth Trust Co. LLC’s holdings in Chevron were worth $6,214,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of CVX. Alps Advisors Inc. bought a new position in Chevron during the 3rd quarter valued at approximately $347,000. Seven Eight Capital LP purchased a new stake in shares of Chevron during the third quarter valued at $1,826,000. Sei Investments Co. grew its position in Chevron by 15.0% in the 3rd quarter. Sei Investments Co. now owns 456,108 shares of the oil and gas company’s stock worth $76,907,000 after purchasing an additional 59,406 shares during the period. Schroder Investment Management Group raised its stake in Chevron by 1.0% during the 3rd quarter. Schroder Investment Management Group now owns 849,765 shares of the oil and gas company’s stock valued at $143,287,000 after buying an additional 8,298 shares during the last quarter. Finally, RWWM Inc. lifted its holdings in shares of Chevron by 2.3% during the 3rd quarter. RWWM Inc. now owns 3,987 shares of the oil and gas company’s stock valued at $672,000 after buying an additional 89 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

CVX has been the subject of several research analyst reports. Raymond James lifted their price objective on Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. UBS Group boosted their price target on Chevron from $185.00 to $197.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. TD Cowen increased their price objective on shares of Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research note on Monday, April 29th. Piper Sandler boosted their target price on shares of Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research report on Thursday, April 18th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Chevron in a report on Monday, April 1st. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $186.95.

Insider Activity

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $165.00, for a total transaction of $462,000.00. Following the transaction, the vice president now directly owns 276 shares in the company, valued at approximately $45,540. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the company’s stock in a transaction on Thursday, April 25th. The stock was 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 in the company, valued at $45,540. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Enrique Hernandez, Jr. sold 2,549 shares of Chevron 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 completion of the transaction, the director now owns 7,647 shares in the company, valued at $1,231,167. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,746 shares of company stock worth $2,727,971. Company insiders own 0.20% of the company’s stock.

Chevron Price Performance

Shares of Chevron stock opened at $156.75 on Thursday. The company has a market capitalization of $288.89 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 2.38 and a beta of 1.10. Chevron Co. has a 52 week low of $139.62 and a 52 week high of $171.70. The stock’s 50-day simple moving average is $158.99 and its 200-day simple moving average is $154.88. The company has a quick ratio of 0.93, a current ratio of 1.23 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last released its quarterly earnings data 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 company had revenue of $48.72 billion during the quarter, compared to analysts’ expectations of $48.42 billion. During the same period in the previous year, the company earned $3.55 EPS. The firm’s quarterly revenue was down 4.1% on a year-over-year basis. As a group, analysts expect that Chevron Co. will post 13.15 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 17th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date was Thursday, May 16th. Chevron’s payout ratio is 59.98%.

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.