Peoples Bank OH cut its stake in shares of Chevron Co. (NYSE:CVX – Free Report) by 1.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 26,506 shares of the oil and gas company’s stock after selling 262 shares during the period. Chevron makes up 2.8% of Peoples Bank OH’s investment portfolio, making the stock its 10th biggest holding. Peoples Bank OH’s holdings in Chevron were worth $4,325,000 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 the stock. Rebalance LLC purchased a new stake in shares of Chevron during the 4th quarter worth $26,000. Western Pacific Wealth Management LP acquired a new position in Chevron during the fourth quarter worth about $37,000. Red Tortoise LLC purchased a new position in Chevron in the fourth quarter valued at about $37,000. Worth Asset Management LLC acquired a new stake in shares of Chevron during the 1st quarter valued at approximately $36,000. Finally, JDM Financial Group LLC purchased a new stake in shares of Chevron during the 4th quarter worth approximately $42,000. 69.65% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research firms have commented on CVX. HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $189.00 target price on the stock in a research report on Tuesday, May 23rd. Raymond James dropped their target price on shares of Chevron from $212.00 to $208.00 and set an “outperform” rating for the company in a report on Friday, April 14th. Truist Financial cut their price objective on Chevron from $193.00 to $190.00 in a research report on Monday, May 1st. UBS Group initiated coverage on Chevron in a report on Wednesday, April 19th. They set a “buy” rating and a $212.00 target price on the stock. Finally, Scotiabank raised Chevron from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the stock from $195.00 to $200.00 in a report on Thursday, April 13th. Nine research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Chevron has a consensus rating of “Moderate Buy” and a consensus target price of $191.68.
Chevron Price Performance
Chevron (NYSE:CVX – Free Report) last issued its earnings results on Friday, April 28th. The oil and gas company reported $3.55 earnings per share for the quarter, topping analysts’ consensus estimates of $3.41 by $0.14. Chevron had a net margin of 14.74% and a return on equity of 23.15%. The company had revenue of $50.79 billion for the quarter, compared to analysts’ expectations of $49.49 billion. During the same period in the prior year, the company earned $3.36 earnings per share. The firm’s revenue was down 6.6% compared to the same quarter last year. As a group, equities research analysts expect that Chevron Co. will post 13.83 earnings per share for the current year.
Chevron Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 12th. Stockholders of record on Friday, May 19th were issued a $1.51 dividend. This represents a $6.04 annualized dividend and a dividend yield of 3.92%. The ex-dividend date of this dividend was Thursday, May 18th. Chevron’s dividend payout ratio (DPR) is presently 32.61%.
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; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.
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