Chemung Canal Trust Co. cut its holdings in shares of Chevron Co. (NYSE:CVX – Free Report) by 0.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,566 shares of the oil and gas company’s stock after selling 74 shares during the period. Chemung Canal Trust Co.’s holdings in Chevron were worth $2,377,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of CVX. Morgan Stanley raised its position in Chevron by 12.7% in the 4th quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock worth $5,906,309,000 after purchasing an additional 3,711,923 shares during the last quarter. Moneta Group Investment Advisors LLC increased its stake in shares of Chevron by 104,997.3% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 24,490,824 shares of the oil and gas company’s stock valued at $4,395,858,000 after buying an additional 24,467,521 shares during the period. Norges Bank bought a new stake in shares of Chevron during the fourth quarter worth $3,058,235,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Chevron by 1.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock valued at $2,393,138,000 after acquiring an additional 189,762 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in Chevron by 2.6% in the fourth quarter. Franklin Resources Inc. now owns 14,164,343 shares of the oil and gas company’s stock valued at $2,542,358,000 after acquiring an additional 354,084 shares during the last quarter. 69.65% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several analysts have weighed in on CVX shares. HSBC raised Chevron from a “hold” rating to a “buy” rating and set a $189.00 price objective for the company in a report on Tuesday, May 23rd. Piper Sandler reduced their price objective on shares of Chevron from $196.00 to $188.00 in a research note on Tuesday, June 13th. JPMorgan Chase & Co. upgraded shares of Chevron from an “underweight” rating to a “neutral” rating and upped their target price for the company from $161.00 to $170.00 in a research report on Wednesday, May 31st. Truist Financial reduced their price target on Chevron from $193.00 to $190.00 in a research report on Monday, May 1st. Finally, UBS Group started coverage on Chevron in a report on Wednesday, April 19th. They issued a “buy” rating and a $212.00 price objective for the company. Nine investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and an average price target of $191.68.
Chevron Trading Up 0.7 %
Chevron (NYSE:CVX – Get Free Report) last posted its quarterly earnings data on Friday, April 28th. The oil and gas company reported $3.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.41 by $0.14. The business had revenue of $50.79 billion during the quarter, compared to the consensus estimate of $49.49 billion. Chevron had a return on equity of 23.15% and a net margin of 14.74%. Chevron’s quarterly revenue was down 6.6% on a year-over-year basis. During the same period last year, the company earned $3.36 earnings per share. As a group, research analysts anticipate that Chevron Co. will post 13.83 EPS for the current fiscal year.
Chevron Announces Dividend
The firm 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. The ex-dividend date was Thursday, May 18th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.89%. Chevron’s dividend payout ratio (DPR) is presently 32.61%.
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; 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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