Montecito Bank & Trust lessened its position in Chevron Co. (NYSE:CVX – Free Report) by 0.6% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 26,383 shares of the oil and gas company’s stock after selling 156 shares during the period. Chevron makes up about 1.0% of Montecito Bank & Trust’s holdings, making the stock its 24th largest position. Montecito Bank & Trust’s holdings in Chevron were worth $4,305,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Rebalance LLC bought a new stake in Chevron during the 4th quarter valued at $26,000. Worth Asset Management LLC bought a new stake in shares of Chevron during the first quarter worth about $36,000. Red Tortoise LLC acquired a new stake in shares of Chevron in the 4th quarter worth about $37,000. Western Pacific Wealth Management LP bought a new position in Chevron in the 4th quarter valued at about $37,000. Finally, JDM Financial Group LLC acquired a new position in Chevron during the 4th quarter valued at about $42,000. Institutional investors own 69.65% of the company’s stock.
Analyst Ratings Changes
Several analysts have recently commented on the company. BNP Paribas raised Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price objective for the company in a research note on Tuesday, April 4th. HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $189.00 price objective on the stock in a research note on Tuesday, May 23rd. Royal Bank of Canada upgraded shares of Chevron from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $165.00 to $180.00 in a research note on Thursday, June 1st. Citigroup dropped their price target on shares of Chevron from $180.00 to $170.00 in a research report on Tuesday. Finally, Piper Sandler reduced their price objective on shares of Chevron from $196.00 to $188.00 in a research report on Tuesday, June 13th. Nine research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $191.63.
Chevron Price Performance
Chevron (NYSE:CVX – Get Free Report) last released its quarterly earnings data on Friday, April 28th. The oil and gas company reported $3.55 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $49.49 billion. During the same period last year, the firm earned $3.36 EPS. Chevron’s revenue for the quarter was down 6.6% on a year-over-year basis. Equities analysts forecast that Chevron Co. will post 13.83 EPS for the current year.
Chevron Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Friday, May 19th were paid a $1.51 dividend. The ex-dividend date of this dividend was Thursday, May 18th. This represents a $6.04 annualized dividend and a yield of 3.82%. Chevron’s dividend payout ratio is currently 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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