American National Bank grew its position in Chevron Co. (NYSE:CVX – Free Report) by 8.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 64,454 shares of the oil and gas company’s stock after acquiring an additional 4,805 shares during the period. Chevron comprises approximately 1.9% of American National Bank’s investment portfolio, making the stock its 12th biggest position. American National Bank’s holdings in Chevron were worth $10,516,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Rebalance LLC acquired a new position in shares of Chevron in the fourth quarter worth about $26,000. Western Pacific Wealth Management LP acquired a new position in shares of Chevron during the 4th quarter worth about $37,000. Red Tortoise LLC acquired a new position in shares of Chevron during the 4th quarter worth about $37,000. Worth Asset Management LLC acquired a new position in shares of Chevron during the 1st quarter worth about $36,000. Finally, JDM Financial Group LLC acquired a new position in shares of Chevron during the 4th quarter worth about $42,000. Institutional investors and hedge funds own 69.65% of the company’s stock.
Wall Street Analyst Weigh In
CVX has been the subject of several research analyst reports. UBS Group initiated coverage on shares of Chevron in a research report on Wednesday, April 19th. They set a “buy” rating and a $212.00 price target for the company. Truist Financial dropped their price objective on shares of Chevron from $193.00 to $190.00 in a research note on Monday, May 1st. JPMorgan Chase & Co. raised shares of Chevron from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $161.00 to $170.00 in a research note on Wednesday, May 31st. Mizuho upped their price objective on shares of Chevron from $202.00 to $205.00 in a research note on Tuesday. Finally, StockNews.com initiated coverage on shares of Chevron in a research note on Thursday, May 18th. They set a “hold” rating for the company. Eight investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Chevron presently has an average rating of “Moderate Buy” and an average target price of $191.63.
Chevron Price Performance
Chevron (NYSE:CVX – Get Free Report) last released its earnings results 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 company had revenue of $50.79 billion for the quarter, compared to analyst estimates of $49.49 billion. Chevron had a net margin of 14.74% and a return on equity of 23.15%. The firm’s quarterly revenue was down 6.6% on a year-over-year basis. During the same period in the prior year, the business earned $3.36 EPS. On average, research analysts expect that Chevron Co. will post 13.83 EPS for the current fiscal year.
Chevron Announces Dividend
The company 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 of this dividend was Thursday, May 18th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.83%. Chevron’s payout ratio is 32.61%.
Chevron Company 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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