PNC Financial Services Group Inc. cut its position in Chevron Corp. (NYSE:CVX) by 2.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,192,769 shares of the company’s stock after selling 134,753 shares during the period. Chevron Corp. comprises about 0.6% of PNC Financial Services Group Inc.’s portfolio, making the stock its 24th largest position. PNC Financial Services Group Inc. owned 0.28% of Chevron Corp. worth $544,358,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in CVX. State Street Corp increased its stake in Chevron Corp. by 1.2% in the first quarter. State Street Corp now owns 110,199,640 shares of the company’s stock worth $10,513,045,000 after buying an additional 1,318,854 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Chevron Corp. by 2.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 49,644,363 shares of the company’s stock worth $4,736,072,000 after buying an additional 987,259 shares during the last quarter. BlackRock Fund Advisors increased its stake in Chevron Corp. by 1.0% in the first quarter. BlackRock Fund Advisors now owns 30,669,148 shares of the company’s stock worth $2,925,837,000 after buying an additional 306,414 shares during the last quarter. Geode Capital Management LLC increased its stake in Chevron Corp. by 2.2% in the first quarter. Geode Capital Management LLC now owns 15,718,173 shares of the company’s stock worth $1,496,560,000 after buying an additional 334,885 shares during the last quarter. Finally, BlackRock Group LTD increased its stake in Chevron Corp. by 1.9% in the first quarter. BlackRock Group LTD now owns 15,615,464 shares of the company’s stock worth $1,489,715,000 after buying an additional 296,294 shares during the last quarter. Institutional investors and hedge funds own 62.24% of the company’s stock.
Chevron Corp. (NYSE:CVX) traded down 1.286% during trading on Wednesday, reaching $101.715. 1,558,758 shares of the company traded hands. The company’s market cap is $191.89 billion. The company’s 50-day moving average is $101.05 and its 200 day moving average is $101.22. Chevron Corp. has a 12 month low of $75.33 and a 12 month high of $107.58.
Chevron Corp. (NYSE:CVX) last issued its quarterly earnings results on Friday, July 29th. The company reported ($0.78) earnings per share for the quarter, missing the consensus estimate of $0.32 by $1.10. The business had revenue of $29.28 billion for the quarter, compared to the consensus estimate of $25.78 billion. Chevron Corp. had a positive return on equity of 1.07% and a negative net margin of 0.64%. Chevron Corp.’s revenue was down 27.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.30 earnings per share. On average, analysts anticipate that Chevron Corp. will post $1.31 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 19th were paid a dividend of $1.07 per share. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $4.28 annualized dividend and a dividend yield of 4.15%. Chevron Corp.’s dividend payout ratio is currently -1,097.44%.
A number of analysts recently commented on CVX shares. Vetr downgraded shares of Chevron Corp. from a “buy” rating to a “hold” rating and set a $106.39 target price on the stock. in a report on Monday, June 27th. Barclays PLC restated an “equal weight” rating and set a $125.00 price target on shares of Chevron Corp. in a report on Monday. Zacks Investment Research upgraded shares of Chevron Corp. from a “hold” rating to a “strong-buy” rating and set a $118.00 price target on the stock in a report on Monday, October 3rd. Jefferies Group restated a “buy” rating on shares of Chevron Corp. in a report on Friday, August 5th. Finally, Simmons upgraded shares of Chevron Corp. from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $110.00 to $117.00 in a report on Tuesday, August 9th. Thirteen research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Chevron Corp. has a consensus rating of “Buy” and an average price target of $105.09.
In other news, Director Inge G. Thulin bought 487 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The stock was acquired at an average cost of $102.87 per share, with a total value of $50,097.69. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jeanette L. Ourada sold 7,000 shares of the firm’s stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $101.70, for a total transaction of $711,900.00. Following the completion of the transaction, the insider now directly owns 7,535 shares of the company’s stock, valued at $766,309.50. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.
About Chevron Corp.
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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