Chevron Corporation $CVX Stock: Diversified Trust Co Cuts Stake

Diversified Trust Co reduced its position in Chevron Corporation (NYSE:CVX) by 3.7% during the third quarter, HoldingsChannel.com reports. The firm owned 67,212 shares of the oil and gas company’s stock after selling 2,552 shares during the period. Diversified Trust Co’s holdings in Chevron were worth $13,726,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. State Street Corp grew its stake in shares of Chevron by 3.9% during the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock valued at $28,016,651,000 after buying an additional 5,998,852 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of Chevron in the second quarter worth approximately $25,663,729,000. Bank of America Corp DE lifted its stake in shares of Chevron by 5.1% during the 1st quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock worth $5,716,694,000 after acquiring an additional 1,334,976 shares during the last quarter. Amundi lifted its stake in shares of Chevron by 3.0% during the 1st quarter. Amundi now owns 12,185,436 shares of the oil and gas company’s stock worth $2,521,166,000 after acquiring an additional 349,416 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Chevron during the 2nd quarter worth approximately $2,378,114,000. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Chevron stock opened at $219.56 on Friday. The company has a 50 day moving average price of $215.49 and a 200-day moving average price of $195.58. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.07 and a current ratio of 1.34. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $236.48. The company has a market capitalization of $431.52 billion, a PE ratio of 15.16, a P/E/G ratio of 0.50 and a beta of 0.47.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.87 by $0.41. Chevron had a return on equity of 14.49% and a net margin of 11.56%. The firm had revenue of $65.24 billion during the quarter, compared to analyst estimates of $61.82 billion. During the same quarter in the previous year, the business earned $1.85 earnings per share. Chevron’s quarterly revenue was up 36.3% on a year-over-year basis. As a group, equities analysts forecast that Chevron Corporation will post 18.64 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 18th will be given a dividend of $1.78 per share. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $7.12 dividend on an annualized basis and a yield of 3.2%. Chevron’s payout ratio is 52.08%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CVX shares. TD Cowen boosted their price objective on Chevron from $215.00 to $225.00 and gave the company a “hold” rating in a report on Monday, October 12th. William Blair started coverage on Chevron in a research note on Wednesday, October 28th. They issued an “outperform” rating on the stock. DZ Bank downgraded Chevron from a “buy” rating to a “hold” rating and set a $240.00 target price for the company. in a research report on Tuesday, November 3rd. Morgan Stanley boosted their target price on shares of Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a research note on Monday, November 2nd. Finally, Sanford C. Bernstein cut their price target on shares of Chevron from $248.00 to $233.00 and set a “market perform” rating on the stock in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and an average price target of $222.96.

Chevron News Roundup

Investors following CVX have been watching these news items:

• Positive Sentiment: Chevron plans to restart its Ralston, Iowa, biodiesel facility, restoring nearly 42 million gallons of annual capacity. A feedstock agreement with Landus Cooperative supports the restart and the company’s renewable-fuels business. Article: What’s Going on with Chevron Shares on Friday?
• Positive Sentiment: Recent quarterly results showed the strength of Chevron’s integrated business: adjusted profit nearly tripled to $10.4 billion, with refining earnings rising 333% and refinery utilization at 98%. The strength came despite production declining 2.6%. Article: Chevron’s Production Fell. Its Profit Nearly Tripled.
• Positive Sentiment: Chevron declared a quarterly dividend of $1.78 per share, equivalent to $7.12 annually and a 3.3% yield, which may appeal to income-focused investors.

Insider Transactions at Chevron

In other Chevron news, CTO Thomas Booth sold 6,000 shares of the company’s stock in a transaction on Wednesday, November 11th. The stock was sold at an average price of $212.14, for a total value of $1,272,840.00. Following the completion of the sale, the chief technology officer directly owned 6,000 shares in the company, valued at approximately $1,272,840. This represents a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider R. Pate sold 40,700 shares of the stock in a transaction on Tuesday, October 20th. The stock was sold at an average price of $226.65, for a total value of $9,224,655.00. Following the transaction, the insider directly owned 8,791 shares in the company, valued at $1,992,480.15. The trade was a 82.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 180,370 shares of company stock valued at $38,497,149 over the last 90 days. 0.56% of the stock is owned by corporate insiders.

Chevron Company Profile

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives. The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.