State Street Corp Cuts Stock Holdings in Chevron Corporation $CVX

State Street Corp lowered its position in shares of Chevron Corporation (NYSE:CVX) by 3.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 139,816,589 shares of the oil and gas company’s stock after selling 4,559,031 shares during the quarter. Chevron makes up about 0.8% of State Street Corp’s holdings, making the stock its 17th largest holding. State Street Corp owned 8.09% of Chevron worth $20,020,337,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Elequin Capital LP acquired a new stake in Chevron during the 1st quarter worth $31,000. Quaker Wealth Management LLC raised its position in shares of Chevron by 197.7% in the second quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 439 shares during the last quarter. Vermillion & White Wealth Management Group LLC lifted its stake in shares of Chevron by 86.1% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 255 shares of the oil and gas company’s stock worth $37,000 after buying an additional 118 shares in the last quarter. IMG Wealth Management Inc. boosted its position in Chevron by 52.3% during the second quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 91 shares during the last quarter. Finally, GFG Capital LLC purchased a new stake in Chevron during the 2nd quarter valued at about $42,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Trading Down 0.9%

Shares of Chevron stock opened at $148.62 on Tuesday. The stock has a 50 day moving average of $153.08 and a 200 day moving average of $151.82. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.86 and a current ratio of 1.15. The firm has a market capitalization of $299.25 billion, a price-to-earnings ratio of 20.90, a PEG ratio of 8.85 and a beta of 0.68. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.71 by $0.14. The business had revenue of $48.17 billion for the quarter, compared to analyst estimates of $46.99 billion. Chevron had a return on equity of 8.74% and a net margin of 6.57%.The company’s quarterly revenue was down 1.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.48 EPS. As a group, research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Tuesday, November 18th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend is Tuesday, November 18th. Chevron’s dividend payout ratio (DPR) is 96.20%.

Analyst Ratings Changes

A number of research analysts have weighed in on CVX shares. HSBC set a $169.00 target price on shares of Chevron and gave the stock a “buy” rating in a research note on Monday, December 1st. Wells Fargo & Company lifted their price objective on Chevron from $190.00 to $196.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Bank of America boosted their price objective on Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, September 10th. UBS Group restated a “buy” rating on shares of Chevron in a report on Monday, December 1st. Finally, Morgan Stanley lifted their price target on Chevron from $177.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $166.16.

Insider Buying and Selling at Chevron

In other Chevron news, Director John B. Hess sold 275,000 shares of Chevron stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the completion of the sale, the director directly owned 1,128,045 shares in the company, valued at $170,052,783.75. This trade represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is currently owned by corporate insiders.

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; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.