Charter Trust Co. Cuts Holdings in Chevron Co. (NYSE:CVX)

Charter Trust Co. decreased its position in shares of Chevron Co. (NYSE:CVX) by 5.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 106,650 shares of the oil and gas company’s stock after selling 6,241 shares during the period. Chevron makes up approximately 1.0% of Charter Trust Co.’s investment portfolio, making the stock its 27th biggest position. Charter Trust Co.’s holdings in Chevron were worth $11,170,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. BlackRock Inc. grew its position in Chevron by 3.3% in the second quarter. BlackRock Inc. now owns 136,355,706 shares of the oil and gas company’s stock worth $14,281,898,000 after acquiring an additional 4,339,477 shares in the last quarter. Capital International Investors grew its position in Chevron by 0.7% in the first quarter. Capital International Investors now owns 38,439,497 shares of the oil and gas company’s stock worth $4,028,498,000 after acquiring an additional 252,442 shares in the last quarter. Geode Capital Management LLC grew its position in Chevron by 2.2% in the first quarter. Geode Capital Management LLC now owns 30,006,718 shares of the oil and gas company’s stock worth $3,136,150,000 after acquiring an additional 658,579 shares in the last quarter. Morgan Stanley grew its position in Chevron by 13.9% in the first quarter. Morgan Stanley now owns 21,789,121 shares of the oil and gas company’s stock worth $2,283,280,000 after acquiring an additional 2,666,433 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Chevron by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 19,297,803 shares of the oil and gas company’s stock worth $2,021,251,000 after acquiring an additional 118,241 shares in the last quarter. Hedge funds and other institutional investors own 65.78% of the company’s stock.

Several research analysts recently commented on CVX shares. Wells Fargo & Company dropped their price target on Chevron from $110.00 to $107.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 15th. TheStreet raised shares of Chevron from a “c” rating to a “b-” rating in a research note on Friday, July 30th. Piper Sandler raised their price objective on shares of Chevron from $126.00 to $137.00 and gave the stock an “overweight” rating in a research note on Friday, July 23rd. They noted that the move was a valuation call. DZ Bank downgraded shares of Chevron from a “buy” rating to a “hold” rating and set a $110.00 price objective for the company. in a research note on Wednesday, August 4th. Finally, BMO Capital Markets assumed coverage on shares of Chevron in a research note on Monday, July 12th. They issued an “outperform” rating and a $123.00 price objective for the company. Eleven investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $118.29.

Shares of CVX traded up $0.38 during trading hours on Tuesday, reaching $95.16. 401,193 shares of the company traded hands, compared to its average volume of 10,483,174. The stock has a market capitalization of $184.03 billion, a P/E ratio of 50.68, a P/E/G ratio of 2.85 and a beta of 1.32. The company has a quick ratio of 0.95, a current ratio of 1.17 and a debt-to-equity ratio of 0.30. Chevron Co. has a 12-month low of $65.16 and a 12-month high of $113.11. The business has a fifty day moving average price of $98.93 and a 200-day moving average price of $103.37.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Thursday, July 29th. The oil and gas company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.59 by $0.12. The firm had revenue of $37.60 billion for the quarter, compared to analyst estimates of $35.98 billion. Chevron had a net margin of 3.01% and a return on equity of 3.89%. The business’s quarterly revenue was up 169.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.59) earnings per share. As a group, research analysts predict that Chevron Co. will post 6.74 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 10th. Investors of record on Thursday, August 19th were given a dividend of $1.34 per share. The ex-dividend date of this dividend was Wednesday, August 18th. This represents a $5.36 dividend on an annualized basis and a yield of 5.63%. Chevron’s dividend payout ratio is presently -2,680.00%.

Chevron Company Profile

Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of exploration, development, and production of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; processing, transporting, storage, and marketing of natural gas; and a gas-to-liquids plant.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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