Perkins Coie Trust Co decreased its stake in Chevron Co. (NYSE:CVX) by 0.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,100 shares of the oil and gas company’s stock after selling 215 shares during the period. Perkins Coie Trust Co’s holdings in Chevron were worth $2,648,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Chevron by 3.5% during the second quarter. Vanguard Group Inc. now owns 161,501,973 shares of the oil and gas company’s stock valued at $16,915,716,000 after acquiring an additional 5,427,422 shares during the last quarter. State Street Corp raised its stake in shares of Chevron by 1.3% during the second quarter. State Street Corp now owns 139,640,367 shares of the oil and gas company’s stock valued at $14,625,932,000 after acquiring an additional 1,844,030 shares during the last quarter. BlackRock Inc. raised its stake in shares of Chevron by 3.3% during the second quarter. BlackRock Inc. now owns 136,355,706 shares of the oil and gas company’s stock valued at $14,281,898,000 after acquiring an additional 4,339,477 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Chevron by 1.8% during the second quarter. Geode Capital Management LLC now owns 30,544,480 shares of the oil and gas company’s stock valued at $3,190,395,000 after acquiring an additional 537,762 shares during the last quarter. Finally, Morgan Stanley increased its position in shares of Chevron by 6.9% during the second quarter. Morgan Stanley now owns 23,302,417 shares of the oil and gas company’s stock worth $2,440,693,000 after buying an additional 1,513,296 shares during the period. 65.55% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently weighed in on CVX shares. Truist Securities increased their price objective on shares of Chevron from $145.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, October 7th. Truist raised their price target on shares of Chevron from $145.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, October 7th. Morgan Stanley raised their price target on shares of Chevron from $149.00 to $155.00 and gave the company an “overweight” rating in a research report on Friday, November 19th. JPMorgan Chase & Co. lowered shares of Chevron from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $128.00 to $111.00 in a research report on Wednesday, September 15th. Finally, Royal Bank of Canada raised shares of Chevron from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $130.00 to $145.00 in a research report on Wednesday. Ten investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $121.23.
Chevron (NYSE:CVX) last released its earnings results on Thursday, October 28th. The oil and gas company reported $2.96 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.75. The business had revenue of $44.71 billion during the quarter, compared to the consensus estimate of $40.89 billion. Chevron had a return on equity of 7.95% and a net margin of 7.10%. The business’s revenue for the quarter was up 82.9% compared to the same quarter last year. During the same period last year, the company earned $0.11 earnings per share. On average, equities analysts predict that Chevron Co. will post 8.35 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 10th. Shareholders of record on Thursday, November 18th will be issued a $1.34 dividend. This represents a $5.36 dividend on an annualized basis and a yield of 4.61%. The ex-dividend date is Wednesday, November 17th. Chevron’s payout ratio is presently 103.47%.
In related news, CEO Michael K. Wirth sold 26,250 shares of the stock in a transaction on Tuesday, November 16th. The stock was sold at an average price of $118.01, for a total value of $3,097,762.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David A. Inchausti sold 5,600 shares of the stock in a transaction on Wednesday, October 20th. The shares were sold at an average price of $112.01, for a total value of $627,256.00. The disclosure for this sale can be found here. Insiders sold 325,651 shares of company stock valued at $37,293,688 over the last three months. 0.29% of the stock is currently owned by corporate insiders.
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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