Mechanics Bank Trust Department Sells 6,550 Shares of Chevron Co. (NYSE:CVX)

Mechanics Bank Trust Department lessened its position in Chevron Co. (NYSE:CVXGet Rating) by 8.2% in the second quarter, HoldingsChannel.com reports. The fund owned 73,569 shares of the oil and gas company’s stock after selling 6,550 shares during the period. Chevron comprises about 1.9% of Mechanics Bank Trust Department’s portfolio, making the stock its 11th biggest holding. Mechanics Bank Trust Department’s holdings in Chevron were worth $10,651,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of CVX. Norges Bank acquired a new stake in shares of Chevron during the 4th quarter worth about $3,111,594,000. Vanguard Group Inc. raised its stake in Chevron by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 167,767,288 shares of the oil and gas company’s stock worth $27,317,547,000 after purchasing an additional 4,367,157 shares in the last quarter. 1832 Asset Management L.P. raised its stake in Chevron by 1,886.8% in the 1st quarter. 1832 Asset Management L.P. now owns 2,346,162 shares of the oil and gas company’s stock worth $376,786,000 after purchasing an additional 2,228,072 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Chevron by 17.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,763,275 shares of the oil and gas company’s stock worth $1,589,915,000 after purchasing an additional 1,437,047 shares in the last quarter. Finally, Swiss National Bank raised its stake in Chevron by 13.6% in the 1st quarter. Swiss National Bank now owns 8,349,332 shares of the oil and gas company’s stock worth $1,359,522,000 after purchasing an additional 998,700 shares in the last quarter. Institutional investors and hedge funds own 69.30% of the company’s stock.

Chevron Trading Down 0.1 %

Shares of Chevron stock opened at $154.89 on Friday. The firm has a market capitalization of $304.33 billion, a PE ratio of 10.33, a price-to-earnings-growth ratio of 0.60 and a beta of 1.15. The company has a current ratio of 1.31, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15. The firm’s 50 day moving average is $155.74 and its 200 day moving average is $160.31. Chevron Co. has a 1 year low of $97.75 and a 1 year high of $182.40.

Chevron (NYSE:CVXGet Rating) last posted its earnings results on Friday, July 29th. The oil and gas company reported $5.82 earnings per share for the quarter, topping analysts’ consensus estimates of $4.66 by $1.16. Chevron had a net margin of 13.45% and a return on equity of 19.73%. The firm had revenue of $68.76 billion for the quarter, compared to analyst estimates of $57.69 billion. During the same period in the previous year, the firm posted $1.71 EPS. The company’s revenue for the quarter was up 82.9% compared to the same quarter last year. Equities research analysts forecast that Chevron Co. will post 18.37 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were issued a dividend of $1.42 per share. This represents a $5.68 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date of this dividend was Thursday, August 18th. Chevron’s payout ratio is 37.89%.

Insiders Place Their Bets

In other Chevron news, EVP James William Johnson sold 85,300 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $164.01, for a total transaction of $13,990,053.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Chevron news, EVP James William Johnson sold 85,300 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $164.01, for a total transaction of $13,990,053.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Wanda M. Austin sold 11,432 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $161.45, for a total transaction of $1,845,696.40. Following the sale, the director now directly owns 3,560 shares in the company, valued at $574,762. The disclosure for this sale can be found here. Insiders have sold 141,732 shares of company stock valued at $23,024,499 in the last ninety days. 0.32% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CVX has been the subject of several analyst reports. Piper Sandler lifted their price objective on shares of Chevron from $189.00 to $190.00 and gave the stock an “overweight” rating in a research note on Monday, September 12th. Morgan Stanley lifted their price objective on shares of Chevron from $187.00 to $193.00 and gave the stock an “equal weight” rating in a research note on Tuesday, September 6th. Wells Fargo & Company lifted their price objective on shares of Chevron from $181.00 to $185.00 and gave the stock an “overweight” rating in a research note on Monday, August 1st. HSBC upgraded shares of Chevron from a “hold” rating to a “buy” rating and dropped their target price for the company from $183.00 to $167.00 in a research report on Wednesday, July 20th. Finally, Cowen boosted their target price on shares of Chevron from $119.00 to $120.00 and gave the company an “outperform” rating in a research report on Monday, August 15th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $169.20.

Chevron Profile

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Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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 associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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