Chevron Co. (NYSE:CVX) Shares Purchased by Independence Bank of Kentucky

Independence Bank of Kentucky grew its stake in shares of Chevron Co. (NYSE:CVX) by 41.2% during the first quarter, Holdings Channel reports. The firm owned 32,662 shares of the oil and gas company’s stock after purchasing an additional 9,525 shares during the period. Chevron makes up approximately 1.5% of Independence Bank of Kentucky’s investment portfolio, making the stock its 11th largest position. Independence Bank of Kentucky’s holdings in Chevron were worth $5,152,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Pacifica Partners Inc. lifted its stake in shares of Chevron by 1.8% in the 1st quarter. Pacifica Partners Inc. now owns 3,492 shares of the oil and gas company’s stock worth $546,000 after acquiring an additional 63 shares during the period. Ellenbecker Investment Group raised its holdings in Chevron by 1.5% during the first quarter. Ellenbecker Investment Group now owns 4,346 shares of the oil and gas company’s stock worth $686,000 after purchasing an additional 65 shares in the last quarter. Octavia Wealth Advisors LLC lifted its position in Chevron by 1.3% in the fourth quarter. Octavia Wealth Advisors LLC now owns 5,254 shares of the oil and gas company’s stock valued at $784,000 after purchasing an additional 68 shares during the period. Investment Partners LTD. boosted its holdings in Chevron by 0.8% in the 4th quarter. Investment Partners LTD. now owns 8,124 shares of the oil and gas company’s stock valued at $1,212,000 after purchasing an additional 68 shares in the last quarter. Finally, Certified Advisory Corp increased its position in Chevron by 0.4% during the 4th quarter. Certified Advisory Corp now owns 16,120 shares of the oil and gas company’s stock worth $2,404,000 after purchasing an additional 68 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling at Chevron

In related news, VP Jeff B. Gustavson sold 3,750 shares of Chevron stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total transaction of $600,862.50. Following the transaction, the vice president now owns 477 shares in the company, valued at approximately $76,429.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Chevron news, Director Enrique Hernandez, Jr. sold 2,549 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $165.24, for a total value of $421,196.76. Following the completion of the transaction, the director now directly owns 27,725 shares of the company’s stock, valued at approximately $4,581,279. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Jeff B. Gustavson sold 3,750 shares of Chevron stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total value of $600,862.50. Following the sale, the vice president now directly owns 477 shares in the company, valued at $76,429.71. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,546 shares of company stock valued at $3,176,223. Company insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. TD Cowen lifted their price target on Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a research note on Monday, April 29th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Chevron in a research note on Monday, April 1st. Barclays started coverage on shares of Chevron in a research note on Wednesday, April 10th. They issued an “overweight” rating and a $203.00 price objective for the company. Truist Financial upped their target price on shares of Chevron from $156.00 to $166.00 and gave the stock a “hold” rating in a research report on Friday, May 10th. Finally, Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the company from $170.00 to $195.00 in a research report on Thursday, April 11th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $186.95.

Chevron Price Performance

Shares of CVX traded up $0.10 during trading hours on Friday, reaching $156.42. 11,283,390 shares of the company traded hands, compared to its average volume of 7,477,035. The stock has a market capitalization of $288.28 billion, a PE ratio of 14.39, a price-to-earnings-growth ratio of 2.38 and a beta of 1.12. The stock has a fifty day simple moving average of $159.22 and a 200 day simple moving average of $154.62. Chevron Co. has a fifty-two week low of $139.62 and a fifty-two week high of $171.70. The company has a quick ratio of 0.93, a current ratio of 1.23 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.84 by $0.09. The company had revenue of $48.72 billion for the quarter, compared to analysts’ expectations of $48.42 billion. Chevron had a net margin of 10.21% and a return on equity of 14.40%. The firm’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period last year, the company earned $3.55 EPS. As a group, research analysts predict that Chevron Co. will post 13.15 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 17th were paid a dividend of $1.63 per share. The ex-dividend date was Thursday, May 16th. This represents a $6.52 annualized dividend and a dividend yield of 4.17%. Chevron’s dividend payout ratio is presently 59.98%.

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.