Farmers Trust Co. Decreases Stock Holdings in Chevron Co. (NYSE:CVX)

Farmers Trust Co. lessened its holdings in Chevron Co. (NYSE:CVX) by 4.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,370 shares of the oil and gas company’s stock after selling 401 shares during the quarter. Farmers Trust Co.’s holdings in Chevron were worth $1,466,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. International Assets Investment Management LLC boosted its holdings in shares of Chevron by 4.9% in the 4th quarter. International Assets Investment Management LLC now owns 21,470 shares of the oil and gas company’s stock valued at $3,202,000 after buying an additional 1,005 shares in the last quarter. Tennessee Valley Asset Management Partners purchased a new stake in Chevron in the fourth quarter valued at approximately $83,000. Costello Asset Management INC boosted its holdings in shares of Chevron by 4.5% in the fourth quarter. Costello Asset Management INC now owns 5,890 shares of the oil and gas company’s stock valued at $878,000 after acquiring an additional 251 shares during the period. Citizens National Bank Trust Department grew its position in shares of Chevron by 1.3% during the fourth quarter. Citizens National Bank Trust Department now owns 51,268 shares of the oil and gas company’s stock worth $7,647,000 after acquiring an additional 649 shares during the last quarter. Finally, RPG Investment Advisory LLC increased its holdings in shares of Chevron by 2.7% in the 4th quarter. RPG Investment Advisory LLC now owns 110,737 shares of the oil and gas company’s stock valued at $16,518,000 after acquiring an additional 2,924 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Jeff B. Gustavson sold 3,750 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total value of $600,862.50. Following the completion of the sale, the vice president now directly owns 477 shares in the company, valued at $76,429.71. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.20% of the company’s stock.

Chevron Price Performance

Chevron stock traded up $0.52 during trading hours on Wednesday, hitting $144.67. The stock had a trading volume of 5,802,287 shares, compared to its average volume of 7,898,785. The stock has a market capitalization of $266.62 billion, a price-to-earnings ratio of 13.21, a PEG ratio of 2.42 and a beta of 1.10. Chevron Co. has a 1-year low of $139.62 and a 1-year high of $171.70. The stock’s fifty day moving average is $154.39 and its two-hundred day moving average is $156.08. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85.

Chevron (NYSE:CVX) last announced its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The company had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. Chevron’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the company posted $3.08 EPS. As a group, analysts predict that Chevron Co. will post 11.96 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.51%. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

Analysts Set New Price Targets

CVX has been the topic of several research reports. Wolfe Research assumed coverage on shares of Chevron in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Truist Financial lowered their target price on Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research note on Monday, August 5th. Barclays cut their price target on Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. TD Cowen lifted their price objective on shares of Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a research report on Monday, April 29th. Finally, Piper Sandler upped their price objective on shares of Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a research report on Thursday, April 18th. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $183.82.

Chevron 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.