First American Bank Sells 2,155 Shares of Chevron Co. (NYSE:CVX)

First American Bank lessened its holdings in shares of Chevron Co. (NYSE:CVX) by 2.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 81,759 shares of the oil and gas company’s stock after selling 2,155 shares during the quarter. First American Bank’s holdings in Chevron were worth $12,041,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CVX. Trifecta Capital Advisors LLC boosted its stake in shares of Chevron by 9.9% during the 1st quarter. Trifecta Capital Advisors LLC now owns 24,442 shares of the oil and gas company’s stock valued at $3,856,000 after purchasing an additional 2,210 shares in the last quarter. Opinicus Capital Inc. raised its position in shares of Chevron by 44.0% in the 1st quarter. Opinicus Capital Inc. now owns 6,207 shares of the oil and gas company’s stock worth $979,000 after acquiring an additional 1,896 shares in the last quarter. MCF Advisors LLC lifted its stake in shares of Chevron by 0.7% in the 1st quarter. MCF Advisors LLC now owns 9,437 shares of the oil and gas company’s stock valued at $1,489,000 after purchasing an additional 66 shares during the period. WoodTrust Financial Corp boosted its position in shares of Chevron by 8.4% during the first quarter. WoodTrust Financial Corp now owns 40,054 shares of the oil and gas company’s stock valued at $6,319,000 after purchasing an additional 3,108 shares in the last quarter. Finally, Grimes & Company Inc. boosted its position in shares of Chevron by 3.8% during the first quarter. Grimes & Company Inc. now owns 55,532 shares of the oil and gas company’s stock valued at $8,760,000 after purchasing an additional 2,022 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

NYSE CVX opened at $150.81 on Monday. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The stock has a 50-day moving average of $146.59 and a 200 day moving average of $153.23. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. The company has a market capitalization of $275.82 billion, a price-to-earnings ratio of 14.93, a PEG ratio of 3.29 and a beta of 1.09.

Chevron (NYSE:CVX) last announced its quarterly 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 during the quarter, compared to the consensus estimate of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business’s revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.08 earnings per share. On average, sell-side analysts forecast that Chevron Co. will post 10.86 EPS for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were issued a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.32%. Chevron’s payout ratio is 64.55%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CVX. Bank of America began coverage on shares of Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 target price on the stock. Sanford C. Bernstein lowered shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. Mizuho decreased their target price on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Scotiabank dropped their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Finally, Truist Financial reduced their price objective on Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, September 30th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and an average target price of $173.07.

About Chevron

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.