Wesbanco Bank Inc. Buys 8,626 Shares of Chevron Co. (NYSE:CVX)

Wesbanco Bank Inc. raised its holdings in shares of Chevron Co. (NYSE:CVX) by 3.8% in the 4th quarter, Holdings Channel reports. The institutional investor owned 237,260 shares of the oil and gas company’s stock after purchasing an additional 8,626 shares during the quarter. Chevron accounts for about 1.2% of Wesbanco Bank Inc.’s portfolio, making the stock its 16th largest position. Wesbanco Bank Inc.’s holdings in Chevron were worth $34,365,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. State Street Corp boosted its holdings in shares of Chevron by 0.6% in the third quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock valued at $23,431,429,000 after purchasing an additional 874,962 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Chevron by 11.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after purchasing an additional 3,203,899 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Chevron by 3.6% during the third quarter. Fisher Asset Management LLC now owns 19,482,388 shares of the oil and gas company’s stock worth $2,869,171,000 after purchasing an additional 672,244 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Chevron by 3.4% during the third quarter. Franklin Resources Inc. now owns 17,200,188 shares of the oil and gas company’s stock worth $2,610,645,000 after purchasing an additional 573,218 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of Chevron by 3.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 17,111,051 shares of the oil and gas company’s stock valued at $2,676,957,000 after acquiring an additional 501,969 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

CVX opened at $155.99 on Friday. The company has a market cap of $280.32 billion, a P/E ratio of 17.14, a P/E/G ratio of 1.39 and a beta of 1.12. The company has a 50 day moving average of $154.05 and a two-hundred day moving average of $151.11. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. During the same period in the prior year, the firm posted $3.05 EPS. The firm’s revenue was down 6.3% compared to the same quarter last year. On average, analysts expect that Chevron Co. will post 10.18 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were issued a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.18%. Chevron’s dividend payout ratio (DPR) is 71.65%.

Insiders Place Their Bets

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the sale, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CVX has been the topic of several research reports. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a research report on Tuesday, November 5th. Raymond James raised their target price on Chevron from $175.00 to $180.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Barclays lifted their price objective on Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Truist Financial lifted their price objective on Chevron from $160.00 to $164.00 and gave the stock a “hold” rating in a report on Monday, January 13th. Finally, Bank of America started coverage on shares of Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price on the stock. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $175.27.

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.