FARMERS & MERCHANTS TRUST Co OF LONG BEACH Sells 842 Shares of Chevron Co. (NYSE:CVX)

FARMERS & MERCHANTS TRUST Co OF LONG BEACH lowered its stake in shares of Chevron Co. (NYSE:CVX) by 2.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,500 shares of the oil and gas company’s stock after selling 842 shares during the period. Chevron makes up 1.5% of FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s portfolio, making the stock its 17th biggest position. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Chevron were worth $5,939,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of CVX. Norges Bank acquired a new stake in Chevron during the 4th quarter worth $3,017,750,000. Raymond James Financial Inc. bought a new stake in shares of Chevron in the fourth quarter worth about $1,036,302,000. GAMMA Investing LLC increased its holdings in shares of Chevron by 21,191.5% in the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company’s stock worth $904,746,000 after acquiring an additional 5,382,847 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Chevron by 17.3% during the fourth quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock worth $2,389,380,000 after purchasing an additional 2,432,756 shares during the period. Finally, Amundi lifted its holdings in shares of Chevron by 27.7% during the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock valued at $1,323,549,000 after purchasing an additional 1,910,262 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CVX. HSBC downgraded shares of Chevron from a “buy” rating to a “hold” rating and dropped their target price for the stock from $176.00 to $158.00 in a report on Tuesday, May 13th. Redburn Atlantic restated a “sell” rating and set a $124.00 price objective (down from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Mizuho reduced their target price on shares of Chevron from $188.00 to $186.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. UBS Group lowered their target price on Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a report on Monday, April 7th. Finally, TD Cowen cut their price target on Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, May 5th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $160.24.

Chevron Stock Up 0.5%

NYSE:CVX opened at $145.74 on Monday. Chevron Co. has a twelve month low of $132.04 and a twelve month high of $168.96. The firm has a market capitalization of $254.52 billion, a price-to-earnings ratio of 14.99, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The stock’s 50 day moving average price is $138.53 and its two-hundred day moving average price is $149.02.

Chevron (NYSE:CVX) last issued its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. The business had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The firm’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.93 earnings per share. Equities research analysts expect that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were issued a $1.71 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.69%. Chevron’s payout ratio is 78.17%.

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.