Kennebec Savings Bank Lowers Position in Chevron Corporation $CVX

Kennebec Savings Bank trimmed its holdings in Chevron Corporation (NYSE:CVX) by 2.7% during the 2nd quarter, Holdings Channel.com reports. The fund owned 3,485 shares of the oil and gas company’s stock after selling 97 shares during the period. Kennebec Savings Bank’s holdings in Chevron were worth $499,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Greenfield Savings Bank lifted its position in shares of Chevron by 0.6% in the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company’s stock valued at $1,663,000 after acquiring an additional 68 shares in the last quarter. GDS Wealth Management increased its holdings in shares of Chevron by 4.4% in the first quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company’s stock worth $285,000 after purchasing an additional 72 shares during the last quarter. AIMZ Investment Advisors LLC increased its holdings in shares of Chevron by 4.2% in the first quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company’s stock worth $298,000 after purchasing an additional 72 shares during the last quarter. Garde Capital Inc. increased its holdings in shares of Chevron by 3.2% in the second quarter. Garde Capital Inc. now owns 2,355 shares of the oil and gas company’s stock worth $337,000 after purchasing an additional 72 shares during the last quarter. Finally, North Star Investment Management Corp. increased its holdings in shares of Chevron by 0.3% in the second quarter. North Star Investment Management Corp. now owns 23,000 shares of the oil and gas company’s stock worth $3,293,000 after purchasing an additional 74 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CVX has been the topic of several research reports. Melius Research initiated coverage on Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 target price on the stock. UBS Group lifted their target price on Chevron from $186.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 20th. Bank of America lifted their target price on Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. Barclays reaffirmed an “equal weight” rating on shares of Chevron in a report on Tuesday, July 15th. Finally, TD Cowen boosted their price objective on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research note on Monday, August 4th. Eleven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $165.05.

Chevron Stock Down 0.7%

Shares of NYSE:CVX opened at $153.53 on Friday. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The stock has a market cap of $265.30 billion, a P/E ratio of 19.76, a price-to-earnings-growth ratio of 1.97 and a beta of 0.84. The business’s 50 day moving average is $156.26 and its 200 day moving average is $149.14. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion for the quarter, compared to analysts’ expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.Chevron’s revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.55 earnings per share. Sell-side analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. The ex-dividend date was Tuesday, August 19th. Chevron’s dividend payout ratio is currently 88.03%.

Insider Buying and Selling at Chevron

In other news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the sale, the director owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company’s stock.

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.