OLD National Bancorp IN Lowers Holdings in Chevron Corporation $CVX

OLD National Bancorp IN reduced its stake in shares of Chevron Corporation (NYSE:CVX) by 18.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,658 shares of the oil and gas company’s stock after selling 8,730 shares during the period. OLD National Bancorp IN’s holdings in Chevron were worth $5,679,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Sovereign Financial Group Inc. grew its stake in shares of Chevron by 7.7% during the 1st quarter. Sovereign Financial Group Inc. now owns 2,895 shares of the oil and gas company’s stock valued at $484,000 after buying an additional 207 shares during the period. Congress Asset Management Co. grew its position in Chevron by 0.8% during the first quarter. Congress Asset Management Co. now owns 83,034 shares of the oil and gas company’s stock valued at $13,891,000 after acquiring an additional 626 shares during the period. Princeton Global Asset Management LLC increased its stake in Chevron by 43.7% during the first quarter. Princeton Global Asset Management LLC now owns 1,602 shares of the oil and gas company’s stock worth $268,000 after acquiring an additional 487 shares during the last quarter. Perennial Advisors LLC acquired a new stake in Chevron during the first quarter worth about $867,000. Finally, Wedmont Private Capital raised its holdings in shares of Chevron by 9.2% in the 1st quarter. Wedmont Private Capital now owns 15,023 shares of the oil and gas company’s stock worth $2,513,000 after purchasing an additional 1,261 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares of the company’s stock, valued at $188,960. This represents a 77.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the sale, the director directly owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company’s stock.

Chevron Trading Up 0.1%

CVX opened at $153.59 on Monday. The firm’s 50 day moving average is $156.23 and its 200-day moving average is $148.87. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $265.40 billion, a P/E ratio of 19.77, a P/E/G ratio of 1.99 and a beta of 0.84.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same period last year, the business earned $2.55 EPS. The business’s revenue was down 12.4% on a year-over-year basis. Analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

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

Analysts Set New Price Targets

CVX has been the subject of a number of research reports. Melius began coverage on Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price for the company. Raymond James Financial reaffirmed an “outperform” rating on shares of Chevron in a research report on Friday, August 1st. Wells Fargo & Company reissued an “overweight” rating and issued a $178.00 price objective on shares of Chevron in a research report on Friday, August 1st. TD Cowen raised their target price on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research note on Monday, August 4th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Chevron in a report on Friday, July 18th. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $165.05.

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.