First Financial Bank Trust Division boosted its holdings in Chevron Co. (NYSE:CVX) by 2.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 77,159 shares of the oil and gas company’s stock after purchasing an additional 2,199 shares during the period. Chevron comprises 1.3% of First Financial Bank Trust Division’s portfolio, making the stock its 25th largest position. First Financial Bank Trust Division’s holdings in Chevron were worth $9,150,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Guidant Wealth Advisors raised its stake in Chevron by 63.9% during the second quarter. Guidant Wealth Advisors now owns 259 shares of the oil and gas company’s stock valued at $32,000 after buying an additional 101 shares in the last quarter. Evolution Wealth Advisors LLC acquired a new stake in Chevron during the second quarter valued at approximately $34,000. Transamerica Financial Advisors Inc. acquired a new stake in Chevron during the second quarter valued at approximately $46,000. Cordasco Financial Network raised its stake in Chevron by 55.3% during the second quarter. Cordasco Financial Network now owns 379 shares of the oil and gas company’s stock valued at $47,000 after buying an additional 135 shares in the last quarter. Finally, CKW Financial Group raised its stake in Chevron by 154.0% during the second quarter. CKW Financial Group now owns 414 shares of the oil and gas company’s stock valued at $51,000 after buying an additional 251 shares in the last quarter. 65.61% of the stock is owned by hedge funds and other institutional investors.
In related news, CFO Pierre R. Breber sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $124.97, for a total value of $1,874,550.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Joseph C. Geagea sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $118.10, for a total value of $590,500.00. Following the completion of the sale, the executive vice president now owns 6,243 shares in the company, valued at $737,298.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 86,750 shares of company stock worth $10,648,200. 0.31% of the stock is owned by insiders.
Chevron (NYSE:CVX) last posted its earnings results on Friday, August 2nd. The oil and gas company reported $2.27 EPS for the quarter, beating the consensus estimate of $1.74 by $0.53. Chevron had a return on equity of 9.58% and a net margin of 9.18%. The firm had revenue of $38.85 billion for the quarter, compared to analysts’ expectations of $40.14 billion. During the same period last year, the firm earned $1.78 EPS. The firm’s revenue was down 8.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Chevron Co. will post 6.78 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were given a $1.19 dividend. This represents a $4.76 annualized dividend and a yield of 4.18%. The ex-dividend date was Friday, August 16th. Chevron’s dividend payout ratio is currently 57.70%.
CVX has been the topic of several research reports. Cowen set a $140.00 price objective on Chevron and gave the company a “buy” rating in a research note on Friday, August 30th. Independent Research set a $127.00 price target on Chevron and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Barclays began coverage on Chevron in a research report on Monday, August 19th. They set an “overweight” rating and a $145.00 price target on the stock. Morgan Stanley dropped their price target on Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Finally, BMO Capital Markets began coverage on Chevron in a research report on Tuesday, August 20th. They set an “outperform” rating and a $165.00 price target on the stock. Five research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $137.47.
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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