Trust Co. of Virginia VA decreased its position in Chevron Co. (NYSE:CVX) by 1.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 98,306 shares of the oil and gas company’s stock after selling 1,628 shares during the period. Trust Co. of Virginia VA’s holdings in Chevron were worth $8,772,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of CVX. Selective Wealth Management Inc. purchased a new position in Chevron in the second quarter valued at approximately $25,000. Corbenic Partners LLC lifted its stake in Chevron by 276.0% in the first quarter. Corbenic Partners LLC now owns 361 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 265 shares during the last quarter. PARK CIRCLE Co purchased a new position in Chevron in the first quarter valued at approximately $36,000. Marshall & Sullivan Inc. WA purchased a new position in Chevron in the second quarter valued at approximately $36,000. Finally, Asset Advisors Investment Management LLC purchased a new position in Chevron in the second quarter valued at approximately $36,000. Institutional investors and hedge funds own 64.60% of the company’s stock.
Several equities analysts recently commented on CVX shares. Independent Research downgraded Chevron to a “hold” rating in a research note on Tuesday, April 14th. Morgan Stanley upped their price objective on Chevron from $103.00 to $107.00 and gave the company an “overweight” rating in a research note on Tuesday, July 21st. JPMorgan Chase & Co. increased their target price on Chevron from $103.00 to $109.00 and gave the stock an “overweight” rating in a research report on Monday, June 8th. Wells Fargo & Co increased their target price on Chevron from $107.00 to $111.00 and gave the stock an “overweight” rating in a research report on Monday, May 4th. Finally, Zacks Investment Research upgraded Chevron from a “hold” rating to a “strong-buy” rating and set a $105.00 target price on the stock in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $111.25.
Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, July 31st. The oil and gas company reported ($1.59) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.93) by ($0.66). Chevron had a net margin of 2.71% and a return on equity of 8.28%. The company had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $21.71 billion. During the same period last year, the business posted $1.77 earnings per share. The firm’s quarterly revenue was down 64.1% compared to the same quarter last year. As a group, equities analysts anticipate that Chevron Co. will post 0.8 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be paid a dividend of $1.29 per share. The ex-dividend date is Tuesday, August 18th. This represents a $5.16 dividend on an annualized basis and a dividend yield of 6.15%. Chevron’s dividend payout ratio (DPR) is currently 82.30%.
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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