FARMERS & MERCHANTS TRUST Co OF LONG BEACH Reduces Stock Position in Chevron Co. (NYSE:CVX)

FARMERS & MERCHANTS TRUST Co OF LONG BEACH cut its position in Chevron Co. (NYSE:CVX) by 8.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 35,982 shares of the oil and gas company’s stock after selling 3,495 shares during the period. Chevron makes up 1.5% of FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings, making the stock its 17th largest position. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Chevron were worth $5,628,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Gilbert & Cook Inc. lifted its holdings in shares of Chevron by 3.7% in the 4th quarter. Gilbert & Cook Inc. now owns 10,312 shares of the oil and gas company’s stock valued at $1,538,000 after buying an additional 369 shares during the period. Aveo Capital Partners LLC lifted its holdings in Chevron by 1.0% in the fourth quarter. Aveo Capital Partners LLC now owns 8,617 shares of the oil and gas company’s stock valued at $1,285,000 after acquiring an additional 82 shares during the period. Gryphon Financial Partners LLC lifted its holdings in Chevron by 55.0% in the fourth quarter. Gryphon Financial Partners LLC now owns 11,404 shares of the oil and gas company’s stock valued at $1,648,000 after acquiring an additional 4,047 shares during the period. Jump Financial LLC boosted its position in Chevron by 613.1% in the 4th quarter. Jump Financial LLC now owns 18,041 shares of the oil and gas company’s stock worth $2,691,000 after purchasing an additional 15,511 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Chevron by 73,888.2% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,602,805 shares of the oil and gas company’s stock worth $686,554,000 after purchasing an additional 4,596,584 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Up 1.3 %

NYSE CVX opened at $140.30 on Tuesday. Chevron Co. has a one year low of $137.87 and a one year high of $171.70. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. The business has a fifty day moving average price of $150.50 and a 200 day moving average price of $155.16. The company has a market cap of $256.60 billion, a P/E ratio of 12.91, a P/E/G ratio of 2.34 and a beta of 1.09.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.38). The business had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the business posted $3.08 earnings per share. Research analysts anticipate that Chevron Co. will post 11.86 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.65%. The ex-dividend date of this dividend is Monday, August 19th. Chevron’s dividend payout ratio (DPR) is 59.98%.

Wall Street Analysts Forecast Growth

CVX has been the subject of several analyst reports. Royal Bank of Canada decreased their target price on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Scotiabank decreased their price objective on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Mizuho increased their target price on shares of Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Sanford C. Bernstein lowered Chevron from an “outperform” rating to a “market perform” rating and cut their price target for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Finally, Truist Financial lowered their price target on Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research report on Monday, August 5th. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Chevron currently has an average rating of “Moderate Buy” and an average price target of $183.82.

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.