Chevron Corporation $CVX Stock: Welch & Forbes LLC Decreases Holdings

Welch & Forbes LLC cut its stake in shares of Chevron Corporation (NYSE:CVX) by 1.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 392,035 shares of the oil and gas company’s stock after selling 6,600 shares during the quarter. Welch & Forbes LLC’s holdings in Chevron were worth $80,058,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp boosted its holdings in shares of Chevron by 3.9% during the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock valued at $28,016,651,000 after acquiring an additional 5,998,852 shares during the period. BlackRock Inc. acquired a new stake in shares of Chevron in the 2nd quarter worth about $25,663,729,000. Bank of America Corp DE increased its holdings in shares of Chevron by 5.1% in the 1st quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock worth $5,716,694,000 after acquiring an additional 1,334,976 shares during the period. Amundi lifted its position in Chevron by 3.0% in the 1st quarter. Amundi now owns 12,185,436 shares of the oil and gas company’s stock valued at $2,521,166,000 after purchasing an additional 349,416 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Chevron in the 2nd quarter valued at about $2,378,114,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Price Performance

Shares of NYSE CVX opened at $210.91 on Tuesday. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The firm has a 50-day moving average of $215.09 and a two-hundred day moving average of $194.63. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $236.48. The company has a market capitalization of $416.71 billion, a price-to-earnings ratio of 15.43, a PEG ratio of 0.51 and a beta of 0.47.

Chevron (NYSE:CVX) last issued its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, topping analysts’ consensus estimates of $4.87 by $0.41. The firm had revenue of $65.24 billion during the quarter, compared to analysts’ expectations of $61.82 billion. Chevron had a net margin of 11.56% and a return on equity of 14.64%. The firm’s revenue for the quarter was up 36.3% compared to the same quarter last year. During the same period last year, the firm posted $1.85 earnings per share. As a group, analysts expect that Chevron Corporation will post 18.56 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 18th will be issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.4%. The ex-dividend date is Wednesday, November 18th. Chevron’s payout ratio is presently 52.08%.

Insiders Place Their Bets

In other news, insider Andrew Walz sold 16,800 shares of Chevron stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the transaction, the insider directly owned 14 shares of the company’s stock, valued at $2,814.84. This trade represents a 99.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael K. Wirth sold 317,100 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the completion of the sale, the chief executive officer owned 26,308 shares of the company’s stock, valued at approximately $5,273,701.68. This trade represents a 92.34% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 379,470 shares of company stock worth $77,216,415. Company insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on CVX shares. Zacks Research raised shares of Chevron from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. DZ Bank lowered shares of Chevron from a “buy” rating to a “hold” rating and set a $240.00 price target on the stock. in a research note on Tuesday, November 3rd. Wells Fargo & Company lifted their price target on Chevron from $230.00 to $268.00 and gave the company an “overweight” rating in a report on Monday, November 2nd. JPMorgan Chase & Co. boosted their price objective on Chevron from $190.00 to $222.00 and gave the stock an “overweight” rating in a research report on Monday, August 3rd. Finally, Dbs Bank raised Chevron to a “moderate buy” rating in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $221.88.

Chevron Profile

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.

The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.