CENTRAL TRUST Co Sells 2,982 Shares of Chevron Corporation $CVX

CENTRAL TRUST Co lessened its stake in shares of Chevron Corporation (NYSE:CVX) by 1.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 155,660 shares of the oil and gas company’s stock after selling 2,982 shares during the quarter. CENTRAL TRUST Co’s holdings in Chevron were worth $31,787,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp grew its stake in Chevron by 3.9% in 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 purchasing an additional 5,998,852 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of Chevron during the second quarter valued at about $25,663,729,000. Bank of America Corp DE lifted its position in shares of Chevron by 5.1% during the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock valued at $5,716,694,000 after buying an additional 1,334,976 shares during the last quarter. Amundi boosted its holdings in shares of 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 buying an additional 349,416 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Chevron in the 2nd quarter valued at about $2,378,114,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of NYSE CVX opened at $213.21 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.07 and a current ratio of 1.34. The company has a market cap of $419.05 billion, a PE ratio of 15.60, a P/E/G ratio of 0.49 and a beta of 0.47. The business has a 50-day simple moving average of $215.23 and a two-hundred day simple moving average of $195.08. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $236.48.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.87 by $0.41. The firm had revenue of $65.24 billion for the quarter, compared to the consensus estimate of $61.82 billion. Chevron had a net margin of 11.56% and a return on equity of 14.49%. The company’s revenue for the quarter was up 36.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.85 earnings per share. As a group, equities analysts expect that Chevron Corporation will post 18.64 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 18th will be given a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Wednesday, November 18th. Chevron’s payout ratio is currently 52.08%.

Recent Chevron Headlines

Here are a few of the latest headlines about CVX:

• Positive Sentiment: A 25% stake in Chevron’s Namibia offshore license is being sold to QatarEnergy. Sharing exploration costs while retaining control could limit Chevron’s financial exposure and preserve potential upside from a discovery. Chevron Expands Namibia Ties With QatarEnergy Offshore Stake Deal
• Positive Sentiment: Chevron plans to invest $13.8 billion in Argentina’s Vaca Muerta shale region and aims to triple output there by 2035. Applying Permian expertise could support long-term production growth, if the company can manage high costs and pipeline constraints. Can Chevron’s $13.8B Vaca Muerta Bet Fuel Long-Term Growth?
• Negative Sentiment: Oil futures fell to their lowest level since August after comments that the Iran conflict was effectively over. Lower crude prices can weigh on energy-sector earnings expectations, although the report notes there was no confirmed deal and Iran denied talks. Oil Prices Just Fell to Their Lowest Since August

Insiders Place Their Bets

In other Chevron news, insider Andrew Walz sold 16,800 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider owned 14 shares of the company’s stock, valued at approximately $2,814.84. This trade represents a 99.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider R. Pate sold 40,700 shares of Chevron stock in a transaction on Tuesday, October 20th. The stock was sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the sale, the insider owned 8,791 shares of the company’s stock, valued at $1,992,480.15. The trade was a 82.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 379,470 shares of company stock valued at $77,216,415. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

CVX has been the topic of a number of analyst reports. Zacks Research raised shares of Chevron from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 5th. Freedom Broker raised shares of Chevron from a “sell” rating to a “hold” rating and set a $218.00 target price for the company in a research report on Thursday, November 5th. Argus raised their target price on shares of Chevron from $206.00 to $211.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Raymond James Financial cut their price target on shares of Chevron from $230.00 to $225.00 and set an “outperform” rating on the stock in a report on Tuesday, July 21st. Finally, TD Cowen lifted their price target on shares of Chevron from $215.00 to $225.00 and gave the stock a “hold” rating in a report on Monday, October 12th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average 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.