Berkshire Bank Increases Stake in Chevron Co. (NYSE:CVX)

Berkshire Bank grew its position in Chevron Co. (NYSE:CVX) by 3.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,065 shares of the oil and gas company’s stock after purchasing an additional 561 shares during the quarter. Berkshire Bank’s holdings in Chevron were worth $1,731,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of CVX. Amundi bought a new position in shares of Chevron in the second quarter worth approximately $804,280,000. Vanguard Group Inc. boosted its position in shares of Chevron by 3.5% in the second quarter. Vanguard Group Inc. now owns 161,501,973 shares of the oil and gas company’s stock worth $16,915,716,000 after purchasing an additional 5,427,422 shares during the period. BlackRock Inc. boosted its position in shares of Chevron by 3.3% in the second quarter. BlackRock Inc. now owns 136,355,706 shares of the oil and gas company’s stock worth $14,281,898,000 after purchasing an additional 4,339,477 shares during the period. Liberty Wealth Management LLC boosted its position in shares of Chevron by 10,559.1% in the second quarter. Liberty Wealth Management LLC now owns 3,513,656 shares of the oil and gas company’s stock worth $33,546,000 after purchasing an additional 3,480,692 shares during the period. Finally, State Street Corp boosted its position in shares of Chevron by 1.3% in the second quarter. State Street Corp now owns 139,640,367 shares of the oil and gas company’s stock worth $14,625,932,000 after purchasing an additional 1,844,030 shares during the period. Institutional investors and hedge funds own 65.55% of the company’s stock.

Chevron stock traded up $0.89 during midday trading on Thursday, hitting $117.19. 8,500,870 shares of the company’s stock were exchanged, compared to its average volume of 10,450,242. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.03 and a current ratio of 1.28. Chevron Co. has a 12 month low of $83.53 and a 12 month high of $118.08. The firm has a 50-day moving average of $109.21 and a two-hundred day moving average of $104.90. The company has a market cap of $225.91 billion, a PE ratio of 22.62, a P/E/G ratio of 2.42 and a beta of 1.30.

Chevron (NYSE:CVX) last issued its earnings results on Thursday, October 28th. The oil and gas company reported $2.96 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.21 by $0.75. Chevron had a net margin of 7.10% and a return on equity of 7.95%. The company had revenue of $44.71 billion for the quarter, compared to analysts’ expectations of $40.89 billion. During the same period in the prior year, the business earned $0.11 EPS. The firm’s quarterly revenue was up 82.9% on a year-over-year basis. As a group, equities analysts expect that Chevron Co. will post 8.35 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 10th. Stockholders of record on Thursday, November 18th will be issued a $1.34 dividend. This represents a $5.36 dividend on an annualized basis and a dividend yield of 4.57%. The ex-dividend date of this dividend is Wednesday, November 17th. Chevron’s dividend payout ratio is currently 103.47%.

CVX has been the subject of a number of research reports. Morgan Stanley upped their target price on shares of Chevron from $149.00 to $155.00 and gave the stock an “overweight” rating in a research report on Friday, November 19th. DZ Bank lowered shares of Chevron from a “buy” rating to a “hold” rating and set a $110.00 target price for the company. in a research report on Wednesday, August 4th. Wells Fargo & Company upped their price target on shares of Chevron from $109.00 to $115.00 and gave the company an “equal weight” rating in a research note on Monday, November 1st. Mizuho reaffirmed a “buy” rating on shares of Chevron in a research note on Wednesday, November 3rd. Finally, Zacks Investment Research downgraded shares of Chevron from a “buy” rating to a “hold” rating and set a $100.00 price target on the stock. in a research note on Tuesday, September 21st. Ten investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $121.23.

In other Chevron news, EVP James William Johnson sold 78,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 20th. The shares were sold at an average price of $113.13, for a total transaction of $8,824,140.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP R. Hewitt Pate sold 39,000 shares of the firm’s stock in a transaction that occurred on Monday, November 15th. The stock was sold at an average price of $115.04, for a total transaction of $4,486,560.00. The disclosure for this sale can be found here. Insiders sold a total of 325,651 shares of company stock worth $37,293,688 over the last 90 days. Company insiders own 0.29% of the company’s stock.

Chevron Profile

Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of exploration, development, and production of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; processing, transporting, storage, and marketing of natural gas; and a gas-to-liquids plant.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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