Chevron Corporation $CVX Shares Sold by Texas Bank & Trust Co

Texas Bank & Trust Co lowered its position in Chevron Corporation (NYSE:CVX) by 4.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,907 shares of the oil and gas company’s stock after selling 1,157 shares during the quarter. Chevron makes up approximately 1.3% of Texas Bank & Trust Co’s portfolio, making the stock its 22nd biggest position. Texas Bank & Trust Co’s holdings in Chevron were worth $3,280,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. W.G. Shaheen & Associates DBA Whitney & Co raised its position in Chevron by 107.6% in the 2nd quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 66,608 shares of the oil and gas company’s stock valued at $9,538,000 after purchasing an additional 34,518 shares during the last quarter. Torray Investment Partners LLC acquired a new position in Chevron in the second quarter valued at $18,106,000. Ceera Investments LLC acquired a new position in Chevron in the second quarter valued at $998,000. Telos Capital Management Inc. boosted its stake in shares of Chevron by 7.9% during the second quarter. Telos Capital Management Inc. now owns 107,940 shares of the oil and gas company’s stock worth $15,456,000 after buying an additional 7,872 shares during the period. Finally, Redwood Wealth Management Group LLC purchased a new position in shares of Chevron during the second quarter worth about $244,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. UBS Group boosted their price target on Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Chevron in a report on Wednesday, October 8th. Bank of America upped their price target on Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, September 10th. Evercore ISI reiterated an “outperform” rating and issued a $180.00 price objective on shares of Chevron in a research report on Thursday, July 31st. Finally, Piper Sandler upped their price objective on shares of Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a research report on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $165.25.

Chevron Stock Up 2.6%

Chevron stock opened at $157.58 on Monday. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The firm has a market capitalization of $272.30 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 4.40 and a beta of 0.84. The stock’s fifty day moving average is $156.07 and its two-hundred day moving average is $149.20. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.71 by $0.14. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $49.73 billion for the quarter, compared to analyst estimates of $46.99 billion. During the same period in the previous year, the firm earned $2.48 EPS. The business’s revenue for the quarter was down 1.9% compared to the same quarter last year. Analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Tuesday, November 18th. Chevron’s payout ratio is currently 88.03%.

Insider Buying and Selling

In other news, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the sale, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the sale, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is currently owned by corporate insiders.

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.