First Command Bank Reduces Stake in Chevron Co. (NYSE:CVX)


Share on StockTwits

First Command Bank lessened its position in shares of Chevron Co. (NYSE:CVX) by 10.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,963 shares of the oil and gas company’s stock after selling 660 shares during the quarter. First Command Bank’s holdings in Chevron were worth $626,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in CVX. Norges Bank acquired a new stake in shares of Chevron in the 4th quarter valued at approximately $1,787,982,000. Amundi Pioneer Asset Management Inc. grew its position in shares of Chevron by 222.3% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 7,625,448 shares of the oil and gas company’s stock valued at $643,967,000 after purchasing an additional 5,259,579 shares during the period. UBS Asset Management Americas Inc. grew its position in shares of Chevron by 18.2% in the fourth quarter. UBS Asset Management Americas Inc. now owns 7,727,794 shares of the oil and gas company’s stock valued at $652,612,000 after purchasing an additional 1,188,386 shares during the period. Morgan Stanley boosted its holdings in Chevron by 6.4% in the fourth quarter. Morgan Stanley now owns 19,122,688 shares of the oil and gas company’s stock valued at $1,614,912,000 after acquiring an additional 1,158,022 shares during the last quarter. Finally, Lazard Freres Gestion S.A.S. acquired a new position in shares of Chevron during the fourth quarter worth about $83,788,000. Hedge funds and other institutional investors own 62.27% of the company’s stock.

Shares of CVX opened at $102.73 on Thursday. The firm has a market cap of $198.07 billion, a price-to-earnings ratio of -16.73, a PEG ratio of 5.74 and a beta of 1.33. The stock has a 50 day moving average of $105.62 and a 200-day moving average of $90.63. The company has a current ratio of 1.26, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26. Chevron Co. has a 52 week low of $65.16 and a 52 week high of $112.70.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Thursday, January 28th. The oil and gas company reported ($0.01) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.09). Chevron had a negative net margin of 10.86% and a positive return on equity of 1.75%. The business had revenue of $25.25 billion during the quarter, compared to analyst estimates of $25.97 billion. During the same period last year, the firm posted $1.49 earnings per share. The company’s quarterly revenue was down 30.5% on a year-over-year basis. On average, sell-side analysts predict that Chevron Co. will post 0.03 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 10th. Shareholders of record on Wednesday, February 17th were paid a dividend of $1.29 per share. This represents a $5.16 dividend on an annualized basis and a yield of 5.02%. The ex-dividend date was Tuesday, February 16th. Chevron’s payout ratio is 82.30%.

Several analysts recently weighed in on the company. Zacks Investment Research raised Chevron from a “hold” rating to a “strong-buy” rating and set a $102.00 price objective for the company in a report on Friday, January 29th. Cowen raised their price target on shares of Chevron from $111.00 to $113.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 10th. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $124.00 price objective for the company in a report on Wednesday, March 17th. Piper Sandler raised their price objective on shares of Chevron from $113.00 to $126.00 and gave the company an “overweight” rating in a research note on Thursday, April 1st. Finally, Credit Suisse Group lifted their price target on shares of Chevron from $115.00 to $126.00 and gave the stock an “outperform” rating in a research report on Monday, March 15th. Ten analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Chevron presently has a consensus rating of “Buy” and a consensus target price of $110.68.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

Read More: What is an Initial Coin Offering (ICO)?

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Co. (NYSE:CVX).

Institutional Ownership by Quarter for Chevron (NYSE:CVX)

Receive News & Ratings for Chevron Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chevron and related companies with MarketBeat.com's FREE daily email newsletter.