Montecito Bank & Trust Invests $4.71 Million in Chevron Corporation $CVX

Montecito Bank & Trust acquired a new stake in shares of Chevron Corporation (NYSE:CVX) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 30,337 shares of the oil and gas company’s stock, valued at approximately $4,711,000.

Other hedge funds also recently bought and sold shares of the company. Algert Global LLC grew its position in shares of Chevron by 22.7% during the first quarter. Algert Global LLC now owns 3,692 shares of the oil and gas company’s stock worth $618,000 after purchasing an additional 682 shares in the last quarter. Quantbot Technologies LP purchased a new position in Chevron in the 1st quarter worth approximately $1,011,000. JT Stratford LLC boosted its stake in Chevron by 17.4% in the 1st quarter. JT Stratford LLC now owns 2,997 shares of the oil and gas company’s stock worth $501,000 after purchasing an additional 445 shares during the period. Erste Asset Management GmbH grew its holdings in Chevron by 33.4% during the 1st quarter. Erste Asset Management GmbH now owns 36,331 shares of the oil and gas company’s stock valued at $6,083,000 after buying an additional 9,102 shares in the last quarter. Finally, Tradition Wealth Management LLC raised its position in shares of Chevron by 3.8% during the first quarter. Tradition Wealth Management LLC now owns 9,228 shares of the oil and gas company’s stock valued at $1,544,000 after buying an additional 342 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CVX. Raymond James Financial restated an “outperform” rating and set a $160.00 target price (down previously from $170.00) on shares of Chevron in a research report on Friday, October 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a research note on Wednesday, October 8th. Wells Fargo & Company raised their price objective on Chevron from $190.00 to $196.00 and gave the company an “overweight” rating in a research report on Friday, November 14th. Wall Street Zen raised Chevron from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Scotiabank increased their price target on Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a research note on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Chevron currently has a consensus rating of “Hold” and an average price target of $166.00.

Insider Activity at Chevron

In other news, Director John B. Hess sold 275,000 shares of Chevron stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $150.75, for a total value of $41,456,250.00. Following the completion of the transaction, the director owned 1,128,045 shares in the company, valued at approximately $170,052,783.75. The trade was a 19.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.21% of the company’s stock.

Chevron Stock Performance

Shares of NYSE:CVX opened at $149.46 on Thursday. The firm has a fifty day simple moving average of $152.41 and a two-hundred day simple moving average of $152.33. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $300.93 billion, a P/E ratio of 21.02, a PEG ratio of 8.72 and a beta of 0.68.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. The firm had revenue of $48.17 billion during the quarter, compared to the consensus estimate of $46.99 billion. Chevron had a net margin of 6.57% and a return on equity of 8.74%. The firm’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same quarter last year, the firm earned $2.48 EPS. On average, analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Tuesday, November 18th. Chevron’s dividend payout ratio (DPR) is presently 96.20%.

About Chevron

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.