Rockland Trust Co. Has $7.80 Million Holdings in Chevron Corporation $CVX

Rockland Trust Co. raised its stake in Chevron Corporation (NYSE:CVX) by 85.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 50,230 shares of the oil and gas company’s stock after buying an additional 23,145 shares during the quarter. Rockland Trust Co.’s holdings in Chevron were worth $7,800,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVX. Castellan Group raised its holdings in Chevron by 10.7% in the second quarter. Castellan Group now owns 20,405 shares of the oil and gas company’s stock worth $2,922,000 after purchasing an additional 1,965 shares during the period. Ellis Investment Partners LLC increased its position in shares of Chevron by 4.6% in the 2nd quarter. Ellis Investment Partners LLC now owns 4,246 shares of the oil and gas company’s stock valued at $608,000 after buying an additional 186 shares in the last quarter. Almanack Investment Partners LLC. raised its stake in Chevron by 31.5% during the 2nd quarter. Almanack Investment Partners LLC. now owns 5,969 shares of the oil and gas company’s stock worth $855,000 after buying an additional 1,430 shares during the period. Welch Group LLC lifted its holdings in Chevron by 2.4% during the second quarter. Welch Group LLC now owns 419,880 shares of the oil and gas company’s stock worth $60,123,000 after acquiring an additional 9,703 shares in the last quarter. Finally, MGO One Seven LLC grew its stake in Chevron by 13.0% in the second quarter. MGO One Seven LLC now owns 29,077 shares of the oil and gas company’s stock valued at $4,164,000 after acquiring an additional 3,353 shares during the period. Institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CVX. Jefferies Financial Group raised their price target on Chevron from $174.00 to $189.00 and gave the stock a “buy” rating in a research report on Wednesday, January 14th. Wells Fargo & Company raised their target price on shares of Chevron from $196.00 to $204.00 and gave the stock an “overweight” rating in a report on Monday, February 2nd. TD Cowen lifted their price target on shares of Chevron from $160.00 to $168.00 and gave the company a “hold” rating in a research note on Monday, February 2nd. JPMorgan Chase & Co. upgraded shares of Chevron from a “neutral” rating to an “overweight” rating and set a $176.00 price target for the company in a report on Tuesday, January 20th. Finally, UBS Group restated a “buy” rating and set a $212.00 price objective on shares of Chevron in a report on Monday, February 2nd. Twelve research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $175.00.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 275,000 shares of the business’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the transaction, the director owned 1,128,045 shares of the company’s stock, valued at $170,052,783.75. The trade was a 19.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Mark A. Nelson sold 45,800 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $174.17, for a total value of $7,976,986.00. Following the sale, the insider owned 7,161 shares in the company, valued at approximately $1,247,231.37. This represents a 86.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 793,158 shares of company stock valued at $127,919,578. 0.20% of the stock is owned by insiders.

Chevron Stock Performance

Shares of CVX opened at $182.70 on Tuesday. The stock has a market capitalization of $367.87 billion, a price-to-earnings ratio of 27.43, a PEG ratio of 12.11 and a beta of 0.70. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $182.82. The firm has a fifty day simple moving average of $159.90 and a 200 day simple moving average of $156.66. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, January 30th. The oil and gas company reported $1.52 EPS for the quarter, topping the consensus estimate of $1.44 by $0.08. The firm had revenue of $45.79 billion for the quarter, compared to analysts’ expectations of $48.18 billion. Chevron had a net margin of 6.51% and a return on equity of 8.23%. The company’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same period in the previous year, the firm posted $2.06 EPS. Research analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Tuesday, February 17th will be given a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.9%. This is a boost from Chevron’s previous quarterly dividend of $1.71. The ex-dividend date of this dividend is Tuesday, February 17th. Chevron’s payout ratio is currently 102.70%.

About Chevron

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.