Trust Co. of Oklahoma Trims Stake in Chevron Corporation $CVX

Trust Co. of Oklahoma lessened its position in shares of Chevron Corporation (NYSE:CVX) by 1.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,686 shares of the oil and gas company’s stock after selling 139 shares during the quarter. Trust Co. of Oklahoma’s holdings in Chevron were worth $1,817,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in CVX. Charles Schwab Investment Management Inc. grew its position in shares of Chevron by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company’s stock worth $5,592,263,000 after acquiring an additional 1,574,464 shares during the last quarter. Invesco Ltd. boosted its stake in Chevron by 5.5% during the 1st quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company’s stock worth $2,652,437,000 after purchasing an additional 827,851 shares during the period. Dimensional Fund Advisors LP grew its position in Chevron by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company’s stock worth $2,054,513,000 after purchasing an additional 40,758 shares during the last quarter. GQG Partners LLC purchased a new position in Chevron during the 1st quarter worth $1,466,751,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Chevron by 7.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,497,288 shares of the oil and gas company’s stock valued at $1,421,511,000 after purchasing an additional 573,072 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Evercore ISI reiterated an “outperform” rating and set a $180.00 target price on shares of Chevron in a research note on Thursday, July 31st. Morgan Stanley began coverage on Chevron in a research note on Monday, August 4th. They set an “overweight” rating and a $174.00 price objective for the company. Scotiabank reiterated a “sector perform” rating and issued a $160.00 target price (up from $143.00) on shares of Chevron in a research note on Friday, July 11th. Melius started coverage on Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 target price on the stock. Finally, Barclays reaffirmed an “equal weight” rating on shares of Chevron in a report on Tuesday, July 15th. Eleven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Chevron presently has a consensus rating of “Hold” and a consensus price target of $164.80.

Chevron Stock Performance

Shares of CVX stock opened at $157.23 on Friday. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The stock has a 50 day simple moving average of $154.67 and a 200-day simple moving average of $148.85. The company has a market cap of $271.69 billion, a price-to-earnings ratio of 20.24, a price-to-earnings-growth ratio of 2.00 and a beta of 0.90. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.55 earnings per share. On average, equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron’s dividend payout ratio is 88.03%.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the transaction, the vice president directly owned 1,181 shares of the company’s stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.21% of the company’s stock.

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.