Wesbanco Bank Inc. Decreases Position in Chevron Co. (NYSE:CVX)

Wesbanco Bank Inc. trimmed its position in Chevron Co. (NYSE:CVX) by 2.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 231,419 shares of the oil and gas company’s stock after selling 5,841 shares during the period. Chevron comprises about 1.3% of Wesbanco Bank Inc.’s portfolio, making the stock its 12th largest holding. Wesbanco Bank Inc.’s holdings in Chevron were worth $38,714,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CVX. Life Planning Partners Inc purchased a new stake in Chevron during the 4th quarter valued at about $25,000. IMG Wealth Management Inc. purchased a new position in Chevron in the 4th quarter worth approximately $25,000. Mizuho Securities Co. Ltd. acquired a new position in shares of Chevron during the 4th quarter worth approximately $29,000. 10Elms LLP purchased a new stake in shares of Chevron in the fourth quarter valued at approximately $29,000. Finally, Fairway Wealth LLC increased its holdings in shares of Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 88 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CVX shares. HSBC lowered Chevron from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Wells Fargo & Company dropped their price objective on shares of Chevron from $173.00 to $164.00 and set an “overweight” rating for the company in a report on Monday, May 5th. Mizuho decreased their target price on shares of Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. Redburn Atlantic restated a “sell” rating and set a $124.00 price target (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Finally, Barclays cut Chevron from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $171.00 to $152.00 in a report on Wednesday, April 23rd. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $160.24.

Chevron Price Performance

Shares of CVX opened at $140.21 on Monday. The company has a market cap of $244.86 billion, a P/E ratio of 14.42, a PEG ratio of 1.46 and a beta of 0.83. Chevron Co. has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average price is $138.98 and its 200 day moving average price is $149.65.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The business had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. During the same quarter in the prior year, the company earned $2.93 earnings per share. The company’s revenue was down 2.3% on a year-over-year basis. On average, research analysts forecast that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date of this dividend is Monday, May 19th. Chevron’s dividend payout ratio is presently 78.17%.

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.