Zions Bancorporation National Association UT Decreases Stock Holdings in Chevron Corporation $CVX

Zions Bancorporation National Association UT lowered its holdings in shares of Chevron Corporation (NYSE:CVX) by 1.2% in the 2nd quarter, Holdings Channel.com reports. The firm owned 72,636 shares of the oil and gas company’s stock after selling 872 shares during the quarter. Chevron comprises 0.6% of Zions Bancorporation National Association UT’s portfolio, making the stock its 28th largest holding. Zions Bancorporation National Association UT’s holdings in Chevron were worth $10,401,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in CVX. Harvest Fund Management Co. Ltd increased its stake in Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 122 shares during the last quarter. Elequin Capital LP purchased a new position in shares of Chevron in the 1st quarter worth approximately $31,000. Quaker Wealth Management LLC increased its position in shares of Chevron by 197.7% during the 2nd quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 439 shares during the last quarter. IMG Wealth Management Inc. raised its holdings in Chevron by 52.3% during the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 91 shares during the period. Finally, Investment Management Corp VA ADV raised its holdings in Chevron by 171.3% during the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock valued at $39,000 after buying an additional 149 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Chevron Trading Up 1.4%

Shares of CVX opened at $155.10 on Friday. The firm has a market capitalization of $268.01 billion, a price-to-earnings ratio of 19.96, a PEG ratio of 4.40 and a beta of 0.83. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a 50-day moving average of $155.55 and a 200 day moving average of $149.71.

Chevron (NYSE:CVX) last issued its earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, topping analysts’ consensus estimates of $1.71 by $0.14. The business had revenue of $48.17 billion for the quarter, compared to the consensus estimate of $46.99 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.48 EPS. On average, research analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th will be paid a $1.71 dividend. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $6.84 annualized dividend and a yield of 4.4%. Chevron’s dividend payout ratio is 96.20%.

Insider Buying and Selling at Chevron

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

Analyst Ratings Changes

Several research firms have commented on CVX. Morgan Stanley lifted their price objective on shares of Chevron from $174.00 to $177.00 and gave the stock an “overweight” rating in a research note on Monday, November 3rd. Piper Sandler lifted their price target on shares of Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a research note on Monday, August 18th. Melius Research initiated coverage on shares of Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target on the stock. Raymond James Financial reissued an “outperform” rating and issued a $160.00 price objective (down previously from $170.00) on shares of Chevron in a research note on Friday, October 17th. Finally, Barclays dropped their target price on Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $165.40.

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.