Community Bank N.A. cut its stake in shares of Chevron Corporation (NYSE:CVX) by 5.1% during the third quarter, HoldingsChannel.com reports. The firm owned 34,699 shares of the oil and gas company’s stock after selling 1,864 shares during the quarter. Community Bank N.A.’s holdings in Chevron were worth $4,077,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Chevron by 2.9% during the second quarter. Vanguard Group Inc. now owns 139,626,287 shares of the oil and gas company’s stock valued at $14,567,210,000 after buying an additional 3,920,240 shares during the last quarter. BlackRock Inc. grew its stake in shares of Chevron by 1.6% during the second quarter. BlackRock Inc. now owns 124,678,992 shares of the oil and gas company’s stock valued at $13,007,759,000 after buying an additional 1,975,865 shares during the last quarter. Capital World Investors grew its stake in Chevron by 9.8% in the second quarter. Capital World Investors now owns 35,546,848 shares of the oil and gas company’s stock worth $3,708,603,000 after purchasing an additional 3,182,250 shares in the last quarter. Northern Trust Corp grew its stake in Chevron by 0.6% in the second quarter. Northern Trust Corp now owns 26,153,161 shares of the oil and gas company’s stock worth $2,728,558,000 after purchasing an additional 157,021 shares in the last quarter. Finally, Franklin Resources Inc. grew its stake in Chevron by 0.3% in the second quarter. Franklin Resources Inc. now owns 15,609,647 shares of the oil and gas company’s stock worth $1,628,554,000 after purchasing an additional 49,083 shares in the last quarter. Institutional investors and hedge funds own 63.80% of the company’s stock.
In other news, Vice Chairman Michael K. Wirth sold 1,229 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $118.00, for a total transaction of $145,022.00. Following the completion of the sale, the insider now owns 1,229 shares in the company, valued at approximately $145,022. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP R. Hewitt Pate sold 25,500 shares of the stock in a transaction on Monday, October 16th. The shares were sold at an average price of $120.00, for a total value of $3,060,000.00. Following the sale, the vice president now owns 25,500 shares of the company’s stock, valued at approximately $3,060,000. The disclosure for this sale can be found here. In the last quarter, insiders have sold 314,000 shares of company stock valued at $36,540,822. Company insiders own 0.38% of the company’s stock.
Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.99 by $0.04. Chevron had a return on equity of 4.59% and a net margin of 4.79%. The firm had revenue of $36.21 billion during the quarter, compared to analyst estimates of $34.06 billion. During the same quarter in the prior year, the business posted $0.68 EPS. The business’s revenue for the quarter was up 20.1% compared to the same quarter last year. equities analysts forecast that Chevron Corporation will post 4.33 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 11th. Stockholders of record on Friday, November 17th were issued a dividend of $1.08 per share. The ex-dividend date was Thursday, November 16th. This represents a $4.32 annualized dividend and a dividend yield of 3.38%. Chevron’s dividend payout ratio is presently 125.95%.
CVX has been the topic of several research analyst reports. Morgan Stanley increased their price objective on Chevron from $120.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 18th. Citigroup increased their price objective on Chevron from $118.00 to $128.00 and gave the stock a “buy” rating in a research note on Monday, October 30th. Zacks Investment Research cut Chevron from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. Wolfe Research raised Chevron from a “market perform” rating to an “outperform” rating in a research note on Monday, October 16th. Finally, Scotiabank reissued a “buy” rating on shares of Chevron in a research note on Friday, September 15th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $125.15.
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Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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