Cullen Frost Bankers Inc. Trims Stock Holdings in Chevron Co. (NYSE:CVX)

Cullen Frost Bankers Inc. lowered its stake in Chevron Co. (NYSE:CVX) by 21.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 366,383 shares of the oil and gas company’s stock after selling 98,904 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Chevron were worth $57,310,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CVX. Pacifica Partners Inc. increased its position in shares of Chevron by 1.8% in the first quarter. Pacifica Partners Inc. now owns 3,492 shares of the oil and gas company’s stock valued at $546,000 after buying an additional 63 shares in the last quarter. Private Wealth Management Group LLC grew its stake in Chevron by 15.7% in the 1st quarter. Private Wealth Management Group LLC now owns 464 shares of the oil and gas company’s stock valued at $73,000 after acquiring an additional 63 shares during the last quarter. Montz Harcus Wealth Management LLC grew its stake in Chevron by 2.2% in the 2nd quarter. Montz Harcus Wealth Management LLC now owns 2,943 shares of the oil and gas company’s stock valued at $460,000 after acquiring an additional 63 shares during the last quarter. Hubbell Strickland Wealth Management LLC increased its holdings in Chevron by 0.7% during the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock valued at $1,485,000 after acquiring an additional 64 shares in the last quarter. Finally, Ellenbecker Investment Group raised its position in shares of Chevron by 1.5% during the 1st quarter. Ellenbecker Investment Group now owns 4,346 shares of the oil and gas company’s stock worth $686,000 after purchasing an additional 65 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of analyst reports. Wolfe Research assumed coverage on Chevron in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Truist Financial decreased their price objective on Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research note on Monday, August 5th. Royal Bank of Canada dropped their price objective on Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Mizuho upped their target price on shares of Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a report on Monday, May 13th. Finally, Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $183.00 to $167.00 in a report on Wednesday, July 17th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $183.82.

Chevron Trading Down 1.7 %

Shares of CVX traded down $2.37 during trading hours on Friday, hitting $138.56. The stock had a trading volume of 7,836,358 shares, compared to its average volume of 7,768,067. Chevron Co. has a 12-month low of $137.87 and a 12-month high of $171.70. The firm has a market cap of $255.36 billion, a P/E ratio of 12.74, a P/E/G ratio of 2.50 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. The company’s fifty day simple moving average is $150.82 and its 200 day simple moving average is $155.26.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The firm had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the business earned $3.08 earnings per share. Equities research analysts forecast that Chevron Co. will post 11.86 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.71%. The ex-dividend date of this dividend is Monday, August 19th. Chevron’s payout ratio is 59.98%.

Chevron Company 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.