SVB Wealth LLC Sells 3,491 Shares of Chevron Co. (NYSE:CVX)

SVB Wealth LLC reduced its stake in shares of Chevron Co. (NYSE:CVX) by 2.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 118,290 shares of the oil and gas company’s stock after selling 3,491 shares during the quarter. SVB Wealth LLC’s holdings in Chevron were worth $18,503,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. American Capital Advisory LLC raised its position in shares of Chevron by 403.2% during the first quarter. American Capital Advisory LLC now owns 156 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 125 shares during the last quarter. Frank Rimerman Advisors LLC acquired a new position in Chevron during the 4th quarter valued at about $30,000. Anfield Capital Management LLC boosted its stake in shares of Chevron by 118.0% in the 2nd quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 118 shares during the last quarter. Cooksen Wealth LLC acquired a new stake in shares of Chevron during the 4th quarter worth approximately $40,000. Finally, Clear Investment Research LLC raised its stake in shares of Chevron by 264.9% during the fourth quarter. Clear Investment Research LLC now owns 281 shares of the oil and gas company’s stock worth $42,000 after buying an additional 204 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on CVX. Scotiabank reduced their price objective on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Sanford C. Bernstein lowered Chevron from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. Truist Financial dropped their price objective on Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a report on Monday, August 5th. Royal Bank of Canada reduced their target price on Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Finally, Wolfe Research initiated coverage on Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Chevron has a consensus rating of “Moderate Buy” and an average price target of $183.82.

Chevron Stock Down 1.7 %

Shares of NYSE CVX traded down $2.37 during midday trading on Friday, reaching $138.56. The company’s stock had a trading volume of 7,836,358 shares, compared to its average volume of 7,768,067. Chevron Co. has a fifty-two week low of $137.87 and a fifty-two week high of $171.70. The stock has a 50 day simple moving average of $150.82 and a 200-day simple moving average of $155.26. The stock has a market capitalization of $255.36 billion, a price-to-earnings ratio of 12.74, a PEG ratio of 2.50 and a beta of 1.09. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13.

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

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be paid a $1.63 dividend. The ex-dividend date is Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a yield of 4.71%. Chevron’s dividend 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.