Washington Trust Bank Sells 226 Shares of Chevron Co. (NYSE:CVX)

Washington Trust Bank cut its holdings in shares of Chevron Co. (NYSE:CVX) by 1.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,537 shares of the oil and gas company’s stock after selling 226 shares during the period. Washington Trust Bank’s holdings in Chevron were worth $1,846,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rational Advisors LLC bought a new stake in shares of Chevron during the third quarter worth about $29,000. Anfield Capital Management LLC grew its position in Chevron by 118.0% in the 2nd quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 118 shares in the last quarter. Cyrus J. Lawrence LLC grew its position in Chevron by 66.7% in the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 100 shares in the last quarter. Livelsberger Financial Advisory bought a new stake in Chevron in the 3rd quarter worth about $47,000. Finally, Krane Funds Advisors LLC bought a new stake in Chevron in the 3rd quarter worth about $47,000. 72.42% of the stock is owned by institutional investors.

Chevron Stock Performance

Shares of CVX stock traded down $0.37 during trading on Thursday, reaching $157.35. 232,377 shares of the company’s stock traded hands, compared to its average volume of 7,634,788. The company has a market capitalization of $287.78 billion, a P/E ratio of 17.32, a PEG ratio of 3.43 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. The firm’s 50-day moving average is $147.43 and its 200 day moving average is $152.90. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. The company had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.07%. Chevron’s revenue was down 6.3% compared to the same quarter last year. During the same period in the prior year, the company posted $3.05 EPS. Equities research analysts expect that Chevron Co. will post 10.65 EPS for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.14%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio is presently 71.65%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CVX shares. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. Barclays upped their price objective on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research report on Monday. Bank of America began coverage on shares of Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price on the stock. Royal Bank of Canada boosted their target price on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday. Finally, UBS Group boosted their target price on shares of Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a research note on Monday. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and an average price target of $174.93.

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.