Community Bank N.A. grew its stake in Chevron Co. (NYSE:CVX) by 15.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 40,802 shares of the oil and gas company’s stock after acquiring an additional 5,539 shares during the quarter. Community Bank N.A.’s holdings in Chevron were worth $3,640,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. S. R. Schill & Associates boosted its position in Chevron by 9.3% during the second quarter. S. R. Schill & Associates now owns 9,524 shares of the oil and gas company’s stock worth $850,000 after purchasing an additional 812 shares in the last quarter. HCR Wealth Advisors lifted its position in shares of Chevron by 5.8% in the second quarter. HCR Wealth Advisors now owns 19,901 shares of the oil and gas company’s stock valued at $1,759,000 after acquiring an additional 1,099 shares in the last quarter. Huntington National Bank lifted its position in shares of Chevron by 3.1% in the second quarter. Huntington National Bank now owns 502,292 shares of the oil and gas company’s stock valued at $44,820,000 after acquiring an additional 15,108 shares in the last quarter. TradeLink Capital LLC purchased a new stake in shares of Chevron in the second quarter valued at $493,000. Finally, Mitchell Capital Management Co. lifted its position in shares of Chevron by 0.8% in the second quarter. Mitchell Capital Management Co. now owns 15,721 shares of the oil and gas company’s stock valued at $1,403,000 after acquiring an additional 121 shares in the last quarter. 64.60% of the stock is owned by institutional investors and hedge funds.
Several analysts have recently issued reports on CVX shares. Zacks Investment Research upgraded Chevron from a “hold” rating to a “strong-buy” rating and set a $105.00 price objective on the stock in a research report on Wednesday, July 22nd. Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 9th. Mizuho reduced their price objective on Chevron from $140.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, April 8th. Piper Sandler upped their price objective on Chevron from $96.00 to $108.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Finally, Royal Bank of Canada lowered Chevron from a “sector perform” rating to an “underperform” rating and set a $100.00 target price for the company. in a research note on Wednesday, June 10th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $111.25.
Chevron (NYSE:CVX) last issued its earnings results on Friday, July 31st. The oil and gas company reported ($1.59) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.93) by ($0.66). Chevron had a return on equity of 8.28% and a net margin of 2.71%. The company had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $21.71 billion. During the same period in the previous year, the company earned $1.77 EPS. Chevron’s quarterly revenue was down 64.1% on a year-over-year basis. On average, sell-side analysts anticipate that Chevron Co. will post 0.8 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be issued a $1.29 dividend. This represents a $5.16 dividend on an annualized basis and a yield of 6.15%. The ex-dividend date is Tuesday, August 18th. Chevron’s dividend payout ratio is currently 82.30%.
Chevron Company Profile
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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