Central Pacific Bank Trust Division Makes New $2.30 Million Investment in Chevron Co. (NYSE:CVX)

Central Pacific Bank Trust Division acquired a new stake in Chevron Co. (NYSE:CVXFree Report) during the first quarter, Holdings Channel.com reports. The fund acquired 14,476 shares of the oil and gas company’s stock, valued at approximately $2,303,000.

A number of other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Chevron by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 161,924,375 shares of the oil and gas company’s stock worth $27,303,688,000 after acquiring an additional 458,080 shares during the last quarter. Berkshire Hathaway Inc lifted its position in shares of Chevron by 14.4% during the fourth quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock valued at $18,808,081,000 after purchasing an additional 15,845,037 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Chevron by 8.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 26,235,473 shares of the oil and gas company’s stock worth $3,886,821,000 after purchasing an additional 1,999,332 shares during the last quarter. Norges Bank bought a new stake in Chevron in the 4th quarter worth about $2,902,007,000. Finally, Bank of New York Mellon Corp increased its stake in Chevron by 4.2% in the 1st quarter. Bank of New York Mellon Corp now owns 16,103,302 shares of the oil and gas company’s stock valued at $2,540,135,000 after buying an additional 654,482 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of research analyst reports. Scotiabank upgraded Chevron from a “sector perform” rating to a “sector outperform” rating and boosted their target price for the stock from $170.00 to $195.00 in a research note on Thursday, April 11th. Raymond James boosted their price objective on Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a research report on Monday, April 15th. Wells Fargo & Company raised their target price on Chevron from $198.00 to $206.00 and gave the company an “overweight” rating in a research report on Tuesday, April 30th. Mizuho boosted their price target on shares of Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Finally, Truist Financial raised their price objective on shares of Chevron from $156.00 to $166.00 and gave the stock a “hold” rating in a report on Friday, May 10th. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $186.95.

Check Out Our Latest Stock Analysis on CVX

Insider Buying and Selling at Chevron

In related news, VP Alana K. Knowles sold 2,800 shares of the stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $165.00, for a total value of $462,000.00. Following the sale, the vice president now owns 276 shares in the company, valued at $45,540. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $165.00, for a total value of $462,000.00. Following the transaction, the vice president now directly owns 276 shares in the company, valued at approximately $45,540. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jeff B. Gustavson sold 3,750 shares of Chevron stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total value of $600,862.50. Following the sale, the vice president now owns 477 shares of the company’s stock, valued at approximately $76,429.71. The disclosure for this sale can be found here. Insiders sold a total of 16,746 shares of company stock valued at $2,727,971 in the last three months. Company insiders own 0.20% of the company’s stock.

Chevron Stock Performance

Shares of NYSE CVX traded down $0.13 during mid-day trading on Wednesday, hitting $152.85. The company had a trading volume of 411,956 shares, compared to its average volume of 7,902,958. The company has a current ratio of 1.23, a quick ratio of 0.93 and a debt-to-equity ratio of 0.13. Chevron Co. has a 1 year low of $139.62 and a 1 year high of $171.70. The company has a market capitalization of $281.70 billion, a price-to-earnings ratio of 14.07, a P/E/G ratio of 2.34 and a beta of 1.10. The stock’s 50-day moving average price is $158.04 and its 200-day moving average price is $155.03.

Chevron (NYSE:CVXGet Free Report) last posted its earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share for the quarter, beating analysts’ consensus estimates of $2.84 by $0.09. Chevron had a return on equity of 14.40% and a net margin of 10.21%. The business had revenue of $48.72 billion during the quarter, compared to analyst estimates of $48.42 billion. During the same quarter in the previous year, the firm earned $3.55 EPS. The company’s quarterly revenue was down 4.1% compared to the same quarter last year. On average, sell-side analysts forecast that Chevron Co. will post 13.18 earnings per share for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 17th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.27%. The ex-dividend date of this dividend was Thursday, May 16th. Chevron’s dividend payout ratio is presently 59.98%.

Chevron Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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