Chevron Corporation $CVX Shares Sold by Independence Bank of Kentucky

Independence Bank of Kentucky trimmed its position in shares of Chevron Corporation (NYSE:CVX) by 6.9% in the first quarter, HoldingsChannel reports. The institutional investor owned 40,925 shares of the oil and gas company’s stock after selling 3,011 shares during the period. Chevron makes up approximately 1.1% of Independence Bank of Kentucky’s holdings, making the stock its 18th biggest holding. Independence Bank of Kentucky’s holdings in Chevron were worth $8,467,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Compton Financial Group LLC lifted its stake in shares of Chevron by 1.9% in the 1st quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company’s stock valued at $609,000 after purchasing an additional 56 shares in the last quarter. Quantum Portfolio Management LLC increased its position in Chevron by 2.7% during the 1st quarter. Quantum Portfolio Management LLC now owns 2,101 shares of the oil and gas company’s stock worth $435,000 after purchasing an additional 56 shares in the last quarter. D.B. Root & Company LLC raised its holdings in Chevron by 1.0% in the fourth quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company’s stock valued at $846,000 after buying an additional 57 shares during the period. Chatterton & Associates Inc. lifted its position in Chevron by 1.7% during the first quarter. Chatterton & Associates Inc. now owns 3,427 shares of the oil and gas company’s stock valued at $652,000 after buying an additional 57 shares in the last quarter. Finally, First United Bank & Trust lifted its position in Chevron by 0.5% during the first quarter. First United Bank & Trust now owns 12,532 shares of the oil and gas company’s stock valued at $2,593,000 after buying an additional 57 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Rising Middle East tensions are pushing crude higher, which can improve Chevron’s upstream profits and make the stock look more attractive as a geopolitical hedge. With Iran Tensions Heating Up Again, Chevron Stock Looks Enticing
• Positive Sentiment: Bullish commentary from Bank of America and other analysts suggests Chevron is well positioned to benefit if Iran-related supply disruptions keep oil prices elevated. CVX Stock Has A New Bull Case
• Positive Sentiment: Chevron announced a five-year gas supply deal with Australia’s Alinta Energy, adding a stable long-term sales stream and reinforcing its gas business. Chevron Australia signs five-year gas supply agreement with Alinta Energy
• Positive Sentiment: Chevron also expanded its technology/licensing efforts and its Microsoft power partnership, which could support long-term growth beyond oil and gas pricing. Can Chevron’s Microsoft Partnership Power the Next Leg of Growth?
• Neutral Sentiment: UBS reiterated a Buy rating, which may help sentiment but does not by itself change Chevron’s fundamentals. UBS Keeps Their Buy Rating on Chevron (CVX)
• Negative Sentiment: New U.S. Russia sanctions proposals could tighten global energy trade flows and add policy uncertainty, even if they may also support oil prices. Bipartisan Senators Reach Agreement With Trump Administration to Advance New Russia Sanctions Bill

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Mizuho increased their price target on Chevron from $225.00 to $230.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Citigroup increased their target price on Chevron from $210.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $215.00 target price on the stock in a report on Friday, March 20th. Barclays upped their price target on Chevron from $192.00 to $213.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 26th. Finally, BNP Paribas Exane raised shares of Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price objective for the company in a research report on Friday, April 17th. Nineteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $206.83.

Chevron Price Performance

Shares of CVX opened at $176.29 on Friday. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The firm has a market cap of $351.10 billion, a price-to-earnings ratio of 30.55, a PEG ratio of 0.59 and a beta of 0.50. The stock has a 50 day moving average of $181.92 and a 200-day moving average of $181.29.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.41. The firm had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. Chevron’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.18 earnings per share. As a group, analysts forecast that Chevron Corporation will post 15.28 EPS for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were paid a $1.78 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 4.0%. Chevron’s dividend payout ratio is presently 123.40%.

Insider Activity at Chevron

In related news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the sale, the director directly owned 278,045 shares in the company, valued at $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.56% of the company’s stock.

About Chevron

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.