Chevron Corporation (NYSE:CVX) Shares Sold by Essex Savings Bank

Essex Savings Bank decreased its holdings in Chevron Corporation (NYSE:CVX) by 0.7% in the first quarter, Holdings Channel reports. The firm owned 133,353 shares of the oil and gas company’s stock after selling 943 shares during the period. Chevron comprises about 5.5% of Essex Savings Bank’s portfolio, making the stock its 2nd largest position. Essex Savings Bank’s holdings in Chevron were worth $22,309,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in CVX. Capital & Planning LLC boosted its position in shares of Chevron by 15.2% in the 4th quarter. Capital & Planning LLC now owns 1,678 shares of the oil and gas company’s stock worth $243,000 after purchasing an additional 222 shares in the last quarter. Eagle Capital Management LLC raised its stake in Chevron by 0.7% in the 4th quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company’s stock worth $5,011,000 after acquiring an additional 242 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new position in Chevron in the 4th quarter worth $8,947,000. Bank Pictet & Cie Europe AG raised its stake in Chevron by 7.9% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company’s stock worth $5,212,000 after acquiring an additional 2,641 shares during the last quarter. Finally, Strategic Financial Concepts LLC raised its stake in shares of Chevron by 212.4% during the 4th quarter. Strategic Financial Concepts LLC now owns 5,352 shares of the oil and gas company’s stock valued at $775,000 after buying an additional 3,639 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Up 1.9%

Shares of NYSE CVX opened at $148.86 on Wednesday. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The firm’s 50 day moving average price is $138.78 and its 200 day moving average price is $148.91. The firm has a market cap of $259.97 billion, a P/E ratio of 17.01, a price-to-earnings-growth ratio of 2.56 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. The company had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. Chevron’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same quarter last year, the business earned $2.93 EPS. As a group, sell-side analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were issued a $1.71 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.59%. Chevron’s dividend payout ratio (DPR) is presently 78.17%.

Analyst Ratings Changes

A number of equities analysts have weighed in on CVX shares. HSBC lowered Chevron from a “buy” rating to a “hold” rating and reduced their price objective for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Barclays cut Chevron from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $171.00 to $152.00 in a report on Wednesday, April 23rd. Scotiabank cut Chevron from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the stock from $160.00 to $143.00 in a report on Friday, April 11th. Hsbc Global Res lowered shares of Chevron from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 13th. Finally, Redburn Atlantic reaffirmed a “sell” rating and set a $124.00 price target (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $160.24.

Chevron 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.