First Interstate Bank Lowers Holdings in Chevron Corporation $CVX

First Interstate Bank reduced its stake in shares of Chevron Corporation (NYSE:CVX) by 1.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,349 shares of the oil and gas company’s stock after selling 89 shares during the quarter. First Interstate Bank’s holdings in Chevron were worth $909,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Ignite Planners LLC grew its holdings in Chevron by 14.1% in the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company’s stock valued at $2,060,000 after purchasing an additional 1,519 shares during the period. Vista Capital Partners Inc. increased its holdings in Chevron by 9.1% in the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company’s stock worth $993,000 after acquiring an additional 495 shares in the last quarter. Oregon Public Employees Retirement Fund raised its position in Chevron by 0.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company’s stock worth $24,075,000 after acquiring an additional 675 shares during the period. Capital Advisors Inc. OK grew its position in shares of Chevron by 0.3% in the first quarter. Capital Advisors Inc. OK now owns 569,258 shares of the oil and gas company’s stock valued at $95,231,000 after purchasing an additional 1,755 shares during the period. Finally, GW&K Investment Management LLC increased its stake in shares of Chevron by 33.8% during the first quarter. GW&K Investment Management LLC now owns 1,260 shares of the oil and gas company’s stock worth $211,000 after purchasing an additional 318 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity

In other news, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the transaction, the vice president owned 1,181 shares of the company’s stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the sale, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by corporate insiders.

Chevron Stock Performance

NYSE CVX opened at $153.12 on Monday. The stock has a market cap of $264.58 billion, a PE ratio of 19.71, a P/E/G ratio of 2.02 and a beta of 0.84. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The stock has a fifty day simple moving average of $156.03 and a 200-day simple moving average of $147.96. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same quarter last year, the firm posted $2.55 earnings per share. Chevron’s revenue was down 12.4% compared to the same quarter last year. Equities analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. The ex-dividend date was Tuesday, August 19th. Chevron’s dividend payout ratio (DPR) is currently 88.03%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CVX shares. Bank of America lifted their price objective on Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. Raymond James Financial reiterated an “outperform” rating and set a $160.00 price target (down from $170.00) on shares of Chevron in a research report on Friday. Wells Fargo & Company began coverage on Chevron in a report on Friday. They issued an “overweight” rating and a $190.00 price objective on the stock. Jefferies Financial Group reaffirmed a “buy” rating on shares of Chevron in a research note on Friday, July 18th. Finally, Melius initiated coverage on shares of Chevron in a research report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 target price for the company. Eleven analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $165.25.

About Chevron

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.