Chevron Co. (NYSE:CVX) Shares Acquired by Grove Bank & Trust

Grove Bank & Trust grew its stake in shares of Chevron Co. (NYSE:CVX) by 10.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 19,665 shares of the oil and gas company’s stock after acquiring an additional 1,806 shares during the period. Grove Bank & Trust’s holdings in Chevron were worth $2,848,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CVX. State Street Corp increased its position in shares of Chevron by 0.6% in the third quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock worth $23,431,429,000 after acquiring an additional 874,962 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Chevron by 11.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after purchasing an additional 3,203,899 shares during the period. Fisher Asset Management LLC grew its position in Chevron by 3.6% during the 3rd quarter. Fisher Asset Management LLC now owns 19,482,388 shares of the oil and gas company’s stock worth $2,869,171,000 after purchasing an additional 672,244 shares in the last quarter. Franklin Resources Inc. raised its stake in Chevron by 3.4% during the 3rd quarter. Franklin Resources Inc. now owns 17,200,188 shares of the oil and gas company’s stock valued at $2,610,645,000 after purchasing an additional 573,218 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Chevron by 3.0% in the second quarter. Ameriprise Financial Inc. now owns 17,111,051 shares of the oil and gas company’s stock valued at $2,676,957,000 after purchasing an additional 501,969 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CVX. Piper Sandler lowered their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Scotiabank lowered their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Truist Financial increased their price target on shares of Chevron from $160.00 to $164.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Finally, Raymond James increased their target price on shares of Chevron from $175.00 to $180.00 and gave the stock an “outperform” rating in a research report on Friday. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $175.27.

Chevron Price Performance

Shares of NYSE:CVX opened at $161.54 on Monday. The company has a market cap of $290.30 billion, a price-to-earnings ratio of 17.75, a PEG ratio of 2.62 and a beta of 1.12. The business has a 50 day moving average price of $153.93 and a 200 day moving average price of $151.05. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $167.11.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. During the same period in the prior year, the business earned $3.05 earnings per share. Chevron’s revenue for the quarter was down 6.3% compared to the same quarter last year. Research analysts predict that Chevron Co. will post 10.39 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were issued a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $6.52 annualized dividend and a dividend yield of 4.04%. Chevron’s payout ratio is 71.65%.

Insider Activity

In related news, CEO Michael K. Wirth sold 164,600 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the transaction, the chief executive officer now directly owns 4,280 shares in the company, valued at $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.20% of the stock is owned by company insiders.

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.