Chevron Corporation $CVX Shares Bought by Citizens Business Bank

Citizens Business Bank lifted its holdings in shares of Chevron Corporation (NYSE:CVX) by 6.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,473 shares of the oil and gas company’s stock after buying an additional 1,881 shares during the period. Citizens Business Bank’s holdings in Chevron were worth $4,829,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Kingstone Capital Partners Texas LLC boosted its position in shares of Chevron by 652,139.5% during the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock worth $13,214,757,000 after buying an additional 83,702,101 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Chevron by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company’s stock worth $5,592,263,000 after buying an additional 1,574,464 shares during the period. Invesco Ltd. boosted its position in shares of Chevron by 5.5% during the first quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company’s stock worth $2,652,437,000 after buying an additional 827,851 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Chevron by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company’s stock worth $2,054,513,000 after buying an additional 40,758 shares during the period. Finally, GQG Partners LLC acquired a new position in shares of Chevron during the first quarter worth approximately $1,466,751,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Price Performance

NYSE CVX opened at $153.12 on Friday. The stock has a market capitalization of $264.58 billion, a P/E ratio of 19.71, a P/E/G ratio of 2.00 and a beta of 0.84. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The business’s fifty day moving average is $156.03 and its two-hundred day moving average is $148.15. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion for the quarter, compared to analysts’ expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm’s revenue was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.55 earnings per share. On average, research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. Chevron’s dividend payout ratio is currently 88.03%.

Insider Buying and Selling at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the transaction, the director owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction 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 directly owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CVX. Piper Sandler boosted their price objective on Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a research report on Monday, August 18th. Weiss Ratings reissued a “hold (c)” rating on shares of Chevron in a report on Wednesday, October 8th. Scotiabank boosted their target price on Chevron from $160.00 to $165.00 and gave the stock a “sector perform” rating in a report on Thursday, October 9th. Mizuho dropped their target price on Chevron from $192.00 to $191.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Finally, Melius Research initiated coverage on Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price on the stock. Eleven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Chevron presently has an average 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.