Somerset Trust Co trimmed its stake in shares of Chevron Co. (NYSE:CVX) by 2.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,467 shares of the oil and gas company’s stock after selling 288 shares during the quarter. Somerset Trust Co’s holdings in Chevron were worth $970,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in CVX. State Street Corp increased its position in Chevron by 2.6% during the 1st quarter. State Street Corp now owns 117,055,351 shares of the oil and gas company’s stock worth $8,481,831,000 after purchasing an additional 2,914,316 shares in the last quarter. Balyasny Asset Management LLC acquired a new position in Chevron in the 1st quarter valued at approximately $3,467,000. Rice Hall James & Associates LLC increased its position in Chevron by 6.2% in the 1st quarter. Rice Hall James & Associates LLC now owns 6,017 shares of the oil and gas company’s stock valued at $436,000 after acquiring an additional 350 shares during the period. CIBC World Markets Inc. increased its position in Chevron by 6.8% in the 1st quarter. CIBC World Markets Inc. now owns 257,267 shares of the oil and gas company’s stock valued at $18,642,000 after acquiring an additional 16,479 shares during the period. Finally, Morgan Stanley increased its position in Chevron by 2.0% in the 1st quarter. Morgan Stanley now owns 17,804,427 shares of the oil and gas company’s stock valued at $1,290,108,000 after acquiring an additional 341,664 shares during the period. Institutional investors and hedge funds own 64.01% of the company’s stock.
Several brokerages have issued reports on CVX. Scotia Howard Weill cut shares of Chevron from a “buy” rating to a “sector perform” rating and set a $121.00 price target for the company. in a research report on Thursday, September 24th. MKM Partners began coverage on shares of Chevron in a research report on Thursday, September 24th. They issued a “buy” rating and a $121.00 price target for the company. Bank of America upgraded shares of Chevron from a “neutral” rating to a “buy” rating and set a $96.00 price target for the company in a research report on Monday, September 28th. Truist cut shares of Chevron to a “buy” rating and decreased their price target for the company from $113.00 to $112.00 in a research report on Friday, October 9th. Finally, HSBC reduced their price objective on shares of Chevron from $93.00 to $86.00 and set a “hold” rating on the stock in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $107.27.
CVX opened at $72.89 on Friday. The company has a current ratio of 1.14, a quick ratio of 0.87 and a debt-to-equity ratio of 0.23. The company’s fifty day moving average price is $76.82 and its two-hundred day moving average price is $85.44. Chevron Co. has a 1-year low of $51.60 and a 1-year high of $122.94. The company has a market cap of $136.11 billion, a price-to-earnings ratio of -15.64, a PEG ratio of 2,483.67 and a beta of 1.26.
Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, July 31st. The oil and gas company reported ($1.59) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.93) by ($0.66). Chevron had a positive return on equity of 3.61% and a negative net margin of 7.41%. The business had revenue of $13.95 billion for the quarter, compared to analyst estimates of $21.71 billion. During the same quarter in the previous year, the company posted $1.77 EPS. The business’s quarterly revenue was down 64.1% on a year-over-year basis. As a group, equities analysts forecast that Chevron Co. will post 0.01 earnings per share for the current fiscal year.
In other Chevron news, insider David A. Inchausti sold 5,750 shares of the company’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $92.00, for a total transaction of $529,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.28% of the company’s stock.
Chevron Company Profile
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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