United Community Bank Has $3.77 Million Stock Holdings in Chevron Corporation (NYSE:CVX)

United Community Bank reduced its holdings in Chevron Corporation (NYSE:CVX) by 2.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 22,521 shares of the oil and gas company’s stock after selling 550 shares during the quarter. Chevron comprises 1.4% of United Community Bank’s holdings, making the stock its 8th largest holding. United Community Bank’s holdings in Chevron were worth $3,768,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CVX. Geode Capital Management LLC grew its stake in Chevron by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company’s stock valued at $5,247,142,000 after acquiring an additional 392,916 shares during the period. Norges Bank acquired a new stake in Chevron in the fourth quarter valued at approximately $3,017,750,000. Northern Trust Corp grew its stake in Chevron by 7.3% in the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock valued at $2,965,135,000 after acquiring an additional 1,394,091 shares during the period. Franklin Resources Inc. grew its stake in Chevron by 0.5% in the fourth quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company’s stock valued at $2,502,850,000 after acquiring an additional 79,917 shares during the period. Finally, Ameriprise Financial Inc. grew its stake in Chevron by 1.3% in the fourth quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company’s stock valued at $2,421,564,000 after acquiring an additional 211,023 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Up 0.8%

CVX stock opened at $155.38 on Monday. The stock has a market cap of $271.35 billion, a P/E ratio of 17.76, a P/E/G ratio of 2.63 and a beta of 0.83. The stock’s fifty day simple moving average is $142.62 and its two-hundred day simple moving average is $148.47. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

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

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were paid a dividend of $1.71 per share. The ex-dividend date was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.40%. Chevron’s payout ratio is 78.17%.

Analyst Ratings Changes

CVX has been the subject of a number of research reports. TD Cowen reduced their price objective on Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, May 5th. Scotiabank lifted their target price on Chevron from $143.00 to $160.00 and gave the company a “sector perform” rating in a research report on Friday. Mizuho cut their target price on Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 13th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $165.00 target price (up previously from $164.00) on shares of Chevron in a research report on Thursday, June 26th. Finally, Barclays lifted their target price on Chevron from $152.00 to $156.00 and gave the company an “equal weight” rating in a research report on Monday, July 7th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Chevron presently has an average rating of “Hold” and a consensus price target of $161.65.

Chevron Company 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.