VeraBank N.A. Raises Stock Position in Chevron Co. (NYSE:CVX)

VeraBank N.A. increased its holdings in shares of Chevron Co. (NYSE:CVX) by 1.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,771 shares of the oil and gas company’s stock after purchasing an additional 200 shares during the period. Chevron makes up 1.5% of VeraBank N.A.’s holdings, making the stock its 19th biggest position. VeraBank N.A.’s holdings in Chevron were worth $1,633,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Chevron by 1.0% during the second quarter. Vanguard Group Inc. now owns 157,513,617 shares of the oil and gas company’s stock worth $19,600,995,000 after purchasing an additional 1,572,940 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Chevron by 3.5% during the second quarter. BlackRock Inc. now owns 131,522,440 shares of the oil and gas company’s stock worth $16,366,651,000 after purchasing an additional 4,401,622 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Chevron by 2.8% during the second quarter. Northern Trust Corp now owns 28,068,068 shares of the oil and gas company’s stock worth $3,492,791,000 after purchasing an additional 769,941 shares during the last quarter. Morgan Stanley raised its holdings in shares of Chevron by 7.9% during the second quarter. Morgan Stanley now owns 16,262,708 shares of the oil and gas company’s stock worth $2,023,732,000 after purchasing an additional 1,184,133 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its holdings in shares of Chevron by 2,073.6% during the second quarter. Nuveen Asset Management LLC now owns 14,886,232 shares of the oil and gas company’s stock worth $1,852,443,000 after purchasing an additional 14,201,379 shares during the last quarter. 65.61% of the stock is owned by hedge funds and other institutional investors.

In other news, insider Joseph C. Geagea sold 8,000 shares of Chevron stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $122.50, for a total value of $980,000.00. Following the sale, the insider now owns 9,243 shares in the company, valued at $1,132,267.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Debra L. Reed bought 4,250 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was bought at an average price of $118.14 per share, for a total transaction of $502,095.00. The disclosure for this purchase can be found here. In the last quarter, insiders sold 86,750 shares of company stock worth $10,648,200. Company insiders own 0.31% of the company’s stock.

CVX has been the subject of several recent research reports. Barclays began coverage on shares of Chevron in a report on Monday, August 19th. They set an “overweight” rating and a $145.00 target price for the company. Morgan Stanley cut their price objective on shares of Chevron from $146.00 to $144.00 and set an “overweight” rating for the company in a report on Friday, July 12th. BMO Capital Markets began coverage on shares of Chevron in a report on Tuesday, August 20th. They issued an “outperform” rating and a $165.00 price objective for the company. ValuEngine raised shares of Chevron from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Independent Research set a $127.00 price objective on shares of Chevron and gave the company a “neutral” rating in a report on Thursday, August 29th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $137.47.

Shares of NYSE CVX traded up $2.26 during trading on Friday, hitting $116.85. The company had a trading volume of 2,796,847 shares, compared to its average volume of 6,429,116. The stock has a fifty day simple moving average of $118.48 and a two-hundred day simple moving average of $120.78. Chevron Co. has a fifty-two week low of $100.22 and a fifty-two week high of $127.34. The firm has a market capitalization of $212.07 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 4.14 and a beta of 0.99. The company has a quick ratio of 0.91, a current ratio of 1.15 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last announced its earnings results on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.74 by $0.53. Chevron had a net margin of 9.18% and a return on equity of 9.58%. The business had revenue of $38.85 billion for the quarter, compared to analyst estimates of $40.14 billion. During the same quarter last year, the business earned $1.78 earnings per share. The company’s revenue for the quarter was down 8.0% compared to the same quarter last year. On average, analysts anticipate that Chevron Co. will post 6.75 earnings per share for the current year.

About Chevron

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.

Further Reading: Outperform Rating

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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