Exchange Bank Decreases Stock Holdings in Chevron Co. (NYSE:CVX)

Exchange Bank lowered its position in Chevron Co. (NYSE:CVX) by 2.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,959 shares of the oil and gas company’s stock after selling 600 shares during the quarter. Chevron comprises approximately 3.1% of Exchange Bank’s portfolio, making the stock its 6th largest holding. Exchange Bank’s holdings in Chevron were worth $3,841,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CVX. Norges Bank bought a new position in Chevron in the fourth quarter valued at $3,017,750,000. Raymond James Financial Inc. bought a new position in Chevron in the fourth quarter valued at $1,036,302,000. GAMMA Investing LLC increased its stake in Chevron by 21,191.5% in the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company’s stock valued at $904,746,000 after acquiring an additional 5,382,847 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Chevron by 17.3% during the fourth quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock valued at $2,389,380,000 after buying an additional 2,432,756 shares during the period. Finally, Amundi boosted its position in Chevron by 27.7% during the fourth quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock valued at $1,323,549,000 after buying an additional 1,910,262 shares during the period. Institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Piper Sandler cut their price target on shares of Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a research report on Tuesday, May 13th. TD Cowen cut their price target on shares of Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, May 5th. Redburn Atlantic restated a “sell” rating and set a $124.00 price target (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. BNP Paribas lowered shares of Chevron to a “cautious” rating in a report on Tuesday, April 15th. Finally, Scotiabank lowered shares of Chevron from a “sector outperform” rating to a “sector perform” rating and dropped their target price for the stock from $160.00 to $143.00 in a report on Friday, April 11th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Chevron has a consensus rating of “Hold” and a consensus price target of $160.24.

Chevron Price Performance

Shares of NYSE CVX opened at $144.83 on Thursday. Chevron Co. has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a 50 day simple moving average of $138.24 and a two-hundred day simple moving average of $149.42. The company has a market capitalization of $252.93 billion, a price-to-earnings ratio of 14.90, a P/E/G ratio of 1.46 and a beta of 0.83. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last announced its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. The business had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The business’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.93 earnings per share. Analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.72%. The ex-dividend date was Monday, May 19th. Chevron’s dividend payout ratio (DPR) is currently 78.17%.

Chevron 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.