First American Bank Grows Stock Holdings in Chevron Corporation (NYSE:CVX)

First American Bank increased its stake in shares of Chevron Corporation (NYSE:CVX) by 5.0% during the first quarter, Holdings Channel reports. The institutional investor owned 85,779 shares of the oil and gas company’s stock after acquiring an additional 4,072 shares during the period. Chevron comprises about 1.1% of First American Bank’s portfolio, making the stock its 27th biggest position. First American Bank’s holdings in Chevron were worth $14,350,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Woodmont Investment Counsel LLC boosted its position in shares of Chevron by 2.3% in the 1st quarter. Woodmont Investment Counsel LLC now owns 118,233 shares of the oil and gas company’s stock worth $19,779,000 after buying an additional 2,670 shares in the last quarter. Sawyer & Company Inc boosted its position in shares of Chevron by 1.1% in the 1st quarter. Sawyer & Company Inc now owns 12,837 shares of the oil and gas company’s stock worth $2,148,000 after buying an additional 139 shares in the last quarter. Hubbell Strickland Wealth Management LLC boosted its position in shares of Chevron by 0.9% in the 1st quarter. Hubbell Strickland Wealth Management LLC now owns 10,013 shares of the oil and gas company’s stock worth $1,675,000 after buying an additional 89 shares in the last quarter. Weaver Capital Management LLC boosted its position in shares of Chevron by 349.4% in the 1st quarter. Weaver Capital Management LLC now owns 6,242 shares of the oil and gas company’s stock worth $1,044,000 after buying an additional 4,853 shares in the last quarter. Finally, CCG Wealth Management LLC boosted its position in shares of Chevron by 2.3% in the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company’s stock worth $1,060,000 after buying an additional 145 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on CVX. Mizuho decreased their price objective on shares of Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 13th. Piper Sandler decreased their price objective on shares of Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 13th. Barclays lowered shares of Chevron from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $171.00 to $152.00 in a research report on Wednesday, April 23rd. Scotiabank lowered shares of Chevron from a “sector outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. Finally, BNP Paribas lowered shares of Chevron to a “cautious” rating in a report on Tuesday, April 15th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $160.24.

Chevron Trading Up 0.8%

Shares of CVX stock opened at $149.36 on Friday. The firm has a market cap of $260.84 billion, a P/E ratio of 17.07, a PEG ratio of 2.63 and a beta of 0.83. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. The firm’s 50-day simple moving average is $139.37 and its 200-day simple moving average is $148.65.

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

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were issued a dividend of $1.71 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.58%. Chevron’s payout ratio 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.