Farmers Trust Co. Cuts Stock Position in Chevron Co. (NYSE:CVX)

by · The Cerbat Gem

Farmers Trust Co. reduced its stake in Chevron Co. (NYSE:CVX – Free Report) by 2.4% during the fourth quarter, HoldingsChannel reports. The fund owned 9,472 shares of the oil and gas company’s stock after selling 232 shares during the period. Farmers Trust Co.’s holdings in Chevron were worth $1,372,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Lantz Financial LLC boosted its holdings in shares of Chevron by 2.7% in the second quarter. Lantz Financial LLC now owns 23,334 shares of the oil and gas company’s stock worth $3,650,000 after buying an additional 623 shares during the last quarter. Strategic Financial Concepts LLC raised its holdings in Chevron by 4,325.4% in the 2nd quarter. Strategic Financial Concepts LLC now owns 258,043 shares of the oil and gas company’s stock worth $404,000 after purchasing an additional 252,212 shares during the period. Acadian Asset Management LLC lifted its position in Chevron by 594.0% during the second quarter. Acadian Asset Management LLC now owns 141,091 shares of the oil and gas company’s stock valued at $22,062,000 after purchasing an additional 120,760 shares in the last quarter. Lane & Associates LLC grew its holdings in Chevron by 14.2% during the second quarter. Lane & Associates LLC now owns 2,495 shares of the oil and gas company’s stock valued at $390,000 after purchasing an additional 310 shares during the period. Finally, LGT Fund Management Co Ltd. lifted its position in shares of Chevron by 318.9% during the 2nd quarter. LGT Fund Management Co Ltd. now owns 26,245 shares of the oil and gas company’s stock valued at $4,105,000 after buying an additional 19,980 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Trading Up 0.2 %

CVX traded up $0.23 during trading on Wednesday, reaching $149.82. The company had a trading volume of 4,653,906 shares, compared to its average volume of 6,226,920. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11. The stock has a market cap of $269.24 billion, a P/E ratio of 16.46, a PEG ratio of 2.93 and a beta of 1.12. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The business has a 50 day simple moving average of $153.63 and a 200-day simple moving average of $151.10.

Chevron (NYSE:CVX – Get Free Report) last posted its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. The company had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period in the prior year, the company posted $3.05 EPS. On average, equities analysts anticipate that Chevron Co. will post 10.5 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were given a dividend of $1.63 per share. The ex-dividend date was Monday, November 18th. This represents a $6.52 annualized dividend and a dividend yield of 4.35%. Chevron’s dividend payout ratio (DPR) is 71.65%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CVX. Piper Sandler lowered their price target on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and upped their target price for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a report on Tuesday, November 5th. Royal Bank of Canada increased their target price on Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, November 4th. Finally, Wells Fargo & Company upped their price target on Chevron from $171.00 to $188.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $175.19.

Read Our Latest Stock Report on Chevron

Insider Activity

In related news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares in the company, valued at $685,356.40. This trade represents a 97.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.20% of the company’s stock.

Chevron Company Profile

(Free Report)

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.

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