Chevron Co. (NYSE:CVX) Shares Sold by Community Bank N.A.

Community Bank N.A. trimmed its position in Chevron Co. (NYSE:CVX) by 2.0% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 33,848 shares of the oil and gas company’s stock after selling 691 shares during the period. Community Bank N.A.’s holdings in Chevron were worth $4,985,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Concentric Capital Strategies LP lifted its holdings in Chevron by 26.7% in the third quarter. Concentric Capital Strategies LP now owns 6,569 shares of the oil and gas company’s stock valued at $967,000 after acquiring an additional 1,383 shares during the last quarter. ArrowMark Colorado Holdings LLC raised its position in Chevron by 1.9% in the third quarter. ArrowMark Colorado Holdings LLC now owns 5,338 shares of the oil and gas company’s stock valued at $786,000 after purchasing an additional 100 shares during the period. Ascent Group LLC lifted its stake in shares of Chevron by 27.7% in the 3rd quarter. Ascent Group LLC now owns 29,893 shares of the oil and gas company’s stock valued at $4,402,000 after purchasing an additional 6,482 shares during the last quarter. Beacon Investment Advisory Services Inc. grew its holdings in shares of Chevron by 2.6% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 49,051 shares of the oil and gas company’s stock worth $7,224,000 after purchasing an additional 1,260 shares during the period. Finally, Benjamin Edwards Inc. increased its position in shares of Chevron by 405.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 147,259 shares of the oil and gas company’s stock worth $21,705,000 after purchasing an additional 118,124 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on CVX shares. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and upped their target price for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Royal Bank of Canada increased their price objective on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, November 4th. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a report on Tuesday, November 5th. Scotiabank dropped their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Finally, Truist Financial raised their target price on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday, November 4th. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $175.56.

Insiders Place Their Bets

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

Chevron Price Performance

Shares of CVX opened at $161.93 on Monday. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The firm’s fifty day simple moving average is $153.36 and its 200-day simple moving average is $152.46. The firm has a market capitalization of $291.00 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 3.58 and a beta of 1.09. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $167.11.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. During the same period in the previous year, the business earned $3.05 EPS. Chevron’s revenue for the quarter was down 6.3% on a year-over-year basis. Equities analysts forecast that Chevron Co. will post 10.53 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be paid a $1.63 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.03%. Chevron’s dividend payout ratio is currently 71.65%.

About Chevron

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.