Washington Trust Bank Sells 226 Shares of Chevron Co. (NYSE:CVX)

Washington Trust Bank cut its holdings in shares of Chevron Co. (NYSE:CVX) by 1.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,537 shares of the oil and gas company’s stock after selling 226 shares during the quarter. Washington Trust Bank’s holdings in Chevron were worth $1,846,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Ameriprise Financial Inc. increased its stake in Chevron by 3.0% in the second quarter. Ameriprise Financial Inc. now owns 17,111,051 shares of the oil and gas company’s stock valued at $2,676,957,000 after acquiring an additional 501,969 shares during the last quarter. Capital World Investors increased its stake in Chevron by 3.2% in the first quarter. Capital World Investors now owns 16,009,766 shares of the oil and gas company’s stock valued at $2,525,380,000 after acquiring an additional 495,879 shares during the last quarter. Legal & General Group Plc increased its stake in Chevron by 4.9% in the second quarter. Legal & General Group Plc now owns 13,570,971 shares of the oil and gas company’s stock valued at $2,122,772,000 after acquiring an additional 629,644 shares during the last quarter. Capital International Investors increased its stake in Chevron by 5.9% in the first quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock valued at $2,116,600,000 after acquiring an additional 743,042 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Chevron by 1.0% in the second quarter. Dimensional Fund Advisors LP now owns 13,021,023 shares of the oil and gas company’s stock valued at $2,036,846,000 after acquiring an additional 126,889 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Trading Down 0.2 %

CVX stock traded down $0.37 during midday trading on Thursday, hitting $157.35. The stock had a trading volume of 232,377 shares, compared to its average volume of 7,634,788. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.11. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13. The firm has a market cap of $287.78 billion, a P/E ratio of 17.32, a price-to-earnings-growth ratio of 3.43 and a beta of 1.09. The business has a fifty day moving average price of $147.43 and a two-hundred day moving average price of $152.90.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.07%. The firm 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 firm posted $3.05 earnings per share. The business’s revenue was down 6.3% compared to the same quarter last year. On average, sell-side analysts predict that Chevron Co. will post 10.65 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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. This represents a $6.52 annualized dividend and a yield of 4.14%. The ex-dividend date is Monday, November 18th. Chevron’s dividend payout ratio (DPR) is currently 71.65%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. UBS Group boosted their target price on shares of Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a research note on Monday. Truist Financial boosted their target price on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research note on Monday. Scotiabank decreased their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Barclays boosted their target price on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Bank of America initiated coverage on shares of Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and a consensus target price of $174.93.

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.