Cullen Frost Bankers Inc. Trims Stock Position in Chevron Co. (NYSE:CVX)

Cullen Frost Bankers Inc. lessened its stake in Chevron Co. (NYSE:CVX) by 21.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 366,383 shares of the oil and gas company’s stock after selling 98,904 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Chevron were worth $57,310,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CVX. International Assets Investment Management LLC grew its stake in shares of Chevron by 4.9% during the 4th quarter. International Assets Investment Management LLC now owns 21,470 shares of the oil and gas company’s stock worth $3,202,000 after purchasing an additional 1,005 shares during the period. Gilbert & Cook Inc. boosted its holdings in Chevron by 3.7% during the fourth quarter. Gilbert & Cook Inc. now owns 10,312 shares of the oil and gas company’s stock worth $1,538,000 after buying an additional 369 shares in the last quarter. Aveo Capital Partners LLC grew its position in Chevron by 1.0% during the fourth quarter. Aveo Capital Partners LLC now owns 8,617 shares of the oil and gas company’s stock valued at $1,285,000 after buying an additional 82 shares during the period. Gryphon Financial Partners LLC increased its holdings in Chevron by 55.0% in the fourth quarter. Gryphon Financial Partners LLC now owns 11,404 shares of the oil and gas company’s stock valued at $1,648,000 after buying an additional 4,047 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC raised its position in shares of Chevron by 160.7% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 13,883 shares of the oil and gas company’s stock worth $2,071,000 after acquiring an additional 8,558 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

Shares of NYSE:CVX traded down $2.37 during midday trading on Friday, hitting $138.56. The company had a trading volume of 7,836,358 shares, compared to its average volume of 7,768,067. The business’s 50-day simple moving average is $150.82 and its 200-day simple moving average is $155.26. The stock has a market cap of $255.36 billion, a price-to-earnings ratio of 12.74, a price-to-earnings-growth ratio of 2.50 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. Chevron Co. has a twelve month low of $137.87 and a twelve month high of $171.70.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). The company had revenue of $51.18 billion for the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.08 EPS. On average, research analysts predict that Chevron Co. will post 11.86 earnings per share for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Monday, August 19th. This represents a $6.52 annualized dividend and a yield of 4.71%. Chevron’s payout ratio is 59.98%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CVX shares. Barclays cut their price target on Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. Truist Financial cut their price objective on Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a research report on Monday, August 5th. Scotiabank decreased their target price on Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Royal Bank of Canada dropped their price target on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, August 5th. Finally, Wolfe Research began coverage on shares of Chevron in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $183.82.

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.