SVB Wealth LLC Has $18.50 Million Stock Holdings in Chevron Co. (NYSE:CVX)

SVB Wealth LLC reduced its position in Chevron Co. (NYSE:CVX) by 2.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 118,290 shares of the oil and gas company’s stock after selling 3,491 shares during the period. SVB Wealth LLC’s holdings in Chevron were worth $18,503,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of CVX. Greystone Financial Group LLC lifted its position in shares of Chevron by 14.4% in the second quarter. Greystone Financial Group LLC now owns 53,328 shares of the oil and gas company’s stock valued at $8,342,000 after buying an additional 6,722 shares during the last quarter. Great Lakes Advisors LLC lifted its holdings in Chevron by 6.8% during the 2nd quarter. Great Lakes Advisors LLC now owns 249,012 shares of the oil and gas company’s stock valued at $38,950,000 after purchasing an additional 15,773 shares during the last quarter. One Wealth Management Investment & Advisory Services LLC boosted its position in Chevron by 7.1% during the second quarter. One Wealth Management Investment & Advisory Services LLC now owns 1,440 shares of the oil and gas company’s stock worth $225,000 after purchasing an additional 95 shares during the period. Los Angeles Capital Management LLC increased its holdings in shares of Chevron by 34.9% in the second quarter. Los Angeles Capital Management LLC now owns 574,440 shares of the oil and gas company’s stock valued at $89,854,000 after purchasing an additional 148,497 shares during the last quarter. Finally, Hanlon Investment Management Inc. bought a new position in shares of Chevron in the second quarter valued at about $213,000. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

Shares of Chevron stock traded down $2.37 on Friday, reaching $138.56. 7,836,358 shares of the stock were exchanged, compared to its average volume of 7,768,067. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. The firm has a market cap of $255.36 billion, a PE ratio of 12.74, a P/E/G ratio of 2.50 and a beta of 1.09. The firm’s 50 day moving average is $150.82 and its 200-day moving average is $155.26. Chevron Co. has a one year low of $137.87 and a one year high of $171.70.

Chevron (NYSE:CVX) last announced its quarterly earnings data 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 firm had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.08 earnings per share. As a group, analysts anticipate that Chevron Co. will post 11.86 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.71%. The ex-dividend date is Monday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

Analysts Set New Price Targets

Several brokerages recently commented on CVX. Barclays decreased their price target on shares of Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 6th. Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $183.00 to $167.00 in a research report on Wednesday, July 17th. Truist Financial lowered their target price on Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research note on Monday, August 5th. Royal Bank of Canada reduced their price target on Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Finally, Mizuho increased their price objective on Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. 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 stock presently has an average rating of “Moderate Buy” and an average target price of $183.82.

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.