Wesbanco Bank Inc. boosted its holdings in shares of Chevron Co. (NYSE:CVX) by 5.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 252,899 shares of the oil and gas company’s stock after purchasing an additional 12,134 shares during the period. Chevron comprises approximately 1.7% of Wesbanco Bank Inc.’s investment portfolio, making the stock its 6th biggest position. Wesbanco Bank Inc.’s holdings in Chevron were worth $31,974,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CVX. Live Your Vision LLC lifted its stake in shares of Chevron by 308.0% in the 2nd quarter. Live Your Vision LLC now owns 816 shares of the oil and gas company’s stock valued at $101,000 after acquiring an additional 616 shares during the last quarter. Litman Gregory Asset Management LLC lifted its stake in shares of Chevron by 566.9% in the 1st quarter. Litman Gregory Asset Management LLC now owns 1,147 shares of the oil and gas company’s stock valued at $131,000 after acquiring an additional 975 shares during the last quarter. Point72 Asia Hong Kong Ltd lifted its stake in shares of Chevron by 20,716.7% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 1,249 shares of the oil and gas company’s stock valued at $142,000 after acquiring an additional 1,243 shares during the last quarter. Shine Investment Advisory Services Inc. lifted its stake in shares of Chevron by 45.4% in the 2nd quarter. Shine Investment Advisory Services Inc. now owns 1,479 shares of the oil and gas company’s stock valued at $187,000 after acquiring an additional 462 shares during the last quarter. Finally, BigSur Wealth Management LLC bought a new position in shares of Chevron in the 2nd quarter valued at $200,000. Hedge funds and other institutional investors own 64.66% of the company’s stock.
Shares of Chevron stock opened at $118.90 on Wednesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.08 and a quick ratio of 0.87. Chevron Co. has a 1-year low of $107.54 and a 1-year high of $133.88. The stock has a market cap of $219.84 billion, a price-to-earnings ratio of 32.14, a price-to-earnings-growth ratio of 2.01 and a beta of 1.12.
Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, November 2nd. The oil and gas company reported $2.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.06 by $0.05. Chevron had a return on equity of 8.24% and a net margin of 8.79%. The firm had revenue of $43.99 billion during the quarter, compared to the consensus estimate of $47.17 billion. During the same period last year, the business posted $1.03 EPS. The business’s revenue was up 21.5% compared to the same quarter last year. On average, sell-side analysts forecast that Chevron Co. will post 8.21 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 16th will be issued a dividend of $1.12 per share. The ex-dividend date is Thursday, November 15th. This represents a $4.48 dividend on an annualized basis and a yield of 3.77%. Chevron’s payout ratio is currently 121.08%.
In other Chevron news, insider James William Johnson sold 4,750 shares of the stock in a transaction dated Thursday, October 11th. The stock was sold at an average price of $119.97, for a total transaction of $569,857.50. Following the completion of the sale, the insider now directly owns 4,750 shares in the company, valued at approximately $569,857.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.46% of the company’s stock.
Several research analysts recently issued reports on the company. Barclays raised their target price on Chevron from $145.00 to $148.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 11th. Bank of America lowered Chevron from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $150.00 to $135.00 in a research report on Thursday, September 6th. Royal Bank of Canada set a $150.00 target price on Chevron and gave the stock a “hold” rating in a research report on Thursday, September 20th. Berenberg Bank assumed coverage on Chevron in a research report on Tuesday, September 11th. They set a “hold” rating and a $135.00 target price for the company. Finally, Zacks Investment Research raised Chevron from a “hold” rating to a “buy” rating and set a $137.00 target price for the company in a research report on Monday, October 1st. Eight investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $138.13.
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Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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