Burke & Herbert Bank & Trust Co. reduced its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 4.6% in the second quarter, HoldingsChannel.com reports. The firm owned 15,063 shares of the oil and gas company’s stock after selling 729 shares during the period. Chevron comprises about 1.6% of Burke & Herbert Bank & Trust Co.’s investment portfolio, making the stock its 10th biggest holding. Burke & Herbert Bank & Trust Co.’s holdings in Chevron were worth $2,181,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of the stock. Old Port Advisors boosted its stake in shares of Chevron by 16.9% during the 2nd quarter. Old Port Advisors now owns 17,963 shares of the oil and gas company’s stock worth $2,563,000 after acquiring an additional 2,593 shares in the last quarter. Pure Financial Advisors LLC boosted its stake in shares of Chevron by 19.1% during the 2nd quarter. Pure Financial Advisors LLC now owns 5,703 shares of the oil and gas company’s stock worth $826,000 after acquiring an additional 915 shares in the last quarter. My Personal CFO LLC bought a new stake in shares of Chevron during the 2nd quarter worth $4,741,000. Wealth Alliance Advisory Group LLC lifted its holdings in shares of Chevron by 4.3% in the second quarter. Wealth Alliance Advisory Group LLC now owns 18,425 shares of the oil and gas company’s stock valued at $2,668,000 after purchasing an additional 766 shares in the last quarter. Finally, City Holding Co. lifted its holdings in shares of Chevron by 1.6% in the second quarter. City Holding Co. now owns 37,347 shares of the oil and gas company’s stock valued at $5,407,000 after purchasing an additional 588 shares in the last quarter. 69.30% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other news, CFO Pierre R. Breber sold 22,500 shares of the company’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $158.11, for a total value of $3,557,475.00. Following the sale, the chief financial officer now directly owns 7 shares of the company’s stock, valued at approximately $1,106.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Pierre R. Breber sold 22,500 shares of the stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $158.11, for a total transaction of $3,557,475.00. Following the sale, the chief financial officer now directly owns 7 shares of the company’s stock, valued at approximately $1,106.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Wanda M. Austin sold 11,432 shares of the firm’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $161.45, for a total transaction of $1,845,696.40. Following the sale, the director now directly owns 3,560 shares in the company, valued at approximately $574,762. The disclosure for this sale can be found here. In the last ninety days, insiders sold 141,732 shares of company stock worth $23,024,499. 0.32% of the stock is currently owned by corporate insiders.
Chevron Price Performance
Chevron (NYSE:CVX – Get Rating) last posted its quarterly earnings results on Friday, July 29th. The oil and gas company reported $5.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.66 by $1.16. Chevron had a net margin of 13.45% and a return on equity of 19.73%. The company had revenue of $68.76 billion for the quarter, compared to analyst estimates of $57.69 billion. During the same quarter in the previous year, the firm posted $1.71 earnings per share. The company’s quarterly revenue was up 82.9% compared to the same quarter last year. On average, sell-side analysts forecast that Chevron Co. will post 18.4 EPS for the current year.
Chevron Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were issued a $1.42 dividend. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $5.68 annualized dividend and a yield of 3.63%. Chevron’s dividend payout ratio (DPR) is presently 37.89%.
Analyst Ratings Changes
CVX has been the topic of several recent research reports. Bank of America raised their target price on Chevron from $178.00 to $180.00 and gave the company a “buy” rating in a report on Monday, August 1st. Societe Generale raised Chevron from a “hold” rating to a “buy” rating in a research report on Thursday, August 4th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $172.00 target price on shares of Chevron in a research note on Thursday, August 4th. Cowen boosted their price objective on shares of Chevron from $119.00 to $120.00 and gave the stock an “outperform” rating in a research report on Monday, August 15th. Finally, HSBC raised shares of Chevron from a “hold” rating to a “buy” rating and lowered their target price for the stock from $183.00 to $167.00 in a report on Wednesday, July 20th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $169.20.
Chevron Company Profile
Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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 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.
- Get a free copy of the StockNews.com research report on Chevron (CVX)
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