Chevron Co. (NYSE:CVX) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lessened its holdings in shares of Chevron Co. (NYSE:CVX) by 1.5% during the 2nd quarter, HoldingsChannel reports. The firm owned 4,175,054 shares of the oil and gas company’s stock after selling 64,267 shares during the period. PNC Financial Services Group Inc.’s holdings in Chevron were worth $656,945,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CVX. LWM Advisory Services LLC boosted its stake in shares of Chevron by 2.3% during the 1st quarter. LWM Advisory Services LLC now owns 2,803 shares of the oil and gas company’s stock valued at $460,000 after buying an additional 64 shares during the last quarter. CIC Wealth LLC grew its holdings in shares of Chevron by 0.4% during the first quarter. CIC Wealth LLC now owns 14,755 shares of the oil and gas company’s stock valued at $2,407,000 after purchasing an additional 65 shares during the last quarter. NCM Capital Management LLC boosted its position in Chevron by 1.2% during the 1st quarter. NCM Capital Management LLC now owns 5,570 shares of the oil and gas company’s stock valued at $909,000 after purchasing an additional 65 shares during the period. Strong Tower Advisory Services grew its stake in Chevron by 0.9% during the 2nd quarter. Strong Tower Advisory Services now owns 7,569 shares of the oil and gas company’s stock worth $1,191,000 after buying an additional 65 shares during the last quarter. Finally, Horizon Bancorp Inc. IN increased its position in Chevron by 10.8% in the first quarter. Horizon Bancorp Inc. IN now owns 678 shares of the oil and gas company’s stock worth $111,000 after buying an additional 66 shares during the period. Hedge funds and other institutional investors own 68.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. The Goldman Sachs Group raised shares of Chevron from a “neutral” rating to a “buy” rating and boosted their price target for the company from $166.00 to $187.00 in a report on Monday, July 31st. Morgan Stanley reduced their target price on shares of Chevron from $203.00 to $201.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 17th. Mizuho dropped their price target on shares of Chevron from $215.00 to $195.00 and set a “buy” rating on the stock in a research note on Tuesday, November 14th. Bank of America upgraded Chevron from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $190.00 to $200.00 in a research report on Monday, October 30th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $180.00 target price on shares of Chevron in a research report on Tuesday, October 24th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $187.89.

Chevron Price Performance

NYSE CVX traded down $1.20 on Tuesday, reaching $143.18. The company’s stock had a trading volume of 894,030 shares, compared to its average volume of 8,347,792. The firm’s 50 day moving average is $158.29 and its two-hundred day moving average is $158.14. The stock has a market cap of $270.29 billion, a PE ratio of 10.72, a PEG ratio of 0.73 and a beta of 1.16. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.97 and a current ratio of 1.25. Chevron Co. has a twelve month low of $140.74 and a twelve month high of $187.81.

Chevron (NYSE:CVX) last released its earnings results on Friday, October 27th. The oil and gas company reported $3.05 EPS for the quarter, missing the consensus estimate of $3.70 by ($0.65). The business had revenue of $54.08 billion for the quarter, compared to analyst estimates of $51.41 billion. Chevron had a net margin of 12.11% and a return on equity of 16.15%. The firm’s revenue for the quarter was down 18.9% on a year-over-year basis. During the same period in the prior year, the company earned $5.56 earnings per share. As a group, sell-side analysts predict that Chevron Co. will post 13.59 EPS for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Friday, November 17th will be issued a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 4.22%. The ex-dividend date is Thursday, November 16th. Chevron’s payout ratio is 44.84%.

Chevron Company 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; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.