Chevron Co. (NYSE:CVX) Stock Position Raised by Montecito Bank & Trust

Montecito Bank & Trust boosted its position in shares of Chevron Co. (NYSE:CVX) by 35.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 31,444 shares of the oil and gas company’s stock after purchasing an additional 8,173 shares during the period. Chevron accounts for 0.8% of Montecito Bank & Trust’s investment portfolio, making the stock its 28th biggest holding. Montecito Bank & Trust’s holdings in Chevron were worth $4,631,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in CVX. Woodmont Investment Counsel LLC increased its position in Chevron by 2.2% in the 3rd quarter. Woodmont Investment Counsel LLC now owns 113,211 shares of the oil and gas company’s stock worth $16,673,000 after purchasing an additional 2,424 shares during the last quarter. WoodTrust Financial Corp lifted its stake in shares of Chevron by 4.0% in the third quarter. WoodTrust Financial Corp now owns 41,944 shares of the oil and gas company’s stock worth $6,177,000 after buying an additional 1,612 shares during the last quarter. Poplar Forest Capital LLC grew its position in shares of Chevron by 10.0% in the third quarter. Poplar Forest Capital LLC now owns 205,402 shares of the oil and gas company’s stock valued at $30,250,000 after purchasing an additional 18,721 shares during the last quarter. Malaga Cove Capital LLC lifted its position in shares of Chevron by 64.8% during the 3rd quarter. Malaga Cove Capital LLC now owns 4,320 shares of the oil and gas company’s stock worth $636,000 after purchasing an additional 1,699 shares during the last quarter. Finally, Ironsides Asset Advisors LLC boosted its stake in Chevron by 39.0% during the 3rd quarter. Ironsides Asset Advisors LLC now owns 6,089 shares of the oil and gas company’s stock valued at $897,000 after purchasing an additional 1,708 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on CVX. Mizuho cut their price target on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Barclays upped their price objective on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research report on Monday. Scotiabank decreased their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Finally, Wells Fargo & Company cut their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, September 27th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $174.93.

Chevron Trading Up 2.8 %

Shares of Chevron stock opened at $157.65 on Thursday. The stock has a market capitalization of $288.33 billion, a P/E ratio of 17.32, a price-to-earnings-growth ratio of 3.43 and a beta of 1.09. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. The company has a 50-day simple moving average of $147.43 and a 200 day simple moving average of $152.90.

Chevron (NYSE:CVX) last posted its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. The company had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.07%. Chevron’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.05 earnings per share. Research analysts expect that Chevron Co. will post 10.65 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.14%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s payout ratio is presently 71.65%.

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.