Zions Bancorporation N.A. Raises Stock Holdings in Chevron Co. (NYSE:CVX)

Zions Bancorporation N.A. lifted its holdings in Chevron Co. (NYSE:CVX) by 49.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 67,516 shares of the oil and gas company’s stock after purchasing an additional 22,198 shares during the quarter. Chevron accounts for approximately 0.6% of Zions Bancorporation N.A.’s investment portfolio, making the stock its 21st largest position. Zions Bancorporation N.A.’s holdings in Chevron were worth $9,779,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. United Bank increased its position in shares of Chevron by 8.4% during the 3rd quarter. United Bank now owns 8,095 shares of the oil and gas company’s stock valued at $1,192,000 after purchasing an additional 629 shares during the last quarter. Fisher Asset Management LLC increased its position in Chevron by 3.6% during the third quarter. Fisher Asset Management LLC now owns 19,482,388 shares of the oil and gas company’s stock valued at $2,869,171,000 after acquiring an additional 672,244 shares during the last quarter. Douglass Winthrop Advisors LLC raised its stake in shares of Chevron by 4.8% in the third quarter. Douglass Winthrop Advisors LLC now owns 26,912 shares of the oil and gas company’s stock valued at $3,963,000 after acquiring an additional 1,233 shares during the period. Concentric Wealth Management LLC lifted its holdings in shares of Chevron by 3.1% in the 3rd quarter. Concentric Wealth Management LLC now owns 36,489 shares of the oil and gas company’s stock worth $5,374,000 after acquiring an additional 1,086 shares during the last quarter. Finally, Bedell Frazier Investment Counselling LLC boosted its stake in shares of Chevron by 3.6% during the 3rd quarter. Bedell Frazier Investment Counselling LLC now owns 13,276 shares of the oil and gas company’s stock worth $1,955,000 after purchasing an additional 466 shares during the period. Institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CVX. UBS Group decreased their price objective on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, February 3rd. Raymond James decreased their price target on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. Piper Sandler reduced their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Wells Fargo & Company decreased their target price on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Finally, Truist Financial reduced their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $174.13.

Insiders Place Their Bets

In related news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the transaction, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. This trade represents a 89.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Chevron Stock Performance

CVX stock opened at $165.10 on Tuesday. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The firm has a market cap of $290.68 billion, a price-to-earnings ratio of 16.99, a PEG ratio of 1.46 and a beta of 1.08. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The firm has a 50-day simple moving average of $156.49 and a two-hundred day simple moving average of $152.81.

Chevron (NYSE:CVX) last posted its earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same quarter in the previous year, the firm posted $3.45 EPS. On average, equities analysts forecast that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were paid a $1.71 dividend. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a yield of 4.14%. Chevron’s dividend payout ratio (DPR) is 70.37%.

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.