Bell Bank Grows Stock Holdings in Chevron Co. (NYSE:CVX)

Bell Bank raised its holdings in shares of Chevron Co. (NYSE:CVX) by 4.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 55,017 shares of the oil and gas company’s stock after purchasing an additional 2,166 shares during the quarter. Bell Bank’s holdings in Chevron were worth $9,204,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. IMG Wealth Management Inc. bought a new stake in shares of Chevron in the 4th quarter worth about $25,000. Life Planning Partners Inc purchased a new stake in Chevron in the 4th quarter worth about $25,000. Mizuho Securities Co. Ltd. bought a new stake in Chevron in the fourth quarter worth about $29,000. 10Elms LLP purchased a new position in shares of Chevron during the fourth quarter valued at approximately $29,000. Finally, Fairway Wealth LLC boosted its position in shares of Chevron by 75.9% during the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after buying an additional 88 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CVX has been the subject of a number of research analyst reports. Redburn Atlantic reissued a “sell” rating and set a $124.00 price target (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. TD Cowen reduced their target price on Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, May 5th. BNP Paribas lowered shares of Chevron to a “cautious” rating in a research note on Tuesday, April 15th. Hsbc Global Res downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 13th. Finally, Piper Sandler decreased their price objective on shares of Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a report on Tuesday, May 13th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $160.24.

Chevron Price Performance

NYSE CVX opened at $146.07 on Tuesday. The company has a market cap of $255.09 billion, a PE ratio of 15.03, a P/E/G ratio of 1.46 and a beta of 0.83. The firm’s 50 day moving average price is $138.72 and its 200-day moving average price is $148.91. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. Chevron Co. has a 52-week low of $132.04 and a 52-week high of $168.96.

Chevron (NYSE:CVX) last announced its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.03. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The business had revenue of $47.61 billion for the quarter, compared to analysts’ expectations of $49.05 billion. During the same quarter last year, the firm earned $2.93 EPS. The business’s revenue for the quarter was down 2.3% on a year-over-year basis. Sell-side analysts forecast that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.68%. The ex-dividend date of this dividend was Monday, May 19th. Chevron’s payout ratio is currently 78.17%.

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; 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.