Essex Savings Bank Lowers Holdings in Chevron Corporation (NYSE:CVX)

Essex Savings Bank cut its holdings in Chevron Corporation (NYSE:CVX) by 0.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 133,353 shares of the oil and gas company’s stock after selling 943 shares during the quarter. Chevron makes up 5.5% of Essex Savings Bank’s portfolio, making the stock its 2nd largest position. Essex Savings Bank’s holdings in Chevron were worth $22,309,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital & Planning LLC lifted its position in shares of Chevron by 15.2% in the fourth quarter. Capital & Planning LLC now owns 1,678 shares of the oil and gas company’s stock worth $243,000 after purchasing an additional 222 shares in the last quarter. Eagle Capital Management LLC raised its stake in shares of Chevron by 0.7% during the 4th quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company’s stock worth $5,011,000 after purchasing an additional 242 shares in the last quarter. Union Bancaire Privee UBP SA bought a new stake in shares of Chevron during the 4th quarter worth approximately $8,947,000. Bank Pictet & Cie Europe AG raised its stake in shares of Chevron by 7.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company’s stock worth $5,212,000 after purchasing an additional 2,641 shares in the last quarter. Finally, Strategic Financial Concepts LLC raised its stake in shares of Chevron by 212.4% during the 4th quarter. Strategic Financial Concepts LLC now owns 5,352 shares of the oil and gas company’s stock worth $775,000 after purchasing an additional 3,639 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CVX has been the subject of a number of recent analyst reports. TD Cowen reduced their price objective on Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, May 5th. Barclays lowered Chevron from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $171.00 to $152.00 in a research note on Wednesday, April 23rd. DZ Bank lowered Chevron from a “buy” rating to a “sell” rating and set a $130.00 price objective on the stock. in a research note on Tuesday, May 6th. UBS Group reduced their price objective on Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Finally, Mizuho reduced their price objective on Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $160.24.

Chevron Price Performance

NYSE:CVX opened at $148.86 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $259.97 billion, a P/E ratio of 17.01, a P/E/G ratio of 2.56 and a beta of 0.83. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The business’s 50-day moving average is $138.78 and its 200 day moving average is $148.91.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The business had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. During the same period in the prior year, the business posted $2.93 earnings per share. The company’s quarterly revenue was down 2.3% compared to the same quarter last year. On average, equities research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were issued a $1.71 dividend. The ex-dividend date was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.59%. Chevron’s payout ratio is 78.17%.

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.