First County Bank CT Reduces Holdings in Chevron Corporation $CVX

First County Bank CT decreased its position in shares of Chevron Corporation (NYSE:CVX) by 10.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,496 shares of the oil and gas company’s stock after selling 757 shares during the period. First County Bank CT’s holdings in Chevron were worth $930,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Harvest Fund Management Co. Ltd increased its stake in shares of Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock worth $25,000 after buying an additional 122 shares during the last quarter. Elequin Capital LP acquired a new position in Chevron during the 1st quarter worth $31,000. IFS Advisors LLC lifted its position in shares of Chevron by 119.6% during the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock worth $36,000 after purchasing an additional 116 shares during the last quarter. Cloud Capital Management LLC bought a new position in shares of Chevron during the first quarter worth about $39,000. Finally, Investment Management Corp VA ADV lifted its position in shares of Chevron by 171.3% during the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 149 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CVX has been the topic of several research reports. Wells Fargo & Company restated an “overweight” rating and set a $178.00 price objective on shares of Chevron in a research note on Friday, August 1st. Melius began coverage on Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price target for the company. Jefferies Financial Group reaffirmed a “buy” rating on shares of Chevron in a report on Friday, July 18th. Melius Research assumed coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price objective for the company. Finally, Evercore ISI restated an “outperform” rating and issued a $180.00 price target on shares of Chevron in a research report on Thursday, July 31st. Eleven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $165.05.

Chevron Stock Down 0.4%

CVX stock opened at $160.13 on Monday. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The firm’s 50-day simple moving average is $156.04 and its 200 day simple moving average is $149.10. The stock has a market cap of $276.70 billion, a PE ratio of 20.61, a price-to-earnings-growth ratio of 2.00 and a beta of 0.90.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $44.82 billion for the quarter, compared to analysts’ expectations of $44.59 billion. During the same quarter last year, the company earned $2.55 EPS. The company’s revenue for the quarter was down 12.4% compared to the same quarter last year. As a group, sell-side analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a dividend of $1.71 per share. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.3%. Chevron’s payout ratio is currently 88.03%.

Insider Activity at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the sale, the director owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.20% of the company’s stock.

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.