Renasant Bank Increases Holdings in Chevron Corporation $CVX

Renasant Bank boosted its stake in Chevron Corporation (NYSE:CVX) by 42.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,481 shares of the oil and gas company’s stock after purchasing an additional 1,032 shares during the period. Renasant Bank’s holdings in Chevron were worth $498,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of CVX. Ignite Planners LLC increased its holdings in Chevron by 14.1% in the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company’s stock valued at $2,060,000 after buying an additional 1,519 shares during the last quarter. Vista Capital Partners Inc. grew its position in shares of Chevron by 9.1% in the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company’s stock worth $993,000 after acquiring an additional 495 shares in the last quarter. GW&K Investment Management LLC increased its holdings in shares of Chevron by 33.8% in the 1st quarter. GW&K Investment Management LLC now owns 1,260 shares of the oil and gas company’s stock valued at $211,000 after acquiring an additional 318 shares during the last quarter. Mutual Advisors LLC increased its holdings in shares of Chevron by 7.3% in the 2nd quarter. Mutual Advisors LLC now owns 88,759 shares of the oil and gas company’s stock valued at $13,743,000 after acquiring an additional 6,058 shares during the last quarter. Finally, Costello Asset Management INC raised its position in shares of Chevron by 26.9% during the 2nd quarter. Costello Asset Management INC now owns 16,694 shares of the oil and gas company’s stock valued at $2,390,000 after acquiring an additional 3,541 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Raymond James Financial reaffirmed an “outperform” rating and issued a $160.00 price objective (down previously from $170.00) on shares of Chevron in a report on Friday, October 17th. Scotiabank boosted their price objective on shares of Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a research report on Thursday, October 9th. UBS Group increased their price objective on shares of Chevron from $186.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. TD Cowen lifted their target price on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research note on Monday, August 4th. Finally, Melius Research began coverage on Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $165.45.

Chevron Stock Performance

Shares of NYSE CVX opened at $156.05 on Wednesday. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a market cap of $269.65 billion, a PE ratio of 20.08, a P/E/G ratio of 4.40 and a beta of 0.83. The stock has a 50 day simple moving average of $155.33 and a 200-day simple moving average of $150.04. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last announced its earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.14. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $48.17 billion for the quarter, compared to the consensus estimate of $46.99 billion. During the same quarter in the previous year, the business earned $2.48 EPS. The firm’s revenue for the quarter was down 1.9% on a year-over-year basis. On average, equities research analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th will be issued a $1.71 dividend. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $6.84 annualized dividend and a yield of 4.4%. Chevron’s dividend payout ratio is presently 96.20%.

Insider Transactions at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president owned 1,181 shares of the company’s stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John B. Hess sold 375,000 shares of the business’s stock in a transaction dated 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 in the company, valued at $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.21% 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.