Cullen Frost Bankers Inc. reduced its stake in Chevron Co. (NYSE:CVX) by 3.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 306,343 shares of the oil and gas company’s stock after selling 11,784 shares during the period. Chevron accounts for approximately 1.2% of Cullen Frost Bankers Inc.’s investment portfolio, making the stock its 15th biggest position. Cullen Frost Bankers Inc.’s holdings in Chevron were worth $38,122,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of CVX. BKD Wealth Advisors LLC boosted its holdings in Chevron by 2.5% in the 4th quarter. BKD Wealth Advisors LLC now owns 31,824 shares of the oil and gas company’s stock worth $3,462,000 after acquiring an additional 763 shares during the period. Bank OZK grew its holdings in Chevron by 2.9% during the 4th quarter. Bank OZK now owns 29,324 shares of the oil and gas company’s stock valued at $3,190,000 after purchasing an additional 834 shares in the last quarter. Callahan Advisors LLC increased its stake in Chevron by 3.8% during the 4th quarter. Callahan Advisors LLC now owns 80,342 shares of the oil and gas company’s stock worth $8,740,000 after buying an additional 2,947 shares during the period. Hemenway Trust Co LLC increased its stake in Chevron by 8.1% during the 4th quarter. Hemenway Trust Co LLC now owns 70,631 shares of the oil and gas company’s stock worth $7,684,000 after buying an additional 5,313 shares during the period. Finally, Trust Co. of Toledo NA OH lifted its holdings in Chevron by 0.8% in the 4th quarter. Trust Co. of Toledo NA OH now owns 60,292 shares of the oil and gas company’s stock worth $6,559,000 after buying an additional 486 shares in the last quarter. 65.79% of the stock is currently owned by institutional investors.
CVX has been the topic of several recent analyst reports. BMO Capital Markets assumed coverage on Chevron in a research note on Tuesday, August 20th. They issued an “outperform” rating and a $165.00 price target on the stock. Barclays initiated coverage on Chevron in a report on Monday, August 19th. They set an “overweight” rating and a $145.00 target price for the company. Cowen set a $140.00 price objective on Chevron and gave the stock a “buy” rating in a report on Friday, August 30th. ValuEngine cut shares of Chevron from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, Morgan Stanley cut their price target on shares of Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Chevron currently has a consensus rating of “Buy” and an average price target of $136.22.
Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.53. The company had revenue of $38.85 billion for the quarter, compared to analyst estimates of $40.14 billion. Chevron had a return on equity of 9.58% and a net margin of 9.18%. The company’s revenue was down 8.0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.78 EPS. Equities research analysts anticipate that Chevron Co. will post 6.71 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were given a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date of this dividend was Friday, August 16th. Chevron’s dividend payout ratio (DPR) is 57.70%.
In other Chevron news, Chairman Michael K. Wirth sold 33,750 shares of the company’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $125.60, for a total transaction of $4,239,000.00. Following the transaction, the chairman now owns 33,750 shares of the company’s stock, valued at approximately $4,239,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Joseph C. Geagea sold 8,000 shares of Chevron stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $122.50, for a total value of $980,000.00. Following the completion of the sale, the insider now owns 9,243 shares of the company’s stock, valued at $1,132,267.50. The disclosure for this sale can be found here. Insiders have sold 71,750 shares of company stock valued at $8,793,900 over the last quarter. Corporate insiders own 0.31% of the company’s stock.
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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