Bank of Hawaii Sells 1,778 Shares of Chevron Corporation $CVX

Key Points

• Bank of Hawaii has reduced its holdings in Chevron Corporation by 6.1%, selling 1,778 shares, which now values its stake at $4,540,000.
• Chevron has received mixed ratings from analysts, with a consensus rating of "Hold" and a target price averaging $163.95, while reporting earnings of $1.77 per share that beat estimates.
• The company announced a quarterly dividend of $1.71 per share, representing an annual yield of 4.3%, with a payout ratio currently at 88.03%.

Bank of Hawaii lessened its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 6.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,138 shares of the oil and gas company's stock after selling 1,778 shares during the quarter. Bank of Hawaii's holdings in Chevron were worth $4,540,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in CVX. Apexium Financial LP increased its position in Chevron by 20.1% in the 1st quarter. Apexium Financial LP now owns 18,801 shares of the oil and gas company's stock valued at $3,145,000 after buying an additional 3,142 shares in the last quarter. Oak Harvest Investment Services boosted its holdings in Chevron by 2.4% in the first quarter. Oak Harvest Investment Services now owns 64,895 shares of the oil and gas company's stock worth $10,856,000 after acquiring an additional 1,504 shares in the last quarter. ICONIQ Capital LLC grew its stake in Chevron by 53.6% in the first quarter. ICONIQ Capital LLC now owns 7,922 shares of the oil and gas company's stock valued at $1,325,000 after acquiring an additional 2,766 shares during the period. Quantitative Investment Management LLC bought a new stake in shares of Chevron during the first quarter valued at approximately $10,155,000. Finally, AIMZ Investment Advisors LLC raised its position in shares of Chevron by 4.2% during the first quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company's stock worth $298,000 after purchasing an additional 72 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CVX shares. Mizuho cut their target price on Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Wells Fargo & Company restated an "overweight" rating and set a $178.00 price objective on shares of Chevron in a report on Friday, August 1st. Melius Research initiated coverage on shares of Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective for the company. Melius began coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price for the company. Finally, Hsbc Global Res lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. Eleven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Chevron has a consensus rating of "Hold" and a consensus price target of $163.95.

Chevron Price Performance

CVX opened at $157.8970 on Monday. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The company has a market capitalization of $272.84 billion, a price-to-earnings ratio of 20.32, a P/E/G ratio of 2.35 and a beta of 0.87. The firm's fifty day moving average price is $151.21 and its two-hundred day moving average price is $148.61.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating 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 company had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same period last year, the firm earned $2.55 earnings per share. The firm's revenue was down 12.4% on a year-over-year basis. As a group, analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be given a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.3%. Chevron's dividend payout ratio (DPR) is currently 88.03%.

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.

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