Bell Bank Buys 2,166 Shares of Chevron Corporation (NYSE:CVX)

Bell Bank raised its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 4.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 55,017 shares of the oil and gas company's stock after acquiring an additional 2,166 shares during the quarter. Bell Bank's holdings in Chevron were worth $9,204,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. IMG Wealth Management Inc. acquired a new stake in shares of Chevron in the fourth quarter worth $25,000. Life Planning Partners Inc acquired a new stake in shares of Chevron in the fourth quarter worth $25,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Chevron in the fourth quarter worth $29,000. 10Elms LLP acquired a new stake in shares of Chevron in the fourth quarter worth $29,000. Finally, Fairway Wealth LLC lifted its stake in shares of Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock worth $30,000 after buying an additional 88 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Price Performance

Shares of CVX traded down $0.67 during trading hours on Thursday, hitting $148.18. The stock had a trading volume of 9,824,086 shares, compared to its average volume of 8,222,007. The company's fifty day moving average is $139.09 and its two-hundred day moving average is $148.81. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The stock has a market capitalization of $258.78 billion, a price-to-earnings ratio of 16.93, a P/E/G ratio of 2.60 and a beta of 0.83.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.03. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The business had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. During the same quarter in the prior year, the firm earned $2.93 EPS. The firm's quarterly revenue was down 2.3% compared to the same quarter last year. On average, analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.62%. The ex-dividend date of this dividend was Monday, May 19th. Chevron's dividend payout ratio is currently 78.17%.

Wall Street Analyst Weigh In

Several research firms recently commented on CVX. HSBC cut shares of Chevron from a "buy" rating to a "hold" rating and cut their target price for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Mizuho cut their target price on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Piper Sandler cut their target price on shares of Chevron from $173.00 to $162.00 and set an "overweight" rating for the company in a research note on Tuesday, May 13th. Redburn Atlantic reiterated a "sell" rating and set a $124.00 target price (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Finally, TD Cowen cut their target price on shares of Chevron from $155.00 to $150.00 and set a "hold" rating for the company in a research note on Monday, May 5th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $160.24.

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.