Central Pacific Bank Trust Division Purchases 5,301 Shares of Chevron Corporation $CVX

Key Points

• Central Pacific Bank Trust Division increased its stake in Chevron Corporation by 37.5%, acquiring an additional 5,301 shares during the second quarter, bringing its total holdings to 19,425 shares valued at $2.78 million.
• Several institutional investors, including Bank Pictet & Cie Europe AG and SGL Investment Advisors Inc., have also increased their positions in Chevron, demonstrating strong interest among hedge funds.
• Chevron's quarterly dividend of $1.71 represents a 4.4% yield, and the company reported earnings of $1.77 per share, surpassing analyst expectations of $1.58.

Central Pacific Bank Trust Division boosted its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 37.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,425 shares of the oil and gas company's stock after buying an additional 5,301 shares during the quarter. Central Pacific Bank Trust Division's holdings in Chevron were worth $2,781,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Harvest Fund Management Co. Ltd raised its holdings in 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 purchasing an additional 122 shares in the last quarter. Elequin Capital LP acquired a new position in Chevron in the 1st quarter worth approximately $31,000. 10Elms LLP purchased a new stake in Chevron in the 4th quarter worth approximately $29,000. IFS Advisors LLC boosted its position in Chevron by 119.6% in the 1st 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 in the last quarter. Finally, Cloud Capital Management LLC purchased a new position in shares of Chevron during the 1st quarter valued at approximately $39,000. 72.42% of the stock is currently owned by institutional investors.

Insider Activity

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction on Friday, August 29th. The stock was 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 represents a 77.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Hess sold 375,000 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CVX. Evercore ISI restated an "outperform" rating and issued a $180.00 price objective on shares of Chevron in a report on Thursday, July 31st. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. TD Cowen boosted their target price on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research note on Monday, August 4th. Piper Sandler lifted their price target on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Finally, Melius assumed coverage on Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Eleven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $164.80.

Chevron Stock Down 0.6%

NYSE CVX traded down $1.02 during mid-day trading on Friday, reaching $157.23. 5,545,397 shares of the company's stock traded hands, compared to its average volume of 7,652,500. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The company has a fifty day simple moving average of $154.67 and a 200-day simple moving average of $148.79. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a market cap of $271.69 billion, a price-to-earnings ratio of 20.24, a P/E/G ratio of 1.98 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm's revenue was down 12.4% compared to the same quarter last year. During the same period last year, the firm earned $2.55 EPS. As a group, equities research analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron's payout ratio is presently 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.