Chevron Corporation (NYSE:CVX) Shares Sold by Eastern Bank

Key Points

• Eastern Bank has reduced its stake in Chevron Corporation by 50.6% in the first quarter, holding 121,650 shares valued at $20.35 million after selling over 124,000 shares.
• Chevron's stock price is currently down 2.1% at $153.68, with a market capitalization of $268.39 billion and a 52-week price range between $132.04 and $168.96.
• The company declared a quarterly dividend of $1.71 per share, representing an annualized yield of 4.45% and a payout ratio of 78.17%.

Eastern Bank decreased its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 50.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 121,650 shares of the oil and gas company's stock after selling 124,603 shares during the period. Eastern Bank's holdings in Chevron were worth $20,351,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Harvest Fund Management Co. Ltd boosted its stake in shares of Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after acquiring an additional 122 shares during the last quarter. 10Elms LLP bought a new stake in shares of Chevron in the 4th quarter worth about $29,000. Navigoe LLC bought a new stake in shares of Chevron in the 4th quarter worth about $33,000. IFS Advisors LLC increased its holdings in shares of 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 buying an additional 116 shares during the last quarter. Finally, Cloud Capital Management LLC bought a new position in Chevron during the 1st quarter valued at about $39,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Down 0.2%

Chevron stock traded down $0.31 during trading on Friday, reaching $151.33. The stock had a trading volume of 10,704,924 shares, compared to its average volume of 9,498,295. The stock has a market cap of $264.28 billion, a PE ratio of 17.29, a P/E/G ratio of 2.42 and a beta of 0.83. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The business has a 50 day moving average price of $146.57 and a 200 day moving average price of $148.90.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. Chevron's revenue was down 12.4% compared to the same quarter last year. During the same period in the previous year, the company posted $2.55 EPS. On average, analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. HSBC downgraded shares of Chevron from a "buy" rating to a "hold" rating and dropped their target price for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Scotiabank reaffirmed a "sector perform" rating and issued a $160.00 price target (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Evercore ISI reaffirmed an "outperform" rating and set a $180.00 price objective on shares of Chevron in a report on Thursday. Finally, Wells Fargo & Company reissued an "overweight" rating and issued a $178.00 price target on shares of Chevron in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $163.18.

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.