Citizens Business Bank Grows Stake in Chevron Corporation $CVX

Key Points

• Citizens Business Bank has increased its stake in Chevron Corporation by 6.1%, acquiring a total of 32,473 shares valued at approximately $4.83 million.
• Chevron reported $1.77 earnings per share for its last quarter, exceeding estimates, but saw a 12.4% decline in quarterly revenue year-over-year.
• The company has recently declared a quarterly dividend of $1.71 per share, corresponding to an annualized yield of 4.5% and a payout ratio of 88.03%.

Citizens Business Bank raised its stake in Chevron Corporation (NYSE:CVX - Free Report) by 6.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,473 shares of the oil and gas company's stock after purchasing an additional 1,881 shares during the quarter. Citizens Business Bank's holdings in Chevron were worth $4,829,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Bell & Brown Wealth Advisors LLC raised its position in Chevron by 1.9% in the second quarter. Bell & Brown Wealth Advisors LLC now owns 29,412 shares of the oil and gas company's stock valued at $4,212,000 after purchasing an additional 555 shares during the period. Foster & Motley Inc. raised its position in Chevron by 32.2% in the second quarter. Foster & Motley Inc. now owns 33,589 shares of the oil and gas company's stock valued at $4,810,000 after purchasing an additional 8,182 shares during the period. Huntleigh Advisors Inc. raised its position in Chevron by 2.1% in the second quarter. Huntleigh Advisors Inc. now owns 17,012 shares of the oil and gas company's stock valued at $2,436,000 after purchasing an additional 356 shares during the period. Nicholson Wealth Management Group LLC raised its position in Chevron by 4.0% in the second quarter. Nicholson Wealth Management Group LLC now owns 2,894 shares of the oil and gas company's stock valued at $414,000 after purchasing an additional 112 shares during the period. Finally, Carmel Capital Partners LLC raised its position in Chevron by 21.4% in the second quarter. Carmel Capital Partners LLC now owns 3,184 shares of the oil and gas company's stock valued at $456,000 after purchasing an additional 562 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Up 0.9%

Shares of Chevron stock opened at $153.12 on Friday. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The firm has a market cap of $264.58 billion, a P/E ratio of 19.71, a P/E/G ratio of 2.00 and a beta of 0.84. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The business has a 50-day moving average price of $156.03 and a 200 day moving average price of $148.15.

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 for the quarter, beating the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.Chevron's quarterly revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the company earned $2.55 earnings per share. On average, sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's payout ratio is currently 88.03%.

Insider Activity

In other Chevron news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the transaction, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the transaction, the vice president owned 1,181 shares of the company's stock, valued at approximately $188,960. The trade was a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have commented on CVX. UBS Group raised their price objective on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Raymond James Financial reaffirmed an "outperform" rating and set a $160.00 target price (down from $170.00) on shares of Chevron in a research report on Friday. Bank of America lifted their target price on Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research report on Wednesday, September 10th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Finally, Piper Sandler lifted their target price on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Eleven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Chevron currently has a consensus rating of "Hold" and a consensus target price of $165.25.

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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