Chevron Corporation $CVX Shares Sold by Comerica Bank

Key Points

• Comerica Bank reduced its stock holdings in Chevron Corporation (CVX) by 1.3%, bringing its total shares to 823,842, which represents about 0.6% of Comerica's portfolio.
• Chevron recently declared a quarterly dividend of $1.71, with an annualized yield of 4.3% and a payout ratio of 88.03%.
• The company reported $1.77 earnings per share for the last quarter, exceeding analysts' expectations, despite a 12.4% drop in revenue compared to the previous year.

Comerica Bank lessened its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 1.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 823,842 shares of the oil and gas company's stock after selling 10,901 shares during the period. Chevron accounts for approximately 0.6% of Comerica Bank's portfolio, making the stock its 24th biggest position. Comerica Bank's holdings in Chevron were worth $137,821,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CVX. Harvest Fund Management Co. Ltd raised its position in Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after purchasing an additional 122 shares in the last quarter. 10Elms LLP purchased a new position in Chevron in the fourth quarter worth $29,000. Elequin Capital LP purchased a new stake in shares of Chevron during the 1st quarter worth $31,000. Navigoe LLC acquired a new position in shares of Chevron during the 4th quarter worth $33,000. Finally, IFS Advisors LLC lifted its stake in shares of Chevron by 119.6% in the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after purchasing an additional 116 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Buying and Selling

In related news, Director John B. Hess sold 375,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.21% of the company's stock.

Chevron Trading Down 0.3%

CVX stock traded down $0.43 during trading on Thursday, reaching $158.81. 2,394,436 shares of the stock traded hands, compared to its average volume of 9,289,392. The firm has a market capitalization of $274.42 billion, a PE ratio of 20.44, a P/E/G ratio of 2.33 and a beta of 0.87. 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 business's 50 day moving average price is $151.84 and its 200-day moving average price is $148.78. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96.

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

Chevron Dividend Announcement

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

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of research reports. Scotiabank restated 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. Wells Fargo & Company reissued an "overweight" rating and issued a $178.00 target price on shares of Chevron in a report on Friday, August 1st. Melius assumed coverage on Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price target for the company. DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price objective on the stock. in a research report on Tuesday, May 6th. Finally, TD Cowen increased their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research note on Monday, August 4th. 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 stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $163.95.

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.