Commerce Bank Sells 26,786 Shares of Chevron Corporation (NYSE:CVX)

Key Points

• Commerce Bank has reduced its stake in Chevron Corporation by 4.1%, now holding 620,644 shares valued at approximately $103.8 million.
• Chevron's stock has seen varying analyst ratings, with a consensus target price of $163.18, and the stock is currently rated as a "Hold."
• The company's latest quarterly earnings exceeded analyst expectations, reporting $1.77 EPS, compared to the consensus estimate of $1.58 EPS.

Commerce Bank lessened its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 4.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 620,644 shares of the oil and gas company's stock after selling 26,786 shares during the period. Commerce Bank's holdings in Chevron were worth $103,828,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of CVX. Northern Trust Corp boosted its position in Chevron by 7.3% during the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock valued at $2,965,135,000 after purchasing an additional 1,394,091 shares during the last quarter. Ameriprise Financial Inc. increased its position in Chevron by 1.3% in the 4th quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company's stock worth $2,421,564,000 after buying an additional 211,023 shares during the period. Invesco Ltd. increased its stake in Chevron by 6.9% during the fourth quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company's stock valued at $2,176,579,000 after acquiring an additional 964,426 shares during the period. Capital World Investors increased its stake in Chevron by 11.4% during the fourth quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company's stock valued at $2,039,288,000 after acquiring an additional 1,440,808 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in Chevron by 2.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,755,894 shares of the oil and gas company's stock valued at $1,992,406,000 after acquiring an additional 292,585 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CVX shares. Wells Fargo & Company reaffirmed an "overweight" rating and set a $178.00 price objective on shares of Chevron in a report on Friday. Mizuho reduced their price objective on Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Barclays restated an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Redburn Atlantic reiterated a "sell" rating and set a $124.00 target price (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Finally, Raymond James Financial restated an "outperform" rating on shares of Chevron in a report on Friday. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Chevron currently has a consensus rating of "Hold" and an average target price of $163.18.

Chevron Stock Down 0.2%

CVX 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 12,271,876. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. The company's 50 day moving average is $146.86 and its two-hundred day moving average is $148.87. The company has a market capitalization of $264.28 billion, a price-to-earnings ratio of 17.29, a P/E/G ratio of 2.39 and a beta of 0.87.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The company's revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.55 EPS. Equities research analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

About Chevron

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.