Community Trust & Investment Co. Decreases Position in Chevron Corporation $CVX

Key Points

• Community Trust & Investment Co. reduced its holdings in Chevron Corporation (CVX) by 13.6%, selling 16,307 shares and now owning 103,160 shares valued at approximately $14.77 million.
• Several institutional investors have increased their stakes in Chevron, with GQG Partners LLC acquiring a new stake worth $1.47 billion in the first quarter.
• Chevron announced a quarterly dividend of $1.71 per share, reflecting a 4.3% yield and a payout ratio of 88.03%.

Community Trust & Investment Co. reduced its position in Chevron Corporation (NYSE:CVX - Free Report) by 13.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 103,160 shares of the oil and gas company's stock after selling 16,307 shares during the quarter. Community Trust & Investment Co.'s holdings in Chevron were worth $14,771,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Greenfield Savings Bank grew its stake in shares of Chevron by 0.6% during the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company's stock worth $1,663,000 after acquiring an additional 68 shares during the last quarter. GDS Wealth Management increased its holdings in shares of Chevron by 4.4% during the 1st quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock valued at $285,000 after purchasing an additional 72 shares in the last quarter. AIMZ Investment Advisors LLC increased its holdings in shares of Chevron by 4.2% during the 1st quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company's stock valued at $298,000 after purchasing an additional 72 shares in the last quarter. Garde Capital Inc. raised its stake in shares of Chevron by 3.2% during the 2nd quarter. Garde Capital Inc. now owns 2,355 shares of the oil and gas company's stock worth $337,000 after buying an additional 72 shares during the period. Finally, Clayton Financial Group LLC raised its stake in shares of Chevron by 4.6% during the 1st quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company's stock worth $285,000 after buying an additional 75 shares during the period. 72.42% of the stock is owned by institutional investors.

Chevron Price Performance

Chevron stock traded down $2.73 during midday trading on Friday, reaching $156.11. The company's stock had a trading volume of 16,709,599 shares, compared to its average volume of 7,286,043. The firm has a market capitalization of $269.76 billion, a PE ratio of 20.09, a P/E/G ratio of 1.96 and a beta of 0.90. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The stock's 50 day simple moving average is $155.24 and its 200 day simple moving average is $148.99. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX - Get Free Report) last posted 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 business had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. During the same period in the prior year, the company posted $2.55 EPS. The business's revenue for the quarter was down 12.4% on a year-over-year basis. On average, equities research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued 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 dividend payout ratio is currently 88.03%.

Insider Buying and Selling at Chevron

In other 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 value of $636,480.00. Following the sale, the vice president directly owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 value of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CVX. Evercore ISI reaffirmed an "outperform" rating and set a $180.00 target price on shares of Chevron in a research note on Thursday, July 31st. Bank of America raised their target price on Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. Mizuho lowered their target price on Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Barclays reaffirmed an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Finally, UBS Group increased their price target on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Eleven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Chevron currently has a consensus rating of "Hold" and an average target price of $165.05.

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.