Eastern Bank Has $16.98 Million Position in Chevron Corporation $CVX

Key Points

• Eastern Bank reduced its holdings in Chevron Corporation by 2.5% during the 2nd quarter, bringing its total to 118,555 shares valued at approximately $16.98 million.
• Director John B. Hess sold 375,000 shares of Chevron at an average price of $158.30, indicating a 21.09% decrease in his position.
• Chevron's quarterly earnings reported a decrease of 12.4% in revenue, amounting to $44.82 billion, but exceeded analysts' expectations.

Eastern Bank lowered its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 2.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 118,555 shares of the oil and gas company's stock after selling 3,095 shares during the quarter. Eastern Bank's holdings in Chevron were worth $16,976,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Harvest Fund Management Co. Ltd boosted its holdings in 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. Elequin Capital LP purchased a new position in Chevron during the 1st quarter worth $31,000. Cloud Capital Management LLC purchased a new position in Chevron during the 1st quarter worth $39,000. Investment Management Corp VA ADV boosted its holdings in Chevron by 171.3% during the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock worth $39,000 after acquiring an additional 149 shares during the last quarter. Finally, 1 North Wealth Services LLC purchased a new position in Chevron during the 1st quarter worth $45,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Transactions at Chevron

In related news, Director John B. Hess sold 375,000 shares of the business's stock in a transaction dated 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 sale, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction dated 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 sale, the vice president owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.21% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CVX. Mizuho cut their price objective on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. TD Cowen lifted their target price on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research note on Monday, August 4th. Weiss Ratings reiterated a "hold (c)" rating on shares of Chevron in a research note on Wednesday. Evercore ISI reiterated an "outperform" rating and set a $180.00 target price on shares of Chevron in a research note on Thursday, July 31st. Finally, 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 note on Wednesday, September 10th. Eleven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $165.40.

Chevron Trading Down 1.7%

Shares of Chevron stock opened at $149.11 on Friday. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The stock's 50-day simple moving average is $156.10 and its 200 day simple moving average is $148.67. The stock has a market capitalization of $257.66 billion, a P/E ratio of 19.19, a P/E/G ratio of 1.95 and a beta of 0.84. 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 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 analysts' consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.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 previous year, the business posted $2.55 EPS. The firm's quarterly revenue was down 12.4% compared to the same quarter last year. As a group, research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date was Tuesday, August 19th. Chevron's payout ratio is currently 88.03%.

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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