First National Trust Co Reduces Holdings in Chevron Corporation (NYSE:CVX)

Key Points

• First National Trust Co reduced its stake in Chevron Corporation by 5.5%, now holding 133,241 shares valued at approximately $22.29 million.
• Wall Street analysts have mixed opinions on Chevron, with a consensus rating of "Hold" and an average price target of $162.13, while some firms have issued sell ratings.
• The company declared a quarterly dividend of $1.71 per share, resulting in an annualized yield of 4.45%, with a payout ratio of 78.17%.

First National Trust Co cut its position in Chevron Corporation (NYSE:CVX - Free Report) by 5.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 133,241 shares of the oil and gas company's stock after selling 7,713 shares during the quarter. Chevron comprises about 0.9% of First National Trust Co's holdings, making the stock its 27th largest position. First National Trust Co's holdings in Chevron were worth $22,290,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in CVX. Harvest Fund Management Co. Ltd raised its position 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 valued at $25,000 after purchasing an additional 122 shares during the last quarter. 10Elms LLP bought a new position in Chevron during the 4th quarter valued at approximately $29,000. Navigoe LLC bought a new position in Chevron during the 4th quarter valued at approximately $33,000. IFS Advisors LLC increased its position in Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after buying an additional 116 shares in the last quarter. Finally, Cloud Capital Management LLC purchased a new stake in Chevron during the 1st quarter valued at $39,000. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Performance

Shares of Chevron stock traded down $0.31 on Friday, reaching $151.33. 10,704,924 shares of the stock were exchanged, compared to its average volume of 9,498,295. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. The business has a fifty day moving average price of $146.57 and a two-hundred day moving average price of $148.90. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The firm has a market capitalization of $264.28 billion, a PE ratio of 17.29, a PEG ratio of 2.42 and a beta of 0.83.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. DZ Bank downgraded Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target on the stock. in a research note on Tuesday, May 6th. Scotiabank reaffirmed a "sector perform" rating and issued a $160.00 target price (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Evercore ISI reissued an "outperform" rating and set a $180.00 price objective on shares of Chevron in a research note on Thursday. UBS Group reduced their price objective on Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Chevron in a research note on Tuesday, July 15th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $163.18.

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.