Fulton Bank N.A. Cuts Stock Position in Chevron Corporation $CVX

Key Points

• Fulton Bank N.A. reduced its stake in Chevron by 17.8% in Q3, selling 8,881 shares and holding 41,026 shares valued at about $6.37 million after the sale.
• Director John B. Hess sold 275,000 shares on Nov. 20 for roughly $41.46 million (avg $150.75), a 19.6% cut to his holdings; insiders now own about 0.21% of the company.
• Analysts put Chevron at an average rating of "Hold" with a $166 price target; the company recently reported a quarterly EPS beat and pays a $1.71 quarterly dividend (annualized $6.84) for a 4.4% yield and a 96.2% payout ratio.

Fulton Bank N.A. cut its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 17.8% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 41,026 shares of the oil and gas company's stock after selling 8,881 shares during the period. Fulton Bank N.A.'s holdings in Chevron were worth $6,371,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of CVX. Quaker Wealth Management LLC raised its position in shares of Chevron by 197.7% during the 2nd quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company's stock worth $31,000 after purchasing an additional 439 shares during the last quarter. Vermillion & White Wealth Management Group LLC increased its stake in Chevron by 86.1% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 255 shares of the oil and gas company's stock worth $37,000 after buying an additional 118 shares in the last quarter. IMG Wealth Management Inc. raised its holdings in shares of Chevron by 52.3% during the second quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company's stock valued at $38,000 after acquiring an additional 91 shares during the last quarter. GFG Capital LLC purchased a new position in shares of Chevron in the second quarter valued at approximately $42,000. Finally, LFA Lugano Financial Advisors SA boosted its stake in shares of Chevron by 106.7% in the second quarter. LFA Lugano Financial Advisors SA now owns 310 shares of the oil and gas company's stock worth $44,000 after acquiring an additional 160 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CVX shares. HSBC set a $169.00 price objective on Chevron and gave the company a "buy" rating in a research note on Monday, December 1st. Hsbc Global Res upgraded shares of Chevron from a "hold" rating to a "strong-buy" rating in a research report on Monday, December 1st. Bank of America lowered their price target on shares of Chevron from $183.00 to $180.00 and set a "buy" rating on the stock in a research report on Thursday, December 11th. Zacks Research raised shares of Chevron from a "strong sell" rating to a "hold" rating in a research note on Tuesday, December 23rd. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Chevron in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, Chevron presently has an average rating of "Hold" and an average price target of $166.00.

Chevron Trading Up 2.2%

Shares of CVX opened at $155.81 on Friday. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The firm has a market capitalization of $313.73 billion, a P/E ratio of 21.91, a P/E/G ratio of 9.76 and a beta of 0.70. The firm has a 50-day moving average price of $151.88 and a 200 day moving average price of $153.06. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, topping analysts' consensus estimates of $1.71 by $0.14. Chevron had a net margin of 6.57% and a return on equity of 8.74%. The company had revenue of $48.17 billion for the quarter, compared to the consensus estimate of $46.99 billion. During the same period in the previous year, the firm earned $2.48 earnings per share. Chevron's quarterly revenue was down 1.9% compared to the same quarter last year. Sell-side analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th were issued a $1.71 dividend. The ex-dividend date was Tuesday, November 18th. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. Chevron's dividend payout ratio is currently 96.20%.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 275,000 shares of the firm's stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the completion of the sale, the director owned 1,128,045 shares of the company's stock, valued at $170,052,783.75. This trade represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.21% of the company's stock.

Chevron Company Profile

Chevron Corporation NYSE: CVX is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron's core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

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