Grove Bank & Trust Sells 2,053 Shares of Chevron Corporation $CVX

Key Points

• Grove Bank & Trust reduced its Chevron holdings by 9.2% in Q2, now owning 20,338 shares valued at approximately $2.9 million.
• Chevron's recent quarterly earnings of $1.77 EPS beat estimates, but revenue dropped 12.4% year-over-year to $44.82 billion.
• Chevron announced a quarterly dividend of $1.71 per share, representing a 4.4% yield, with the payout ratio currently at 88.03%.

Grove Bank & Trust reduced its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 9.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,338 shares of the oil and gas company's stock after selling 2,053 shares during the quarter. Grove Bank & Trust's holdings in Chevron were worth $2,912,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Sage Capital Advisors llc grew its position in Chevron by 2.2% in the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock worth $7,097,000 after acquiring an additional 919 shares in the last quarter. CCG Wealth Management LLC boosted its holdings in Chevron by 2.3% in the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after purchasing an additional 145 shares during the period. Ignite Planners LLC increased its position in shares of Chevron by 14.1% during the 1st quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock worth $2,060,000 after purchasing an additional 1,519 shares in the last quarter. Vista Capital Partners Inc. grew its holdings in Chevron by 9.1% during the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after acquiring an additional 495 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund grew its holdings in Chevron by 0.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after acquiring an additional 675 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 375,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction that occurred 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 transaction, the vice president owned 1,181 shares in the company, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on CVX shares. Morgan Stanley started coverage on shares of Chevron in a report on Monday, August 4th. They set an "overweight" rating and a $174.00 target price on the stock. UBS Group raised their target price on shares of Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. TD Cowen lifted their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a report on Monday, August 4th. Melius Research started coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective on the stock. Finally, Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Eleven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Chevron presently has a consensus rating of "Hold" and a consensus target price of $165.05.

Chevron Trading Up 0.4%

Shares of Chevron stock traded up $0.59 on Monday, hitting $156.80. The stock had a trading volume of 2,821,316 shares, compared to its average volume of 9,180,016. The stock has a 50 day moving average of $155.24 and a 200 day moving average of $148.96. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The firm has a market capitalization of $270.95 billion, a P/E ratio of 20.21, a PEG ratio of 1.96 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm's revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.55 earnings per share. Sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend 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.