Mechanics Bank Trust Department Has $7.53 Million Stock Holdings in Chevron Corporation $CVX

Key Points

• Mechanics Bank Trust Department reduced its holdings in Chevron by 16.9%, now owning 52,600 shares valued at approximately $7.5 million.
• Chevron's shares have been rated by analysts with 11 Buy ratings, 8 Hold ratings, and 3 Sell ratings, setting a consensus price target of $165.05.
• The company recently declared a quarterly dividend of $1.71 per share, yielding 4.4% annually, with a payout ratio of 88.03%.

Mechanics Bank Trust Department lowered its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 16.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 52,600 shares of the oil and gas company's stock after selling 10,704 shares during the quarter. Chevron comprises about 1.1% of Mechanics Bank Trust Department's investment portfolio, making the stock its 25th largest position. Mechanics Bank Trust Department's holdings in Chevron were worth $7,532,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Harvest Fund Management Co. Ltd lifted 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 period. Elequin Capital LP bought a new stake in shares of Chevron in the first quarter worth about $31,000. IFS Advisors LLC raised its holdings in Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after buying an additional 116 shares during the period. Cloud Capital Management LLC bought a new position in Chevron during the 1st quarter worth about $39,000. Finally, Investment Management Corp VA ADV grew its stake in shares of 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 in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Analyst Ratings Changes

CVX has been the topic of several analyst reports. Evercore ISI reissued an "outperform" rating and set a $180.00 price target on shares of Chevron in a research report on Thursday, July 31st. Raymond James Financial reissued an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Scotiabank reaffirmed a "sector perform" rating and set a $160.00 price target (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. Wells Fargo & Company reissued an "overweight" rating and issued a $178.00 price objective on shares of Chevron in a report on Friday, August 1st. Finally, UBS Group boosted 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. Eleven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $165.05.

Insider Activity

In other Chevron news, 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 of the company's stock, valued at $188,960. The trade was a 77.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director directly 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. 0.20% of the stock is owned by insiders.

Chevron Stock Performance

CVX traded down $0.05 on Monday, reaching $156.16. The company had a trading volume of 5,178,093 shares, compared to its average volume of 7,668,525. The stock has a market cap of $269.84 billion, a P/E ratio of 20.10, a P/E/G ratio of 1.96 and a beta of 0.90. 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 Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company's fifty day moving average is $155.33 and its 200 day moving average is $148.96.

Chevron (NYSE:CVX - Get Free Report) last announced its 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. The company had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.55 earnings per share. As a group, analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors 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 (DPR) 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.