MidFirst Bank Invests $6.54 Million in Chevron Corporation $CVX

Key Points

• MidFirst Bank opened a new position in Chevron during the fourth quarter, buying 42,916 shares worth about $6.54 million.
• Several other institutions also increased their Chevron holdings, and overall 72.42% of the stock is owned by institutional investors.
• Wall Street sentiment remains positive: analysts have given Chevron an average “Moderate Buy” rating with a mean price target of $205.70, while the company also pays a quarterly dividend yielding about 4.1%.

MidFirst Bank bought a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 42,916 shares of the oil and gas company's stock, valued at approximately $6,541,000.

A number of other large investors also recently modified their holdings of CVX. D.B. Root & Company LLC lifted its holdings in Chevron by 1.0% in the fourth quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company's stock worth $846,000 after acquiring an additional 57 shares during the last quarter. Fox Hill Wealth Management boosted its position in Chevron by 1.7% during the 4th quarter. Fox Hill Wealth Management now owns 3,443 shares of the oil and gas company's stock worth $525,000 after acquiring an additional 57 shares during the period. Cornerstone Planning Group LLC raised its stake in shares of Chevron by 6.8% during the fourth quarter. Cornerstone Planning Group LLC now owns 930 shares of the oil and gas company's stock valued at $142,000 after purchasing an additional 59 shares in the last quarter. MMA Asset Management LLC raised its stake in shares of Chevron by 3.4% during the fourth quarter. MMA Asset Management LLC now owns 1,820 shares of the oil and gas company's stock valued at $277,000 after purchasing an additional 59 shares in the last quarter. Finally, EWA LLC lifted its holdings in Chevron by 2.8% in the fourth quarter. EWA LLC now owns 2,182 shares of the oil and gas company's stock worth $333,000 after purchasing an additional 59 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Citigroup increased their target price on shares of Chevron from $210.00 to $235.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. HSBC raised shares of Chevron from a "hold" rating to a "buy" rating and set a $215.00 price target for the company in a research note on Friday, March 20th. BNP Paribas Exane upgraded shares of Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price objective on the stock in a research note on Friday, April 17th. Tudor Pickering upgraded shares of Chevron from a "hold" rating to a "buy" rating and set a $225.00 price objective on the stock in a research note on Thursday, April 9th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $220.00 target price on shares of Chevron in a report on Tuesday, May 5th. Eighteen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Chevron currently has an average rating of "Moderate Buy" and an average target price of $205.70.

Insider Activity at Chevron

In other Chevron news, Director John B. Hess sold 380,000 shares of the business's stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total value of $73,416,000.00. Following the transaction, the director owned 278,045 shares in the company, valued at $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider R. Hewitt Pate sold 40,200 shares of the company's stock in a transaction dated Monday, March 30th. The stock was sold at an average price of $213.30, for a total value of $8,574,660.00. Following the completion of the transaction, the insider directly owned 8,638 shares in the company, valued at approximately $1,842,485.40. The trade was a 82.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 615,200 shares of company stock worth $118,022,760. Company insiders own 0.56% of the company's stock.

Chevron Trading Down 0.1%

NYSE:CVX opened at $173.51 on Friday. The stock has a fifty day simple moving average of $186.63 and a 200 day simple moving average of $179.01. The firm has a market capitalization of $345.56 billion, a price-to-earnings ratio of 30.07, a price-to-earnings-growth ratio of 0.57 and a beta of 0.48. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. Chevron Corporation has a 1-year low of $142.40 and a 1-year high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The business had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. During the same quarter in the previous year, the business earned $2.18 earnings per share. The firm's revenue was up 2.1% compared to the same quarter last year. Sell-side analysts forecast that Chevron Corporation will post 15.88 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were paid a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron's payout ratio is 123.40%.

About Chevron

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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