OLD National Bancorp IN Has $8.10 Million Holdings in Chevron Co. (NYSE:CVX)

OLD National Bancorp IN cut its holdings in Chevron Co. (NYSE:CVX - Free Report) by 12.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 48,388 shares of the oil and gas company's stock after selling 7,071 shares during the period. OLD National Bancorp IN's holdings in Chevron were worth $8,095,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of CVX. Geode Capital Management LLC lifted its position in Chevron by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock worth $5,247,142,000 after purchasing an additional 392,916 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Chevron by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company's stock worth $4,613,960,000 after purchasing an additional 746,806 shares during the period. Norges Bank bought a new stake in Chevron during the fourth quarter worth about $3,017,750,000. Northern Trust Corp lifted its position in Chevron by 7.3% during the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock worth $2,965,135,000 after purchasing an additional 1,394,091 shares during the period. Finally, Fisher Asset Management LLC lifted its position in Chevron by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company's stock worth $2,881,280,000 after purchasing an additional 410,460 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Up 2.4%

Shares of NYSE CVX opened at $140.21 on Friday. The company has a 50 day simple moving average of $138.98 and a 200 day simple moving average of $149.73. The firm has a market cap of $244.86 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. Chevron Co. has a 1 year low of $132.04 and a 1 year high of $168.96. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.03. The business had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The firm's quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter last year, the business earned $2.93 EPS. On average, research analysts forecast that Chevron Co. will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be issued a $1.71 dividend. The ex-dividend date of this dividend is Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.88%. Chevron's dividend payout ratio (DPR) is presently 78.17%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company cut their price objective on shares of Chevron from $173.00 to $164.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. DZ Bank cut shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price for the company. in a report on Tuesday, May 6th. Barclays cut shares of Chevron from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $171.00 to $152.00 in a report on Wednesday, April 23rd. Scotiabank cut shares of Chevron from a "sector outperform" rating to a "sector perform" rating and dropped their target price for the stock from $160.00 to $143.00 in a report on Friday, April 11th. Finally, UBS Group dropped their target price on shares of Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a report on Monday, April 7th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Chevron presently has a consensus rating of "Hold" and an average target price of $160.24.

Chevron 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.

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