PNC Financial Services Group Inc. Trims Holdings in Chevron Corporation (NYSE:CVX)

Key Points

• PNC Financial Services Group Inc. reduced its stake in Chevron Corporation by 0.3% in the first quarter, now holding approximately 3.85 million shares valued at $644.48 million.
• Chevron reported earnings of $1.77 per share for its most recent quarter, surpassing analysts' expectations and resulting in a revenue of $44.82 billion, although down 12.4% year-over-year.
• Despite mixed ratings from analysts, Chevron has a consensus rating of "Hold" and a price target of $163.18, reflecting a stable outlook amidst fluctuating investor sentiments.

PNC Financial Services Group Inc. lessened its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 0.3% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,852,456 shares of the oil and gas company's stock after selling 11,188 shares during the period. PNC Financial Services Group Inc. owned about 0.22% of Chevron worth $644,477,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CVX. Harvest Fund Management Co. Ltd raised its stake in shares of Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after buying an additional 122 shares during the period. 10Elms LLP bought a new position in shares of Chevron during the 4th quarter valued at approximately $29,000. Navigoe LLC purchased a new stake in Chevron in the 4th quarter worth approximately $33,000. IFS Advisors LLC raised its stake 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 acquiring an additional 116 shares during the period. Finally, Cloud Capital Management LLC purchased a new position in Chevron during the first quarter valued at approximately $39,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on CVX shares. Scotiabank restated a "sector perform" rating and set a $160.00 price objective (up from $143.00) on shares of Chevron in a research report on Friday, July 11th. Mizuho cut their price target on Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Evercore ISI restated an "outperform" rating and issued a $180.00 price objective on shares of Chevron in a research report on Thursday. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $178.00 price objective on shares of Chevron in a research note on Friday. Finally, UBS Group decreased their target price on Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Chevron currently has an average rating of "Hold" and an average target price of $163.18.

Chevron Price Performance

Shares of NYSE CVX traded down $0.31 during mid-day trading on Friday, hitting $151.33. 10,704,924 shares of the company's stock traded hands, compared to its average volume of 12,271,876. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The company's 50-day moving average is $146.86 and its two-hundred day moving average is $148.87. The company has a market capitalization of $264.28 billion, a P/E ratio of 19.48, a PEG ratio of 2.39 and a beta of 0.87.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The business had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same period in the prior year, the business posted $2.55 earnings per share. The company's quarterly revenue was down 12.4% compared to the same quarter last year. On average, equities analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

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.