Truist Financial Corp Sells 185,569 Shares of Chevron Corporation $CVX

Key Points

• Truist Financial Corp has reduced its holdings in Chevron Corporation by 11.7%, selling 185,569 shares and owning 1,397,687 shares valued at approximately $200.1 million as of the latest SEC filing.
• Chevron's stock received new price target upgrades from several analysts, with Piper Sandler setting a target of $168.00 and Morgan Stanley targeting $174.00, reflecting confidence in the company's performance.
• Chevron recently announced a quarterly dividend of $1.71 per share, contributing to an annualized dividend of $6.84 and a yield of 4.4%.

Truist Financial Corp reduced its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 11.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,397,687 shares of the oil and gas company's stock after selling 185,569 shares during the period. Truist Financial Corp owned approximately 0.08% of Chevron worth $200,135,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Broadway Wealth Solutions Inc. grew its stake in shares of Chevron by 5.2% in the second quarter. Broadway Wealth Solutions Inc. now owns 2,570 shares of the oil and gas company's stock worth $368,000 after acquiring an additional 126 shares during the last quarter. Powers Advisory Group LLC boosted its holdings in Chevron by 3.5% in the 2nd quarter. Powers Advisory Group LLC now owns 5,437 shares of the oil and gas company's stock valued at $779,000 after purchasing an additional 186 shares during the period. Bourgeon Capital Management LLC grew its position in Chevron by 8.6% in the 2nd quarter. Bourgeon Capital Management LLC now owns 13,841 shares of the oil and gas company's stock worth $1,982,000 after purchasing an additional 1,097 shares during the last quarter. FMB Wealth Management grew its position in Chevron by 2.5% in the 2nd quarter. FMB Wealth Management now owns 8,423 shares of the oil and gas company's stock worth $1,206,000 after purchasing an additional 208 shares during the last quarter. Finally, Chicago Capital LLC increased its holdings in shares of Chevron by 5.0% during the 2nd quarter. Chicago Capital LLC now owns 11,546 shares of the oil and gas company's stock worth $1,653,000 after purchasing an additional 551 shares during the period. 72.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CVX has been the topic of a number of recent research reports. Piper Sandler lifted their target price on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Morgan Stanley began coverage on Chevron in a research report on Monday, August 4th. They issued an "overweight" rating and a $174.00 price objective for the company. Raymond James Financial restated an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Wells Fargo & Company restated an "overweight" rating and issued a $178.00 target price on shares of Chevron in a research note on Friday, August 1st. Finally, TD Cowen lifted their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research note on Monday, August 4th. Eleven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $165.05.

Insider Transactions at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John B. Hess sold 375,000 shares of the stock in a transaction dated 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 sale, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.20% of the company's stock.

Chevron Price Performance

Shares of Chevron stock opened at $155.38 on Wednesday. The stock has a market capitalization of $268.50 billion, a price-to-earnings ratio of 20.00, a P/E/G ratio of 1.95 and a beta of 0.90. The firm's 50-day moving average price is $156.27 and its two-hundred day moving average price is $149.14. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.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 previous year, the business earned $2.55 EPS. Chevron's revenue was down 12.4% compared to the same quarter last year. On average, equities analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron's dividend payout ratio (DPR) is 88.03%.

About Chevron

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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