Whittier Trust Co. Sells 36,284 Shares of Chevron Corporation $CVX

Key Points

• Whittier Trust Co. reduced its Chevron stake by 8.4% in the first quarter, selling 36,284 shares and leaving it with 396,607 shares valued at about $78.9 million.
• Chevron shares were up 2.5% to $172.27 in Tuesday trading, with the company carrying a market cap of $343.09 billion and a dividend yield of 4.1%.
• Chevron beat earnings expectations in its latest quarter, posting $1.41 EPS versus the $1.00 estimate, while analysts currently rate the stock a Moderate Buy with a consensus price target of $205.71.

Whittier Trust Co. lessened its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 8.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 396,607 shares of the oil and gas company's stock after selling 36,284 shares during the quarter. Chevron comprises 0.9% of Whittier Trust Co.'s portfolio, making the stock its 22nd biggest holding. Whittier Trust Co.'s holdings in Chevron were worth $78,869,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CVX. Marietta Investment Partners LLC lifted its holdings in shares of Chevron by 18.5% in the 1st quarter. Marietta Investment Partners LLC now owns 13,686 shares of the oil and gas company's stock valued at $2,832,000 after acquiring an additional 2,140 shares during the last quarter. DGS Capital Management LLC bought a new stake in Chevron in the first quarter worth about $737,000. Ascentis Independent Advisors lifted its stake in Chevron by 132.1% in the first quarter. Ascentis Independent Advisors now owns 40,109 shares of the oil and gas company's stock worth $8,299,000 after purchasing an additional 22,825 shares during the last quarter. Stephens Inc. AR boosted its position in shares of Chevron by 2.9% during the first quarter. Stephens Inc. AR now owns 268,036 shares of the oil and gas company's stock valued at $55,516,000 after buying an additional 7,568 shares during the period. Finally, Hardy Reed LLC grew its stake in shares of Chevron by 1.7% during the first quarter. Hardy Reed LLC now owns 10,919 shares of the oil and gas company's stock valued at $2,259,000 after buying an additional 178 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Up 2.5%

NYSE CVX traded up $4.17 on Tuesday, reaching $172.27. 1,531,392 shares of the stock traded hands, compared to its average volume of 11,593,914. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The company has a fifty day moving average price of $183.31 and a 200-day moving average price of $180.61. The company has a market cap of $343.09 billion, a price-to-earnings ratio of 29.86, a PEG ratio of 0.57 and a beta of 0.50. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business had revenue of $47.56 billion during the quarter, compared to analysts' expectations of $51.86 billion. During the same period in the prior year, the business earned $2.18 EPS. The business's revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, research analysts forecast that Chevron Corporation will post 15.52 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Wall Street Analyst Weigh In

CVX has been the subject of a number of recent analyst reports. Tudor Pickering upgraded Chevron from a "hold" rating to a "buy" rating and set a $225.00 price objective for the company in a report on Thursday, April 9th. Piper Sandler lifted their target price on Chevron from $179.00 to $242.00 and gave the stock an "overweight" rating in a research report on Thursday, March 12th. Citigroup upped their price target on shares of Chevron from $210.00 to $235.00 and gave the stock a "buy" rating in a report on Thursday, April 2nd. Mizuho lifted their price objective on shares of Chevron from $225.00 to $230.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Finally, Zacks Research cut shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Nineteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $205.71.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the transaction, the director owned 278,045 shares of the company's stock, valued at approximately $53,718,294. This trade represents a 57.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.56% of the stock is currently owned by company insiders.

Chevron Profile

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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