Bank of Stockton Sells 485 Shares of Chevron Co. (NYSE:CVX)

Bank of Stockton trimmed its position in shares of Chevron Co. (NYSE:CVX) by 2.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,600 shares of the oil and gas company’s stock after selling 485 shares during the period. Chevron makes up approximately 0.9% of Bank of Stockton’s investment portfolio, making the stock its 23rd largest position. Bank of Stockton’s holdings in Chevron were worth $2,753,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CVX. Berkshire Hathaway Inc boosted its stake in Chevron by 14.4% in the fourth quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock valued at $18,808,081,000 after buying an additional 15,845,037 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Chevron by 8.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 26,235,473 shares of the oil and gas company’s stock valued at $3,886,821,000 after purchasing an additional 1,999,332 shares in the last quarter. Norges Bank acquired a new stake in shares of Chevron in the 4th quarter valued at approximately $2,902,007,000. Bank of New York Mellon Corp grew its holdings in shares of Chevron by 4.2% during the 1st quarter. Bank of New York Mellon Corp now owns 16,103,302 shares of the oil and gas company’s stock valued at $2,540,135,000 after purchasing an additional 654,482 shares during the last quarter. Finally, Capital World Investors increased its position in Chevron by 3.2% during the 1st quarter. Capital World Investors now owns 16,009,766 shares of the oil and gas company’s stock worth $2,525,380,000 after purchasing an additional 495,879 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. TD Cowen upped their target price on Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a report on Monday, April 29th. Royal Bank of Canada cut their price target on Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, August 5th. HSBC upped their price objective on Chevron from $175.00 to $178.00 and gave the company a “buy” rating in a research note on Tuesday, April 30th. Finally, Barclays cut their target price on shares of Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $183.82.

Chevron Stock Up 1.3 %

CVX stock traded up $1.89 during mid-day trading on Friday, reaching $147.62. 4,824,078 shares of the company traded hands, compared to its average volume of 7,814,477. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average price is $152.97 and its 200 day moving average price is $155.81. The stock has a market cap of $272.06 billion, a price-to-earnings ratio of 13.58, a P/E/G ratio of 2.46 and a beta of 1.10. Chevron Co. has a fifty-two week low of $139.62 and a fifty-two week high of $171.70.

Chevron (NYSE:CVX) last announced its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.38). The company had revenue of $51.18 billion for the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm earned $3.08 EPS. As a group, equities research analysts predict that Chevron Co. will post 11.96 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.42%. The ex-dividend date is Monday, August 19th. Chevron’s payout ratio is currently 59.98%.

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.