Berkshire Bank Grows Position in Chevron Co. (NYSE:CVX)

Berkshire Bank increased its position in shares of Chevron Co. (NYSE:CVX) by 3.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 17,065 shares of the oil and gas company’s stock after buying an additional 561 shares during the period. Berkshire Bank’s holdings in Chevron were worth $1,731,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Sofos Investments Inc. increased its stake in shares of Chevron by 10,500.0% during the second quarter. Sofos Investments Inc. now owns 106 shares of the oil and gas company’s stock worth $116,000 after buying an additional 105 shares during the period. Stonehage Fleming Financial Services Holdings Ltd acquired a new position in Chevron in the second quarter valued at approximately $30,000. Horan Securities Inc. boosted its holdings in Chevron by 196.0% in the second quarter. Horan Securities Inc. now owns 296 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 196 shares in the last quarter. Newton One Investments LLC acquired a new position in Chevron in the second quarter valued at approximately $34,000. Finally, Capital Directions Investment Advisors LLC boosted its holdings in Chevron by 66.7% in the second quarter. Capital Directions Investment Advisors LLC now owns 375 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 150 shares in the last quarter. Hedge funds and other institutional investors own 65.55% of the company’s stock.

A number of equities analysts recently issued reports on CVX shares. Truist upped their price target on Chevron from $145.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, October 7th. Morgan Stanley upped their price target on Chevron from $149.00 to $155.00 and gave the company an “overweight” rating in a report on Friday, November 19th. JPMorgan Chase & Co. downgraded Chevron from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $128.00 to $111.00 in a report on Wednesday, September 15th. DZ Bank downgraded Chevron from a “buy” rating to a “hold” rating and set a $110.00 price objective for the company. in a report on Wednesday, August 4th. Finally, Raymond James increased their price objective on Chevron from $134.00 to $137.00 and gave the company an “outperform” rating in a report on Monday, November 1st. Ten investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $121.23.

Shares of CVX traded up $0.89 during trading hours on Thursday, reaching $117.19. 8,500,870 shares of the company traded hands, compared to its average volume of 10,450,242. The stock has a fifty day simple moving average of $109.21 and a 200 day simple moving average of $104.90. The company has a quick ratio of 1.03, a current ratio of 1.28 and a debt-to-equity ratio of 0.27. Chevron Co. has a fifty-two week low of $83.53 and a fifty-two week high of $118.08. The stock has a market capitalization of $225.91 billion, a PE ratio of 22.62, a price-to-earnings-growth ratio of 2.42 and a beta of 1.30.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Thursday, October 28th. The oil and gas company reported $2.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.75. Chevron had a return on equity of 7.95% and a net margin of 7.10%. The firm had revenue of $44.71 billion for the quarter, compared to analyst estimates of $40.89 billion. During the same period last year, the company earned $0.11 EPS. The firm’s quarterly revenue was up 82.9% on a year-over-year basis. Research analysts predict that Chevron Co. will post 8.35 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 10th. Shareholders of record on Thursday, November 18th will be paid a $1.34 dividend. This represents a $5.36 dividend on an annualized basis and a yield of 4.57%. The ex-dividend date is Wednesday, November 17th. Chevron’s payout ratio is 103.47%.

In other news, CEO Michael K. Wirth sold 26,250 shares of Chevron stock in a transaction dated Tuesday, November 16th. The stock was sold at an average price of $118.01, for a total value of $3,097,762.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Colin E. Parfitt sold 15,000 shares of Chevron stock in a transaction dated Friday, October 29th. The shares were sold at an average price of $115.01, for a total value of $1,725,150.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 325,651 shares of company stock worth $37,293,688. 0.29% of the stock is owned by corporate insiders.

About Chevron

Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of exploration, development, and production of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; processing, transporting, storage, and marketing of natural gas; and a gas-to-liquids plant.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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