Kennebec Savings Bank Sells 97 Shares of Chevron Corporation $CVX

Kennebec Savings Bank decreased its holdings in shares of Chevron Corporation (NYSE:CVX) by 2.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,485 shares of the oil and gas company’s stock after selling 97 shares during the period. Kennebec Savings Bank’s holdings in Chevron were worth $499,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CVX. Apella Capital LLC increased its stake in shares of Chevron by 21.6% during the first quarter. Apella Capital LLC now owns 10,477 shares of the oil and gas company’s stock valued at $1,753,000 after purchasing an additional 1,859 shares in the last quarter. Johnson & White Wealth Management LLC lifted its position in Chevron by 12.1% in the 1st quarter. Johnson & White Wealth Management LLC now owns 3,967 shares of the oil and gas company’s stock valued at $664,000 after acquiring an additional 427 shares in the last quarter. Bay Rivers Group boosted its stake in Chevron by 8.4% during the 1st quarter. Bay Rivers Group now owns 1,605 shares of the oil and gas company’s stock valued at $268,000 after purchasing an additional 125 shares during the last quarter. HF Advisory Group LLC bought a new stake in shares of Chevron in the 1st quarter worth $204,000. Finally, Naples Global Advisors LLC increased its holdings in shares of Chevron by 2.1% in the 1st quarter. Naples Global Advisors LLC now owns 28,781 shares of the oil and gas company’s stock worth $4,815,000 after purchasing an additional 586 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on CVX. Melius began coverage on Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 target price for the company. Jefferies Financial Group reissued a “buy” rating on shares of Chevron in a report on Friday, July 18th. Evercore ISI reissued an “outperform” rating and issued a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. Melius Research began coverage on Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 target price for the company. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $178.00 target price on shares of Chevron in a report on Friday, August 1st. Eleven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $165.05.

Chevron Stock Performance

CVX stock opened at $153.53 on Friday. The company has a market cap of $265.30 billion, a P/E ratio of 19.76, a price-to-earnings-growth ratio of 1.97 and a beta of 0.84. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The stock’s fifty day moving average price is $156.26 and its 200-day moving average price is $149.14.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same period last year, the business posted $2.55 EPS. On average, equities analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date was Tuesday, August 19th. Chevron’s dividend payout ratio (DPR) is 88.03%.

Insiders Place Their Bets

In related news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction on 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 transaction, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.21% of the company’s stock.

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.