Bank of New York Mellon Corp Decreases Position in Chevron Corporation $CVX

Bank of New York Mellon Corp lowered its stake in Chevron Corporation (NYSE:CVX) by 5.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 15,347,228 shares of the oil and gas company’s stock after selling 838,683 shares during the quarter. Bank of New York Mellon Corp’s holdings in Chevron were worth $2,197,570,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CVX. Kingstone Capital Partners Texas LLC raised its stake in shares of Chevron by 652,139.5% during the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock valued at $13,214,757,000 after purchasing an additional 83,702,101 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Chevron by 4.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company’s stock worth $5,592,263,000 after buying an additional 1,574,464 shares in the last quarter. Invesco Ltd. boosted its position in Chevron by 5.5% in the 1st quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company’s stock valued at $2,652,437,000 after buying an additional 827,851 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Chevron by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company’s stock valued at $2,054,513,000 after purchasing an additional 40,758 shares in the last quarter. Finally, GQG Partners LLC acquired a new stake in shares of Chevron during the first quarter worth approximately $1,466,751,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Trading Up 2.6%

Chevron stock opened at $157.58 on Monday. The business has a 50 day moving average price of $156.07 and a two-hundred day moving average price of $149.20. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The stock has a market cap of $272.30 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 4.40 and a beta of 0.84.

Chevron (NYSE:CVX) last issued its earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business had revenue of $49.73 billion during the quarter, compared to analyst estimates of $46.99 billion. During the same period in the prior year, the company posted $2.48 earnings per share. Chevron’s revenue was down 1.9% on a year-over-year basis. As a group, equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th will be issued a $1.71 dividend. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.3%. Chevron’s dividend payout ratio is presently 88.03%.

Insiders Place Their Bets

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the transaction, the vice president directly owned 1,181 shares of the company’s stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John B. Hess sold 375,000 shares of the company’s 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 completion of the sale, 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 position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on CVX shares. Wells Fargo & Company assumed coverage on Chevron in a research report on Friday, October 17th. They set an “overweight” rating and a $190.00 price target on the stock. Melius Research initiated coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective for the company. Melius started coverage on Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective for the company. TD Cowen increased their target price on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday, August 4th. Finally, Scotiabank raised their price target on Chevron from $160.00 to $165.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $165.25.

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.