First Citizens Bank & Trust Co. Sells 1,911 Shares of Chevron Co. (NYSE:CVX)

First Citizens Bank & Trust Co. lessened its stake in shares of Chevron Co. (NYSE:CVX) by 1.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 111,468 shares of the oil and gas company’s stock after selling 1,911 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Chevron were worth $16,416,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of CVX. Anfield Capital Management LLC increased its stake in shares of Chevron by 118.0% during the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 118 shares during the period. Cyrus J. Lawrence LLC boosted its position in shares of Chevron by 66.7% in the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after acquiring an additional 100 shares during the period. Krane Funds Advisors LLC acquired a new position in shares of Chevron in the third quarter valued at about $47,000. Dixon Mitchell Investment Counsel Inc. bought a new position in Chevron during the first quarter worth about $55,000. Finally, Richardson Capital Management LLC acquired a new stake in Chevron in the 1st quarter worth about $58,000. Institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CVX shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $170.00 price target on shares of Chevron in a research report on Tuesday, October 8th. Bank of America initiated coverage on Chevron in a report on Thursday. They set a “buy” rating and a $168.00 target price on the stock. Scotiabank cut their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Wolfe Research began coverage on shares of Chevron in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, UBS Group lifted their price objective on shares of Chevron from $189.00 to $192.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and a consensus price target of $173.07.

Chevron Trading Down 0.3 %

CVX opened at $150.74 on Friday. The stock has a market cap of $277.81 billion, a PE ratio of 13.87, a price-to-earnings-growth ratio of 2.74 and a beta of 1.09. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $170.17. The company has a fifty day moving average of $146.07 and a 200-day moving average of $153.71.

Chevron (NYSE:CVX) last announced its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The business had revenue of $51.18 billion for the quarter, compared to the consensus estimate of $48.68 billion. During the same quarter in the previous year, the company earned $3.08 EPS. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, sell-side analysts predict that Chevron Co. will post 11.06 EPS for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.33%. The ex-dividend date was Monday, August 19th. Chevron’s dividend payout ratio (DPR) is currently 59.98%.

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.